means to say that the production of commodities must not develop, if it wishes to remain unadulterated. To the same extent that it continues to develop by its own inherent laws into a capitalist production, the property laws of the produc tion of commodities are converted into the laws of capitalistic appropriation.[1]
We have seen that even in the case of simple reproduction, all capital, whatever its original source, becomes converted into accumulated capital, capitalised surplus-value. But in the flood of production all the capital originally advanced becomes a vanishing quantity (magnitudo evanescens, in the mathematical sense), compared with the directly accumulated capital, i.e., with the surplus-value or surplus product that is reconverted into capital, whether it function in the hands of its accumulator, or in those of others. Hence, political economy describes capital in general as “accumulated wealth” (converted surplus-value or revenue), “that is employed over again in the production of surplus-value,”[2] and the capitalist as “the owner of surplus-value.”[3] It is merely another way of expressing the same thing to say that all existing capital is accumulated or capitalised interest, for interest is a mere fragment of surplus-value.[4]
section 2.—erroneous conception by political economy of eeproduction on a progressively increasing scale.
Before we further investigate accumulation or the reconversion of surplus-value into capital, we must brush on one side an ambiguity introduced by the classical economists.
- ↑ Admire, therefore, the craftiness of Proudhon who wishes to abolish capitalist property by enforcing against it—the eternal property laws of the production of commodities.
- ↑ “Capital, viz., accumulated wealth employed with a view to profit.” (Malthus, l. c.) “Capital … consists of wealth saved from revenue, and used with a view to profit.” (R. Jones: An Introductory Lecture on Polit. Econ., Lond., 1833, p 16.)
- ↑ “The possessors of surplus produce or capital.” (The Source and Remedy of the National Difficulties. A Letter to Lord John Russell. Lond., 1821.)
- ↑ “Capital, with compound interest on every portion of capital saved, is so all engrossing that all the wealth in the world from which income is derived, has long ago become the interest on capital.” (London Economist, 19th July, 1859.)
