Capitalism; Imperialism; Saving and investment; Socialism
All these prerequisites found, the capitalist can set his capitalised
surplus value to work and make it, as operating capital, beget new
surplus value. But still his task is not completely done. Both the new
capital and the surplus value produced still exist for the time being in
the shape of an additional quantity of some commodity or other. In this
form the new capital is but advanced, and the new surplus value created
by it is still in a form in which it is of no use to the capitalist. The
new capital as well as the surplus value which it has created must cast
off their commodity-form, re-assume the form of pure value, and thus
revert to the capitalist as money. Unless this process is successfully
concluded, the new capital and surplus value will be wholly or partly
lost, the capitalisation of surplus value will have miscarried, and
there will have been no accumulation. It is absolutely essential to the
accumulation of capital that a sufficient quantity of commodities
created by the new capital should win a place for itself on the market
and be realised.
Thus we see that expanding reproduction as accumulation of capital in a
capitalist system is bound up with a whole series of special conditions.
Let us look at these more closely. The first condition is that
production should create surplus value, for surplus value is the
elementary form in which alone increased production is possible under
capitalist conditions. The entire process of production must abide by
this condition when determining the relations between capitalist and
worker in the production of commodities. Once this first condition is
given, the second is that surplus value must be realised, converted into
the form of money, so that it can be appropriated for the purposes of
expanding reproduction. This second condition thus leads us to the
commodity market. Here, the hazards of exchange decide the further fate
of the surplus value, and thus the future of reproduction. The third
condition is as follows: provided that part of the realised surplus
value has been added to capital for the purpose of accumulation, this
new capital must first assume its productive form of labour and
inanimate means of production. Moreover, that part of it which had been
exchanged for labour must be converted into provisions for the workers.
Thus we are led again to the markets of labour and commodities. If all
these requirements have been met and enlarged reproduction of
commodities has taken place, a fourth condition must be added: the
additional quantity of commodities representing the new capital plus
surplus value will have to be realised, that is, reconverted into money.
Only if this conversion has been successful, can it be said that
expanding capitalist reproduction has actually taken place. This last
condition leads us back to the commodity market.
Public-domain text, read in full here on John Shaqi.
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