 The Rate of Profit Cycle and the Opposition between Managerial and Finance CapitalGeert Reuten Chapter 8 in The Culmination of Capital, 2002, pp 174-211 from Palgrave Macmillan Abstract: Abstract The third volume of Karl Marx’s Das Kapital (1894) was edited by Friedrich Engels from Marx’s manuscripts dating from 1863–7. In the third part of the book Marx sets out his views on ‘The law of the tendency of the rate of profit to fall’. In Marx’s day it was taken for granted amongst economists that there is such a law, both on empirical and theoretical grounds. Jevons (1871), for example, writes: ‘There are sufficient statistical facts, too, to confirm this conclusion historically. The only question that can arise is as to the actual cause of this tendency’ (243–4). In Marx’s hands, however, the law gets reshaped into what is more properly a ‘theory of the rate of profit cycle’. In the first section of this chapter it is argued - based on Marx’s manuscripts - that to speak of Marx’s ‘law of the tendency of the rate of profit to fall’ is misleading, and it is shown why this interpretation more likely expresses Engels’s view on the matter. Keywords: Finance Capital; Share Capital; Profit Rate; Managerial Capital; Industrial Capital (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59709-9_8 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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