Rate of Profit, Cost Price, and Turnover of Capital
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MEGA ② II/4.3 includes manuscripts for Capital that have been published for the first time. The bundle titled “Rate of Profit, Cost Price and Turnover of Capital” seem to concern matters dealt with in Chapter 4 of Engel’s edition of Capital Volume 3, “The Effect of Turnover on the Rate of Profit”. However, in Marx’s main manuscript, he only gave the title of this section. Marx had yet to complete his narrative on the effect of the turnover of capital on the rate of profit. He eagerly investigated two types of rate of profit in the manuscripts in II/4.3. They were recognized as the rate of profit on total advanced capital and that on annual cost price. The two factors of organic composition and turnover time will determine the rate of profit in each business sector and capital transfer. Marx’s simulations presented in this paper show that, at the level of price of production, capitalists are confused about various offsetting and amplifying effects. This reinforces the mental image of the capital fetish. It is because of this confusion that the rate of profit on total advanced capital can be a simple and understandable indicator for investment by capitalists. But, at the same time, they also cannot ignore the rate of profit on annual cost price. The relationship between the two rates of profit remains a “black box” for capitalists.
Abstract
MEGA ② II/4.3 includes manuscripts for Capital that have been published for the first time. The bundle titled “Rate of Profit, Cost Price and Turnover of Capital” seem to concern matters dealt with in Chapter 4 of Engel’s edition of Capital Volume 3, “The Effect of Turnover on the Rate of Profit”. However, in Marx’s main manuscript, he only gave the title of this section. Marx had yet to complete his narrative on the effect of the turnover of capital on the rate of profit. He eagerly investigated two types of rate of profit in the manuscripts in II/4.3. They were recognized as the rate of profit on total advanced capital and that on annual cost price. The two factors of organic composition and turnover time will determine the rate of profit in each business sector and capital transfer. Marx’s simulations presented in this paper show that, at the level of price of production, capitalists are confused about various offsetting and amplifying effects. This reinforces the mental image of the capital fetish. It is because of this confusion that the rate of profit on total advanced capital can be a simple and understandable indicator for investment by capitalists. But, at the same time, they also cannot ignore the rate of profit on annual cost price. The relationship between the two rates of profit remains a “black box” for capitalists.
참고문헌 (14)
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