The Political Economy of Capitalism

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HB 1 71 .P6713 1974

PROGRESS. MARXIST-LENINIST THEORY

The Political Economy of Capitalisni

PROGRESS PUBLISHERS MOSCOW

Translated from the Russian Edited b y DIANA Af/f,LER

The book has b een written Ly L. Afanasyev, N. Andreyev, M. Avsenev, G. Chernikov, M. Dra­ gilev, G. Khudokormov, Y. Kuzmichev, M. Malcv, A. Mansilya, S. Novoselov, E. Nukhovich, G. Ru­ denko, M . Ryndina and Y. Vasil chuk, and edited by M. Ryndina and G. Chernikov

nOJ1HT11YECKMI 8KOHO.Ml151 KAnllTAJ1113MA

Ha aH2Aw'icKOM fl3btKe

First fninting

1974

©Translati on into English. Progress Publishers 19i 4

Printed in t h e Union of Soviet Socialist Rejm!J!ics

CONTENTS Introd u ction

.

.

.

Page 9

.

I. THE MAIN STAGES IN THE D EVELOPMENT OF CAPITALISM. ECONOMIC SECTORS. CLASSES AND CLASS GROUPS IN THE MODERN CAPITALIST WORLD . . . .

17

Pre-Capi talist Relations i n Modern Conditi ons .

.

17

2. The Mai n Stages i n the Development o f the Capitalist Mode of . . . . . . . . . . . . . Production

18

Chapter

I.

.

.

.

.

3. The Main Economic Sectors i n Modern Capitalist Society .

.

.

.

19

.

.

22

5. The Soci o-Economi c Structure of the Newly Independent States

25

4 . Classes and Class Groups i n Modern Capitalist Society .

Cha/1tcr

I.

2. COMMODITY PRODUCTION .

.

.

27 27

The Main Features of Commodi ty Prod ucti on

2. T h e Commodity and Its Properties .

.

.

of Money

.

3. The Development of the Form of Value .

4. The Nature

and Functi ons

30

35

. .

38

5. The Law of Value as the Law of the Develo pment of Commodity Production . . . . . . . . . . . . .

47

3. THE ESSENCE OF CAPITALIST EXPLOITATION

51

Chapter

I.

Conversion of Money i nto Capital. The General Formula o f Capital and the Contrad ictions Inherent i n I t .

2 . Labou r Power A s a Commodity .

.

.

.

.

.

.

3. The Producti on of Su rplus Value .

.

.

.

.

.

4. The Essence of Capital. Constant and Variable Capital .

51 52 5'1

56

(j

CONTENTS

5. Rate and Mass of Surplus Value .

G.

58

.

.)9

\\Tays of Increasing Surplus Value .

7. The Main Economic Law of Capitalism 8. Wages

.

.

.

.

.

.

.

fiG G7

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4. ACCUMULATION OF CAPITAL. THE PRESENT POSITION OF THE PROLETARIAT . . . . . . . . .

Cha/Jl('r

1. The Essence of Capitalist Accumulation .

.

.

.

.

.

.

.

.

.

.

.

.

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2. The Process of Capitalist Accumulation and the Formation of an Industrial Reserve Army

3. Relative Deterioration of the Position of the Working Class 4. Absolute Deterioration of the Position of the \Vorking Class 5. The Historical Tendency of Capitalist Accumulation

.

.

.

.

74

74

77

82

83

90

.

SEPARATE FORMS OF INDUSTRIAL CA PITAL. DISTRIBUTION OF SURPLUS VALUE AMONG VARIOUS GROUPS OF CAPITALISTS . . . . .

Chapta 5.

I.

The Circulation and Turnover of Capital .

.

2. Average Profit and the Price of Production . 3. Commercial Capital. Formation of a World Capitalist Market 4. Loan Capital

.

.

.

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5. Joint-Stock Company. Real and Fictitious Capital

.

Chapf('r 6.

IN

1. The Emergence of Capitalist Relations in Agriculture . . . . . . . . . 2. Differential Rent . 3. Absolute Rent. Monopoly Rent . . . . . . . . 4. Rent in the Extractive Industry and Rent from Real Estate. Rent . . . . . in Small Peasant Farms

5. Pnce of Land

G.

The

.

.

Development

. . of

.

.

.

.

Capitalism

.

.

.

.

Agriculture

m

92

95 102

I CJG

112

.

GROUND RENT. MONOPOLY DOMINATION AGRICULTURE . . . . . . . . .

92

7. REPRODUCTION OF SOCIAL CAPITAL AND ECO­ NOMIC CRISES. SPECIFIC CYCLIC DEVELOPMENT OF CAPITALISM IN THE WORLD TODAY . .

118

118 120 125 128 130 131

Cha/1Ler

I.

Gross Social Capital and Gross Social Product .

2. Simple and Extended Reproduction . 3. The National Income . . . . . .

.

.

.

.

.

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4. Antagonistic Contradictions of Reproduction and the Incvitahility of Economic Crises Under Capitalism . . . . .

5. Specific Features of the Cyclic Development of Capitalism in Modern Times . . . . . . . . . . . . . . .

142 142 143

1·18 15::?

15i

CONTENTS

7

Clw/Jtcr

8. THE LAWS GOVERNING TJIE EMEl�GENCE AND MODERN DEVELOPMENT OF THE MONOPOLIES AND FINANCE CAPITAL . . . . . . . . . .

IG5

I. The Laws Governing the Emergence of Imperialist Monopolies.

.

IG5

2. The Growth of Concentration and the Degree of Monopolisation in the Imperialist Epoch . . . . . . .

IG8

4. The Nature and Laws of the Formation of Finance Capital

.

177

5. The Structure and Development of Modern Finance Capital

182

The Essence of Monopoly

.

.

.

.

.

3. Monopolies and Competition under Imperialism

li3

6. Monopoly

Profit .

Cha/Jtcr 9.

Supcrprofits-a Specific Modern Form of Capitalist . . . . . . . . . . . .

.

192

.

1%

STATE-MONOPOLY CAPITALISM

I. The Essence of State-Monopoly Capitalism

.

2. The Transition from

I !JG

Monopoly Capitalism to State-Monopoly Capitalism. The State-Monopoly Capitalist System . . . . .

200

.

204

4. State-Monopoly Capitalism and the Maturing of the Prerequisites . . . . . . of the Socialist Revolution .

214

3. Basic Forms and Contradictions of State-Monopoly Capitalism

Clia/Jtcr

JO. THE SCIENTIFIC AND TECHNOLOGICAL RE­ VOLUTION AND THE AGGl�AVATION OF THE SOCIAL CONTRADICTIONS OF CAPITALISM . . . . . .

218

I. The Nature of the Modern Scientific and Technological Revolution . . . . . . . . . . . . . . . . . . . .

218

2. The Scientific and Technological Revolution and the Aggrava­ tion of the Socio-Economic Contradictions of Capitalism . . .

Clw/1tcr

11. INTERNATIONAL ECONOMIC RELATIONS. TIIE . . . . WORLD CAPITALIST ECONOMY

I. The Export of Capital

.

.

.

.

.

.

.

.

.

.

2. The Economic Division of the World and Its Modern Forms

.

.

224

229 229 237

3. The Territorial Division of the \Vorld Among the Imperialist

Powers and the Struggle for Its Redivision

240

4. The Colonial System of Imperialism

242

5. The \Vorld Capitalist Ecouomy

Clw/Jtrr

12. ECONOMIC

RATION

.

.

.

PROBLEMS . . . . .

244

OF NATIONAL . . . . . . .

I. Collapse of the Colonial System of Imperialism °

.

.

.

LinE-

Certain Features in the Economy of the Young States on the Capitalist Ifoad

3. Nco-Colonialism

2G�J 2