Accumulation of capital, its definition: A century after Lenin and Luxemburg

Paul Zarembka ()

Chapter 5 in VALUE, CAPITALIST DYNAMICS, AND MONEY, 2000, vol. 18, pp 183-241 from Paul Zarembka

Abstract: This chapter argues that Marx's definition of “accumulation of capital” is sufficiently ambiguous to lead to troublesome conceptions after his death. It is held that Lenin moved conceptualization in a misleading direction by moving accumulation of capital away from social relations of production. Luxemburg's criticism of Marx's schemes of extended reproduction, on the other hand, is very helpful in moving back towards an emphasis on class relations. To conclude, a definition is offered: accumulation of capital as increase of wage-labor with its associated constant capital. An appendix provides the first English translation of Lenin's marginal notes on Luxemburg's book.

Keywords: Marx; Lenin; Luxemburg; accumulation; capital (search for similar items in EconPapers)
JEL-codes: B31 B41 B51 (search for similar items in EconPapers)
Date: 2000
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