Download
1 / 17
170 likes | 192 Views
Explore the concept of accumulation, the general law of capitalist accumulation, rising organic composition, and the relationship between profitability and class struggle as discussed by Michael Roberts. Discover how the rate of profit is affected by qualitative changes in capital composition and the impact of displacing living labor from production. Delve into Marx's law of profitability and the evidence of profitability trends in the UK, Brazil, and periods like the inter-war years and post-1945 era.
E N D
The rate of profit and class struggle Michael Roberts
Accumulation • “Accumulate, accumulate! That is Moses and the prophets!” Volume One, Chapter 25 • “Accumulation for accumulation’s sake, production for production’s sake: by this formula classical economy expressed the historical mission of the bourgeoisie” • Volume one Chapter 24.
The general law of capitalist accumulation • The accumulation of capital, though originally appearing as its quantitative extension only, is effected, as we have seen, under a progressive qualitative change in its composition, under a constant increase of its constant, at the expense of its variable constituent.”
From the law of accumulation to the law of profitability • Displacing living labour from production depresses the average rate of profit, since only living, productive wage-labour creates surplus-value (the social substance of profit, rent and interest). • The tendency for the rate of profit to fall is offset by counteracting factors, but these factors cannot entirely negate ‘the law as such’.
Marx’s law of profitability • ROP = S/C+V Here’s the trick! ROP falls if C/V rises faster than S/V C/V rises faster (tendency) BUT there are times when S/V rises faster (countertendency)
From the general law of accumulation to the law of profitability as such
