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Archive for the ‘Capital Volume 1, Part 7: The Process of Accumulation of Capital’ Category

I The composition of capital

Marx introduces the concept of the composition of capital in order to be able to discuss the proportion in which capital is divided into constant and variable capital. Two different ways of understanding the composition of capital are presented:

1. the ‘value’ composition: i.e. the proportion between the value of constant capital (means of production) and variable capital (labour-power).

2. the ‘technical’ composition: i.e. the relation to the mass of means of production employed, and the mass of  labour necessary for its employment.

Insofar as the value composition is ‘determined by its technical composition, and mirrors the changes in the latter’, we shall be calling it the organic composition of capital.

More (pdf: 123 KB): capital_v1_ch25

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Earlier we saw how surplus-value arises from capital; now we see how surplus-value is converted into capital.

The deployment of surplus-value as capital, or its reconversion into capital, is what is meant by the accumulation of capital.

More (pdf: 95 KB): capital_v1_ch24

 

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1  Production and reproduction

There are two factors constant to all social production, independent of its social form. First, that production has to be continuous, since ‘a society can no more cease to produce than it can cease to consume’; and second – given that from the above we can infer that ‘every social process of production is at the same time a process of reproduction’ – that ‘the conditions of production are at the same time the conditions of reproduction’.

More (pdf: 71 KB): capital_v1_ch23

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