The Fluidity of Capital and the Logic of the Concept

Christopher J. Arthur

Chapter 5 in The Circulation of Capital, 1998, pp 95-128 from Palgrave Macmillan

Abstract: Abstract Capital, Volume Two (Book II, ‘The Process of Circulation of Capital) is the site of a key feature of Marx’s method. For the importance of his introduction of the concept of ‘circuits of capital’ (outlined in Part One, chs 1–4) cannot be overestimated. Whereas neoclassicals explicitly, and the classicals for the most part (if implicitly), as well as many Marxists, all deploy as a key analytical construct the notion of equilibrium, for Marx it is the concept of a circuit that characterizes his grasp of capital. Furthermore, except in a special case, the circuit does not return to the beginning but is part of a spiral of accumulation, theoretically therefore much more appropriate to the study of the real world, which knows no equilibrium but is strongly marked by growth.

Keywords: Collect Work; Productive Capital; Capital Relation; Labour Power; Classical Political Economy (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-14319-1_5

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DOI: 10.1007/978-1-349-14319-1_5

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