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Late Marx and the Conception of “Accumulation of Capital”

  • Paul ZarembkaEmail author
Chapter

Abstract

Marxist political economy quite often refers to the “accumulation of capital” as if it were a transparent concept, easily understood from Marx’s work. The problem is that the concept has not broken from Marx’s predecessors when mentioning accumulation, even though it must be understood with class clearly in mind, not means of production, not constant capital. Further, Marx had stated in Capital that he was offering an understanding of a world that is fully capitalist. Yet his discussion of accumulation suggests that more wage-laborers would be involved, in addition to more constant capital. And Luxemburg discussed the implications of expansion of wage-labor employment being fundamentally involved in the accumulation of capital. Thus, there are contradictions in Marx needing to be examined. For example, how does value as a concept work in a theoretical environment in which non-capitalist environments are being penetrated by capital.

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Copyright information

© The Author(s) 2020

Authors and Affiliations

  1. 1.Department of EconomicsState University of New York at BuffaloBuffaloUSA

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