Capitalism; Imperialism; Saving and investment; Socialism
If this were a true picture of the accumulative process, the means of
production (constant capital) would show a deficit of 16 in the second
year, of 45 in the third year and of 88 in the fourth year; similarly,
the means of subsistence would show a surplus of 16 in the second year,
of 45 in the third year and of 88 in the fourth year.
This negative balance for the means of production may be only imaginary
in part. The increasing productivity of labour ensures that the means of
production grow faster in bulk than in value, in other words: means of
production become cheaper. As it is use value, i.e. the material
elements of capital, which is relevant for technical improvements of
production, we may assume that the quantity of means of production, in
spite of their lower value, will suffice for progressive accumulation up
to a certain point. This phenomenon amongst others also checks the
actual decline of the rate of profit and modifies it to a mere tendency,
though our example shows that the decline of the profit rate would not
only be retarded but rather completely arrested. On the other hand, the
same fact indicates a much larger surplus of unsaleable means of
subsistence than is suggested by the amount of this surplus in terms of
value. In that case, we should have to compel the capitalists of
Department II to consume this surplus themselves, which Marx makes them
do on other occasions; in which case, and in so far as those capitalists
are concerned, there would again be no accumulation but rather simple
reproduction. Alternatively, we should have to pronounce this whole
surplus unsaleable.
Public-domain text, read in full here on John Shaqi.
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