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Is “The General Law of Capitalist Accumulation” Still Valid? An Analysis Based on Direct and Indirect Marxian Effects

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  • Bahçe, Serdal
Abstract
Marx asserts that capital accumulation has been sample accompanied by the accumulation of industrial reserve army and surplus population. Contemporarily, this expansion has been fed by two tendencies. First, the change in the technical composition of capital makes a part of waged employment redundant. Second, migration-induced-growth of labor force has enlarged the size of industrial reserve army. In this respect, labor force growth itself is a function of accumulation/growth rather than vice versa. We call the first tendency as “direct Marxian effect” while the second one is “indirect Marxian effect”. For a list of 60 countries, this study estimates the direct and indirect Marixan elasticity of industrial reserve army and its components to accumulation/growth. The results indicate that “the General Law of Capitalist Accumulation” holds for the majority of countries.

Suggested Citation

  • Bahçe, Serdal, 2019. "Is “The General Law of Capitalist Accumulation” Still Valid? An Analysis Based on Direct and Indirect Marxian Effects," MPRA Paper 101266, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:101266
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    References listed on IDEAS

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    3. L. Randall Wray, 2001. "Did the Rising Tide Eliminate Our “Surplus” Population?," Journal of Economic Issues, Taylor & Francis Journals, vol. 35(2), pages 525-531, June.
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    More about this item

    Keywords

    Industrial reserve army; capital accumulation; labor force; migration; indirect Marxian effect; direct Marxian effect;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers

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