Chapter 15 Exposition of the Internal Contradictions of the Law

Capital ◽  
2008 ◽  
Author(s):  
Karl Marx
Keyword(s):  
The Law ◽  

I. General We have seen in the first part of this book that the rate of profit expresses the rate of surplus-value always lower than it actually is. We have just seen that even a rising rate of surplus-value has a tendency to express itself...

2019 ◽  
Vol 49 (1) ◽  
pp. 163-203
Author(s):  
Nuno Miguel Cardoso Machado

Abstract Marx's theory of crisis is usually associated with the law of the tendential fall in the rate of profit presented in volume three of Capital. According to Marx, the rising organic composition of capital - the fact that variable capital grows in absolute terms, but falls relatively because of the faster growth of constant capital - results in the fall of the general rate of profit, which undermines the reproduction of capital. In this article I will argue that: i) there is a "first version" of Marx's theory of crisis, outlined especially in the Grundrisse, which ascribes the secular crisis of the capitalist economy to the absolute decline of living labour and, therefore, to the falling mass of socially produced surplus-value; ii) only this "first version" of the theory of crisis allows the absolute internal limit of capital to be deduced consistently.


2019 ◽  
pp. 15-35
Author(s):  
David Harvey

David Harvey apresenta uma crítica à importância dada à lei da queda tendencial da taxa de lucro, sugerindo que Marx derivou a “lei” de pressupostos “draconianos” e que Engels foi bem mais entusiasta dela do que Marx, que nunca voltou adiante à teoria apesar de sua evidente incompletude. Portanto, ele argumenta, não deveríamos levar suas conclusões teóricas muito longe. Em sua visão, Marx concebeu as crises como erupções momentâneas e violentas que resolviam as contradições existentes, que podem ser consideradas oportunidades para a reconstrução capitalista ao invés de um sinal do fim eminente do capitalismo. Harvey defende que a taxa de lucro pode ser estabilizada por uma variedade de fatores como uma desvalorização do capital constante devido à mudança tecnológica, a monopolização ou a aceleração do tempo de rotação tanto na produção como na circulação. Ele argumenta, ainda, que um aumento da produtividade que não seja associado a perdas de emprego não reduziria a produção de mais-valia. Ademais, uma queda nas taxas de lucro pode resultar de muitos outros motivos além do aumento da composição orgânica do capital. ABSTRACTDavid Harvey’s article argues against the importance given to the law of the tendency of the rate of profit to fall (TRPF), suggesting that Marx derived the “law” under “draconian” assumptions and that Engels was far more enthusiastic about it than Marx, who never went back to the theory later in his life despite its evident incompleteness. Therefore, he argues, we should not take his theoretical conclusions too far. In his view, Marx perceived crises as momentary and violent eruptions that resolve the existing contradictions which can be considered as opportunities of capitalist reconstruction rather than a sign of the imminent end of capitalism. Harvey argues that the rate of profit can be stabilized by a variety of factors such as a devaluation of the existing constant capital due to technical change, monopolization, or accelerating turnover times in both production and circulation. He argues, moreover, that a productivity increase that is not associated with job losses would not reduce surplus value production. Moreover, a fall in profit rates could result from a number of reasons rather than an increase in the organic composition of capital. Tradução: Cássio Arruda Boechat ([email protected])


Author(s):  
Dimitrios Kivotidis

This paper is a contribution to the argument that Engels’s work remains topical and may provide us with the analytical tools necessary to approach contemporary manifestations of capitalist contradictions. Based on Engels’s work on political economy (with emphasis on his contribution to the labour theory of value and the articulation of the law on the tendency of the rate of profit to fall) it will critically review the concept of “surveillance capitalism” as developed by Shoshana Zuboff, in order to explain central aspects of the process of digital surveillance. In particular, it will criticise the view expressed by Zuboff that surveillance capitalism constitutes a break with capitalism’s past and can be tamed through an enhancement of democratic accountability and regulation. Marxist contributions to the critique of digital surveillance have already approached this phenomenon in a many-sided manner. This paper builds upon these contributions and suggests that the exponential growth of digital platforms can be explained as a direct result of the development of capitalist contradictions, especially the contradiction between productive forces and relations of production as expressed in the law of the falling rate of profit.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Shengsheng Wang ◽  
Bangxi Li ◽  
Shan Gu

PurposeDifferent from Marx's analysis of the dialectical relationship between the production and realization of surplus value, the Okishio theorem only shows one aspect of the contradictory movement of the total social capital, that is, the reverse effect of the realization of surplus value on the production of surplus value.Design/methodology/approachThe production of surplus value and the realization of surplus value are simplified into one process. This simplification eliminates the contradiction between the production and realization of surplus value, and the antagonistic contradiction between accumulation and consumption and the antagonistic production-distribution relationship in capitalist society are naturally covered up.FindingsTherefore, it cannot explain the actual expansion way of the falling general rate of profit as the historical development law of capitalism. Nevertheless, it should be noted that the Okishio theorem places the analysis of the general rate of profit back into the social reproduction model with department equilibrium, which points out the significance of wage income to the realization of surplus value and outlines the macro mechanism of the realization of surplus value reacting to the production of surplus value. It also strongly promotes the research progress of the law that the profit rate tends to decline.Originality/valueThe mistake of the Okishio theorem is that the exchange process in the labor market forms the real wage rate. It determines the production price of wage goods, which thereby determines that the production price of capital goods and general rate of profit, the production of surplus value and realization of surplus value are simplified into the same process, and only the value that can be realized is the real value.


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