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Category Archives: Kapital Vol. 3
Capital Vol. III Part III Chapter 15. Exposition of the Internal Contradictions of the Law
Capital Vol. III Part III The Law of the Tendency of the Rate of Profit to Fall Chapter 15. Exposition of the Internal Contradictions of the Law After two chapters of pretty straightforward exposition of the falling rate of profit … Continue reading
Posted in Kapital Vol. 3
Tagged capital, Das Kapital, falling rate of profit, harvey, kliman, marx, volume 3
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Kapital vol 3; Chapter 14. Counteracting Influences
Capital Vol. III Part III: The Law of the Tendency of the Rate of Profit to Fall Chapter 14. Counteracting Influences (This post is part of an ongoing project: a close reading of volume 3 of Kapital, one post per … Continue reading
Kapital vol. 3 Part 2, Chapter 11: Effects of General Wage Fluctuations on Prices of Production
After all the excitement of Chapter 10, this is a bit of a downer.
How do changes in wages effect the price of production? First we must realize that different firms will be effected differently depending on whether of not they produce at, below or above the average organic composition. Continue reading
Kapital vol.3: part 3. Chapter 13: The LAW as SUCH
Marx begins by point out what by now must be obvious: Given the equation for the rate of profit (total surplus value over total investment in capital, variable and constant) any increase in constant capital expenses not compensated for by an increase in the mass of surplus value will cause a falling rate of profit. That is, if we hold the rate of surplus value constant then any increase in c means a decrease in profit. Continue reading
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Kapital vol. 3 Part 3, Opening Thoughts
There is so much debate between Marxists over how to properly understand capitalist crisis. Some claim that Marx does not give us a completed theory of crisis at all and that our job is to fill in the gaps. Others claim that Marx provides the essential structure of the argument, a structure which only requires some fleshing out. Then there are those that think Marx’s argument is flawed and requires replacing. This latter group contains those who believe they can construct a theory of crisis still within the framework of Marx’s logic and those who have turned to other theoretical frameworks. Continue reading
Das Kapital vol.3 Chapter 9: Formation of a General Rate of Profit (Average Rate of Profit) and Transformation of the Values of Commodities into Prices of Production
In all of the consternation, debate and quarreling over Marx’s value theory this chapter, chapter 9 of volume 3, lies in the center of much of that (though perhaps chapter 10 even more so). Continue reading
Das Kapital vol. 3 Part 2 chapter 8 Different Compositions of Capitals in Different Branches of Production and Resulting Differences in Rates of Profit
“…differences in the average rate of profit in the various branches of industry do not exist in reality, and could not exist without abolishing the entire system of capitalist production. It would seem, therefore, that here the theory of value is incompatible with the actual process, incompatible with the real phenomena of production, and that for this reason any attempt to understand these phenomena should be given up.” Continue reading
Das Kapital vol. 3 Part 2- opening thoughts
Herein lies theoretical ideas that have been hotly debated for well over a century now. Up until now we have assumed that price equals value and that profit is directly related to the amount of surplus value produced. But now, 140 pages into the 3rd volume of Kapital Marx explains that in conditions of capitalist competition prices don’t equal values and that profit is not determined by the surplus value produced by a firm. This has raised all manner of criticism and even ridicule from some corners. Bohm Bawerk made much of this in his criticism of Marx. Continue reading
Das Kapital vol. 3 part 1 chapter 7: Supplementary Remarks
….Therefore it is easy to confuse the value-creating powers of labor with the subjective valuations that happen in exchange. We have seen, throughout these opening chapters, how that profit comes wholly from surplus value. Yet the rate of profit is modified by a variety of other factors like changes in the value of constant capital, turnover time, changes in value of labor power, etc. This is one more way in which we confuse these changes for the cause of value. We might notice that increased turnover time increases profit but this doesn’t mean that time itself creates value. We might notice that a decrease in constant capital costs causes profits to rise. But this doesn’t mean that constant capital is creating more value. Continue reading
Kapital vol. 3 part 1 chapter 6: The Effect of Price Fluctuations
We might take these themes to heart in our own time. It would be easy to blame the crisis of the 1970’s on the OPEC crisis as many historians do. It would be easy to blame our present crisis just on the sub-prime bubble, or our own oil prices. But the problems caused by these fluctuations in prices only serve to expose much more fundamental rhythms of capitalist accumulation. As in the cotton crisis we can see the capitalist class today acting as a class, through the the state, to preserve itself. Continue reading
Posted in Kapital Vol. 3, Uncategorized
Tagged appreciation, capitalist class, constant capital, cotton crisis, Das Kapital, depreciation, economics, fluctuations, marx, raw materials, surpl, surplus value, value, volume 3
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Kapitalism101 