In this chapter Marx introduces the key notion of the composition of capital. This again is a form of the dual character of labour within capitalism: the composition of a capital is both material and social. The material composition of a capital is its technical composition. The social composition of a capital is its value composition. Any capital is always both. Marx calls the value reflection of capital’s the technical composition its organic composition. Continue reading ‘Capital I. Chapter 25: The General Law of Capitalist Accumulation’
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Part 3: Division of surplus-value into capital revenue. The abstinence theory.
This part of the chapter explores capital’s voracious need to expand, to reproduce itself on an ever-increasing scale. Marx passes from references to Judeo-Christian writing on usury, to the works of key classical economists: Ricardo, Malthus and Senior, focusing on the roles they saw capitalists playing in determining the function of surplus-value (either in capital or revenue).
“One part of the surplus value is consumed by the capitalist as revenue, the other part is employed as capital, i.e. it is accumulated” (738). In this part, Marx establishes these two aspects as part of the same process. Continue reading ‘Part 7: Chap 24: Parts 3,4 & 5’