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 will be essential reading for anyone with an interest in the development of Marxian economic theory.\' Science & Society
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Product details

  • Paperback | 240 pages
  • 135 x 215 x 13mm
  • London, United Kingdom
  • English
  • 1
  • 0745304591
  • 9780745304595
  • 1,127,092

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


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


3. Modifying Countertendencies


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



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Review quote

'One of the seminal works of Marxian political economy' -- Science & Society
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About Henryk Grossmann

Henryk Grossman (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.
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