Capitalism; Imperialism; Saving and investment; Socialism
At first glance, only one detail might strike us: if the capitalists
themselves have set in motion all the money which circulates in society,
they must also advance the money needed for the realisation of their own
surplus value. Thus it seems that the capitalists as a class ought to
buy their own surplus value with their own money. As the capitalist
class has possession of this money resulting from previous periods of
production, even prior to the realisation of the product of each working
period, the appropriation of surplus value at first sight does not seem
to be based upon the unpaid labour of the wage labourer--as it in fact
is--but merely the result of an exchange of commodities against an
equivalent quantity of money both supplied by the capitalist class
itself. A little reflection, however, dispels this illusion. After the
general completion of circulation, the capitalists, now as before,
possess their money funds which either reverted to them or remained in
their hands. Further, they acquired consumer goods for the same amount
which they have consumed. (Note that we are still confining ourselves to
simple reproduction as the prime condition of our diagram of
reproduction: the renewal of production on the old scale and the use of
all surplus value produced for the personal consumption of the
capitalist class.)
Moreover, the illusion vanishes completely if we do not confine
ourselves to one period of production but observe a number of successive
periods in their mutual interconnections. The value the capitalist puts
into circulation to-day in the form of money for the purpose of
realising his own surplus value, is in fact nothing but his surplus
value resulting from the preceding period of production in form of
money. The capitalist must advance money out of his own pocket in order
to buy his goods for consumption. On the one hand, the surplus value
which he produces each year either exists in a natural form which
renders it unfit for consumption, or, if it takes a consumable form, it
is temporarily in the hands of another person. On the other hand, he
(the capitalist) has regained possession of the money, and he is now
making his advances by realising his surplus value from the preceding
period. As soon as he has realised his new surplus value, which is still
embodied in the commodity-form, this money will return to him.
Consequently, in the course of several periods of production, the
capitalist class draws its consumer goods from the pool, as well as the
other natural forms of its capital. The quantity of money originally in
its possession, however, remains unaffected by this process.
Public-domain text, read in full here on John Shaqi.
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