The tendency of the rate of profit to decline, whit it matters
- This topic has 3 replies, 3 voices, and was last updated 6 years, 4 months ago by
.
-
Posts
-
https://www.imhojournal.org/articles/the-tendency-for-the-rate-of-profit-to-decline-why-it-matters/
This is an article published by the International Marxist Humanists
An interesting essay but what struck me is that the basis of the theory is not in Capital but the draft notes that Engels collated and published as Volume 3 of Capital.
Just how important is the idea of the tendency if Marx himself relegated to some future work to be written at some indeterminate time?
Something happened with post number 2
Disappointing in that it could have been written anytime in the last 80 or so years. It adds nothing new to what has been written on this before. But he does identify that capitalism’s problem is not markets (or lack of them) but the incentive to accumulate capital and that if you think it’s markets then you will end up like David Harvey as in effect a leftwing Keynesian.
Seeing that it comes from the Marxist-Humanists, who realise that exchange and so exchange-value and value can’t exist in socialism, I thought it might develop the idea that if capital, invested in technology and machinery, kept on reducing the rate of profit the stage might theoretically be reached when individual commodities might contain so little labour as to have no price, a stage that of course would never be reached. After all, he did say he was going to write about how the fall in the rate of profit created the material basis for socialism.
- You must be logged in to reply to this topic.