Law of Accumulation and Breakdown of the Capitalist System

Law of Accumulation and Breakdown of the Capitalist System

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\'Law of Accumulation, first published in German in 1929 , is one of the seminal works of Marxian political economy, both in its method and in substantive theory. Reissued in the original German in 1970 , Grossmann\'s work has also appeared in Japanese, but there has never (until now) been an English edition. This is an important volume ...it will be essential reading for anyone with an interest in the development of Marxian economic theory.\' Science & Societyshow more

Product details

  • Paperback | 240 pages
  • 135 x 215 x 13mm
  • PLUTO PRESS
  • London, United Kingdom
  • English
  • 1
  • 0745304591
  • 9780745304595
  • 995,125

Review quote

'One of the seminal works of Marxian political economy' -- Science & Societyshow more

About Henryk Grossmann

Henryk Grossmann (1881-1950) was born in Cracow and studied law and economics in Cracow and Vienna. In 1925 he joined the Institute of Social Research in Frankfurt. He left Germany in the 1930s and returned to become Professor of Political Economy at Leipzig University in 1949.show more

Table of contents

Foreword by Tony Kennedy Henryk Grossmann and the Theory of Capitalist Collapse Tony Kennedy Introduction by Henryk Grossmann 1. The Downfall of Capitalism in the Existing Literature The point at issue The conception of breakdown in the existing literature How Kautsky finally abandoned Marx's theory of accumulation and of breakdown Notes 2. The Law of Capitalist Breakdown Is there a theory of breakdown in Marx? Preliminary methodological remarks The equilibrium theory of the neo-harmonists The conditions and tasks of schematic analysis Why was classical economy alarmed by the fall in the rate of Profit despite an expanding mass of profit? The views of classical economists on the future of capitalism The Marxist theory of accumulation and breakdown Marx's theory of breakdown is also a theory of crises An anti-critical interlude The logical and mathematical basis of the law of breakdown Why the Marxist theory of accumulation and breakdown was misunderstood The factors of the breakdown and the business cycle Crises and the theory of underconsumption The elasticity of accumulation The restricted development of productive forces under Capitalism The Marxist theory of imperfect valorisation Notes 3. Modifying Countertendencies Introduction Part 1: Countertendencies Internal to the Mechanism of Capital Increases in the rate of profit through the expansion of productivity Reducing the costs of variable capital through increases in productivity Shortening the turnover time and its impact on the rate of surplus value The additional money capital required for an expanded scale of production The conflict between use value and exchange value The emergence of new spheres of production with a lower Organic composition of capital The struggle to abolish groundrent The struggle to eliminate the commercial profit The economic function of `third persons' Expanding the scale of production on the existing technological basis: simple accumulation The periodic devaluation of capital on the accumulation process The expansion of share capital The accumulation of capital and the problem of population Part 2: Restoring Profitability through World Market Domination Introduction: The economic function of imperialism The function of foreign trade under capitalism Foreign trade and world monopolies The function of capital exports under capitalism Notes Bibliography Indexshow more

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