Surplus Profits from Innovation

Tony Smith

Chapter 7 in The Culmination of Capital, 2002, pp 149-173 from Palgrave Macmillan

Abstract: Abstract Is there any object of social inquiry more immense, complex, obscure and ominous than capital? In the course of the three volumes of Capital Marx investigates a tremendous number of topics and employs a wide variety of methodological approaches and rhetorical tropes. It would be foolhardy to claim that a single framework could possibly capture this vast multiplicity. Every proposed interpretation is a reconstruction of Marx’s masterwork, emphasizing certain themes and downplaying others. In the reading proposed here, Capital consists of a systematic ordering of categories proceeding simultaneously along two distinct — if ultimately inseparable — dimensions. I shall argue that these two dimensions come together in Volume III in a manner that requires us to introduce a distinct theoretical level in Marx’s theory, defined by the category ‘surplus profits due to innovation’.

Keywords: Capital Form; Financial Capital; Individual Unit; Fixed Capital; Wage Labour (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59709-9_7

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DOI: 10.1057/9780230597099_7

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