History of Economic Thought. "Capital" by Karl Marx (the most important)

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History of Economic Thought. "Capital" by Karl Marx (the most important)

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37. "CAPITAL" KARL MARX

BOOK "Capital" - main job K. Marx, consisting of four volumes. The first volume of Capital was published in May 1867 BC thanks to significant financial support F. Engels. Marx did not have time to complete and prepare for publication the second and third volumes; they were published after his death under the editorship of F. Engels (in 1885 and 1894). Included in "Capital" as fourth volume also include manuscripts "Theories of surplus value" (1861-1863), dedicated to the criticism of bourgeois political economy.

1. The first volume of "Capital" consists of seven sections and twenty-five chapters.

Subject of study the first volume - the process of accumulation of capital. The first section is devoted to the analysis commodity and its properties.

The second section analyzes conditions for the transformation of money into capital. In him K. Marx introduces the concept of such a product as work force. Next, the concept is revealed surplus value and it is proved that the exchange of labor power for capital occurs through the exchange of equivalents. The worker creates value greater than the value of labor power.

Departments three through five are dedicated to theory of surplus value. The sixth section reflects the author's views on wages as a converted form of the value and price of labor power.

In the seventh division Marx formulates the universal law of capitalist accumulation: capital accumulation is the result of an increase in the size of enterprises in the course of competition and an increase in the absolute value of unemployment. Eventually, K. Marx leads to the idea of the natural death of capitalism and the victory of the working class.

2. Second volume consists of three departments.

In the first department the author gives a description concepts of capital. Here K. Marx, Unlike A. Smith и D. Ricardo (who saw a material form in capital), defines it as a form of expression of class relations of production.

Second department raises questions capital turnover rate. The basis for dividing capital into fixed and circulating capital, according to Marx, serves the dual nature of labor. The constituent elements of capital transfer their value to a commodity with specific labor, but at the same time some of them transfer their value completely during the cycle - this is working capital, and others gradually, participating in several production cycles, are main capital.

Third department dedicated to the process of reproduction. At simple reproduction process the quantity of means of production produced in one department must match the volume of consumption in another department. At expanded reproduction the output of the first division is greater than the consumption of the second division.

3. Third volume dedicated to the process capitalist production. The tendency of the rate of profit to decrease is explained. The growth of capital leads to a decrease in the share of variable capital that creates surplus value. A decrease in the rate of surplus value reduces the rate of profit.

Surplus value may perform in the following forms: entrepreneurial income, trading profit, interest and rent.

4. In fourth volume the history of the development of economic theory is studied, criticism of the views of the physiocrats is given, A. Smith, D. Ricardo and other economists.

Author: Tatarnikov E.A.

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