Competition among Capitals

Makoto Itoh
Additional contact information
Makoto Itoh: University of Tokyo

Chapter 7 in The Basic Theory of Capitalism, 1988, pp 199-249 from Palgrave Macmillan

Abstract: Abstract Upon the theories of the processes of production, circulation and reproduction of capital in the first and the second volumes of Capital, the third volume ‘The Process of Capitalist Production as a Whole’ is designed ‘to discover and present the concrete forms which grow out of the process of capital’s movement considered as a whole’ examining step by step the forms ‘in the action of different capitals on one another, i.e. in competition’ (III, p. 117). Its first two parts investigate ‘the law that govern the general rate of profit and the so-called prices of production determined by it’, as ‘the basic law of capitalist competition’ (III, pp. 127–8). The forms of distribution of surplus-value, such as commercial profit, interest and ground-rent, which are presented in the following parts, elucidate the concrete mechanisms by which the law of capitalist competition is carried out basically gravitating around the prices of production. A controversial problem is the logical consistency between the law of value and the law that governs the prices of production. Marx clearly intended to show that the forms and the mechanisms of capitalist competition are not merely consistent with, but also essential for, the social working of the law of value. For instance, reviewing his whole analyses in the very last part of Capital, Marx has this to say;

Keywords: Market Price; Commodity Product; Average Profit; Labour Theory; Concrete Mechanism (search for similar items in EconPapers)
Date: 1988
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-19107-9_7

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349191079

DOI: 10.1007/978-1-349-19107-9_7

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().