6/25/2023 0 Comments Capital volume 3![]() ![]() ![]() Next post: Chapter 8: Different Compositions of Capital in Different Branches of Production, and the Resulting Variation in Rates of Profit Previous post: Chapter 6: The Effect of Changes in Price he capitalist convinc that his profit is due not to the exploitation of labour, but at least in part also to other circumstances independent of this, and in particular his own individual action.’ In short, the ‘acumen’ of the capitalist appears to play a decisive part in determining the rate of profit, and hence – from her point of view – to the mass of profit produced. profit).Ģ All else being equal, the rate of profit is modified by the price of raw materials (hence under the sway of the capitalist’s skill at buying and selling), the productivity, suitability and price of machinery the overall organisation of the process of production, especially with regards to the management of waste, management and supervision etc. But surplus-value is unpaid surplus-labour, something which, Marx reminds us, capitalists are unable to see, not least because:ġ The capitalist conflates production and reproduction, taking the realisation of commodity value circulation) as the production of surplus-value (i.e. I The capitalist’s perception of the determination of the rate of profitĪs we follow them, we need to remember our assumption, stated at the outset, that at this stage of our exposition surplus-value = profit. ![]() Marx concludes his exposition in this part of the volume with some summary remarks. ![]()
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