: Accumulation and Reproduction on an Expanded Scale (Chap. 2.21.4)

Accumulation and Reproduction on an Expanded Scale (Chap. 2.21.4)

IV. Supplementary Remarks

The original source of the money for II is v + s of the gold industry I exchanged for a part of IIc. The v + s of the producer of gold does not enter into II only to the extent that he accumulates surplus-value or converts it into means of production I, i.e., to the extent that he expands his production. On the other hand, since the accumulation of money on the part of the gold producer himself leads ultimately to reproduction on an extended scale, a portion of the surplus-value of gold production not spent as revenue passes as additional variable capital of the gold producer into II, promotes here the formation of new hoards or supplies new means with which to buy from I without selling to it direct. From the money derived from this I(v + s) of the production of gold that portion of the gold must be deducted which certain branches of production II need as raw material, etc., in short as an element for the replacement of their constant capital. An element for the preliminary formation of hoards — for the purpose of future extended reproduction — exists in the exchange between I and II: for I only if part of Is is sold one-sidedly, without a balancing purchase, to II and serves there as additional constant capital II; for II, when the same is the case on the part of I for additional variable capital; furthermore, if a part of the surplus-value spent by I as revenue is not covered by IIc, hence a part of IIs is bought with it and thus converted into money. If I(v + s/x) is greater than IIc, then IIc need not for its simple reproduction replace in commodities from I what I consumed out of IIs. The question arises to what extent hoarding can take place within the sphere of exchange of capitalists II among themselves, an exchange which can consist only of a mutual exchange of IIs. We know that direct accumulation takes place within II by the direct conversion of a portion of II s into variable capital (just as in I a portion of Is is directly converted into constant capital). In the various age categories of accumulation within the various lines of business of II, and for the individual capitalists in each line of business, the matter is explained mutatis mutandis in the same way as in I. Some are still in the stage of hoarding, and sell without buying; the others are on the point of actual expansion of reproduction, and buy without selling. The additional variable money-capital is, true enough, first invested in additional labour-power, but this buys means of subsistence from the hoarding owners of the additional articles of consumption entering into the consumption of the labourers. From these owners, pro rata to their hoard formation, the money does not return to its point of departure. They hoard it.