Capital: A Critique of Political Economy, Volume 3 by Karl Marx

By Karl Marx

This model has been conscientiously and lovingly OCR'd (using ClearScan) from the easiest on hand scanned model. i've got additionally extra the whole desk of contents (as PDF bookmarks). this is often a superb reproduction in case you have to cite pages, and have an interest during this translation (much larger than the translation in my opinion).

Unfinished on the time of Marx's loss of life in 1883 and primary released with a preface via Frederick Engels in 1894, the 3rd quantity of "Das Kapital" strove to mix the theories and ideas of the 2 past volumes in an effort to turn out conclusively that capitalism is inherently unworkable as an everlasting approach for society. the following, Marx asserts controversially that - whatever the efforts of person capitalists, public specialists or perhaps beneficiant philanthropists - any marketplace financial system is necessarily doomed to suffer a sequence of worsening, explosive crises top ultimately to accomplish cave in. yet he additionally bargains an inspirational and compelling prediction: that the top of capitalism will culminate, eventually, within the beginning of a miles better kind of society.

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Surplus-value is, first of all, split between profit for entrepre­ neurial capital (industrial profit, commercial profit, banking profit, :j:nd profit for agricultural entrepreneurs as distinct from passive landowners) on the one hand, and interest on the other. _:i:e. employing wage-labour- be it in the sphere of production or in that of circulation. In this way, capitalists are able to operate with much more capital than they own personally. CapitaL accumulation can take place at a much quicker pace than would 77.

69 But here again the flexibility of capital, both in speeding up skill formation (including at factory level) and in reducing the need for highly skilled labour by . technological change, is greatly underestimated. Proponents of the pure over-accumulation theory of crisis often argue that, as long as accumulation of capital proceeds smoothly, consumption by the 'final consumers' automatically grows, as m9re wage-labour is being employed (generally at increasing wa�es) and unproductive consumption out of surplus-value also tends to grow.

This is not the same as the 'profit squeeze' theory, but it is not far from it. Shaikh has correctly criticized these assumptions in 'Political Economy and Capitalism\ op. cit. 42 Introduction analysis contains a built-in reply to employers' arguments: the decline of the tate of profit is a function of the rising organic composition of capital, which leads to over-accumulation, and not of a decline in the rate of surplus-value. e. where any cut in real wages would bring them below the physiological minimum (a situation which no longer exists in any industrialized country), a cut in real wages always implies a rise in surplus-value produced, hence a higher rate of profit than existed before the cut.

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