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Capital as a social process: A Marxian perspective

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  • Miguel D. Ramirez
Abstract
This paper analyzes the very important notion of capital from a Marxian perspective as opposed to a neoclassical one. It is argued that when capital is viewed as a historically determined social process (relation), rather than as a thing or a col-lection of things, it tends to assume certain specific forms more often than others depending on the particular stage of economic history. Capital thus refers simulta-neously to social relations and to things. Given this frame of reference, notions such as money and property capital are more easily accommodated and conse-quently are not written off as financial or fictitious capital - not real capital because they produce nothing. The paper also focuses on Marx?s important analy-sis of the time of production and the turnover of capital in terms of the production of surplus-value (profit). It then examines Marx?s equally important and prescient analysis of how the turnover speed of capital is affected by the time of circulation of commodities (the realization of surplus-value) and the growing use of credit (in its various forms) in the capitalist system. Finally, the paper turns its attention to the economic role of time as it relates to interest - bearing capital - one whose clear comprehension rests on viewing capital as a social construct.

Suggested Citation

  • Miguel D. Ramirez, 2020. "Capital as a social process: A Marxian perspective," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 9(1), pages 41-71.
    • Handle: RePEc:fan:spespe:v:html10.3280/spe2020-001003
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    References listed on IDEAS

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    1. Wolfson, Murray, 1990. "The Transformation Problem: Exposition and Appraisal," Journal of the History of Economic Thought, Cambridge University Press, vol. 12(2), pages 179-195, October.
    2. Miguel D. Ramírez, 2014. "Credit, The Turnover of Capital, and the Law of the Falling Rate of Profit: A Critical Note," Contributions to Political Economy, Cambridge Political Economy Society, vol. 33(1), pages 61-68.
    3. Joan Robinson, 1970. "Capital Theory Up to Date," Canadian Journal of Economics, Canadian Economics Association, vol. 3(2), pages 309-317, May.
    4. J. M. Keynes, 1997. "The General Theory of Employment," Voprosy Ekonomiki, NP Voprosy Ekonomiki, vol. 5.
    5. Brewer,Anthony, 1984. "A Guide to Marx's 'Capital'," Cambridge Books, Cambridge University Press, number 9780521276764, September.
    6. Royall Brandis, 1985. "Marx Keynes? Marx Keynes?," Journal of Economic Issues, Taylor & Francis Journals, vol. 19(3), pages 643-659, September.
    7. Ricardo, David, 1821. "On the Principles of Political Economy and Taxation," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, edition 3, number ricardo1821.
    8. Miguel D. Ramirez, 2007. "Marx, Wages, and Cyclical Crises: A Critical Interpretation," Contributions to Political Economy, Cambridge Political Economy Society, vol. 26(1), pages 27-41.
    9. Claudio Sardoni, 1986. "Marx and Keynes on Effective Demand and Unemployment," History of Political Economy, Duke University Press, vol. 18(3), pages 419-441, Fall.
    10. Aldo Barba & Giancarlo de Vivo, 2012. "An 'unproductive labour' view of finance," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 36(6), pages 1479-1496.
    11. Miguel D. Ramirez, 2009. "Marx's Theory of Ground Rent: A Critical Assessment," Contributions to Political Economy, Cambridge Political Economy Society, vol. 28(1), pages 71-91.
    12. Dudley Dillard, 1984. "Keynes and Marx: A Centennial Appraisal," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(3), pages 421-433, March.
    13. Riccardo Bellofiore & Guglielmo Forges Davanzati & Riccardo Realfonzo, 2000. "Marx Inside the Circuit: Discipline device, wage bargaining and unemployment in a sequential monetary economy," Review of Political Economy, Taylor & Francis Journals, vol. 12(4), pages 403-417.
    14. Vasilev, Aleksandar & Maksumov, Rashid, 2010. "Critical analysis of Chapter 23 of Keynes’s Notes on Mercantilism in The General Theory of Employment, Interest and Money (1936)," EconStor Research Reports 155318, ZBW - Leibniz Information Centre for Economics.
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    More about this item

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian

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