The Law of the Falling Rate of Profit, Reproduction Scheme and Imperialist Expansion: The Self-Contradiction Common to Marx’s Law and Lenin’s Scheme

  • Tadao Horie


During the Lent term in 1966 I was staying at Cambridge University. One day Mrs Joan Robinson gave me a copy of her preface, still in manuscript, to the second edition of An Essay on Marxian Economics. On reading this I found the following passage:

The constant rate of exploitation in Volume (Book) III is not explained, and the fact that it entails a rising level of real wages is not noticed. I was much startled when I came upon this in reading Capital for the first time. None of the discussions and controversies I have had since have cleared the point up.1


Real Wage Foreign Market Nominal Wage Reproduction Scheme Capitalist Society 
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Chapter 7

  1. 1.
    Joan Robinson, An Essay on Marxian Economics, Macmillan, London, 2nd edn, 1966, p. ix.Google Scholar
  2. 14.
    See T. Horie, Marx-Keizaigaku Nyumon (An Introduction to Marxian Economics), Nihonhyoronsha, 1962, pp. 118–24.Google Scholar
  3. T. Horie ‘Shihonron’ to Shihonshugino Unmei (Capital and the Fate of Capitalism), Gakubunsha, 1981, pp. 85–93.Google Scholar

Copyright information

© Tadao Horie 1991

Authors and Affiliations

  • Tadao Horie
    • 1
  1. 1.Ohtsuki College of EconomicsJapan

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