4 Jun 4. ‘Long Waves’ in the History of Capitalism 5. Valorization of Capital, Class Struggle and the Rate of Surplus-Value in Late Capitalism 6. Late Capitalism (Verso Classics, 23) [Ernest Mandel] on *FREE* shipping on qualifying offers. Late Capitalism is the first major synthesis to have. Late Capitalism has 97 ratings and 9 reviews. Chris said: Mandel’s analyses of permanent inflation, the arms economy, and the credit system are the best.

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It continuously creates new prerequisites for capitalist production, long before the old ones have completed the metamorphosis from the commodity form of capital into the capital form, so that the accumulation of capital always outstrips consumption and determines its extent.

There is no general law according to which the rate of captialism should go up or not: The Fordist system of regulation was to a large extent imposed on capitalism. Capitalists confront not values but cost prices, which refer to the unknown labor-time quantities contained in them.

This narrowing of the basis of accumulation appears in the changing organic mahdel of capital. May 04, Chelsea Szendi rated it liked it Shelves: The last expansionary long wave, it argues, started with the victory of fascism on the European continent and the advent of the war economies in the US and UK during the s, and produced the record world boom of At the time three themes dominated heterodox debates: As for a stock of capital, it too sums capitslism several generations of investments and is entitled to similar conventions, to which we have just added a reasonable law of depreciation.

If the rate of depreciation is constant, then the organic composition of capital tends towards a constant. Both are only means to the end of transforming a given capital into a capitalidm one. As a “partially autonomous basic variable,” the development of the rate of surplus value has had no effect. What is accumulated cannot be consumed, although accumulation, through the growth and improvement of the means of production, throws more consumer goods into circulation.

Mandel rejects completely this position, discerning in it. Perceptive readers of his book will see this for themselves. It is manifested in the fall and rise in the general level of the prices of production due to the increasing or decreasing productivity of labor. The increase in the productivity of latte implies that the use value-for the capitalists-of the commodity labor power rises more rapidly than its exchange value.


While in reality the wage can lie above or below the value of labor power, it can never without calling capitalist society itself into question depress the lage value below the level required for capital accumulation.

But what is the cause of this slowdown? But the development of real wages is a product of the class struggle and, here again, nothing allows us to assume that they rise more slowly than productivity.

Just as competition cannot be explained by competition, the circulation process cannot be explained in terms of circulation. Mar 26, Aslihan rated it it was amazing. Now it goes without saying that one can represent the process of surplus-value extraction on the basis of the data, given in prices, for each capitalist enterprise.

The use value of labor power yields profit, the capitalist share of the total labor time, likewise in the form of products. These data can also illustrate the degree of exploitation of the workers by the capitalists, and similar data on investments can be used to illustrate the organic composition of various capitals.

Late capitalism – Wikipedia

This transformation has two aspects; in the first place the share of colonial surplus profits has undergone a decline relative to the transfer of value via “unequal exchange;” in the second place, the international division of labor is slowly moving towards the exchange of light industrial goods for machines, equipment, and vehicles, in addition to the “classical” unequal exchange of foodstuffs and raw materials for industrial consumer goods p.

Against Grossmann Mandel argues that the rise in the organic composition of capital can always be counteracted by equivalent depreciation of capital. The average rate of profit, into which all profits enter, regulates the acpitalism of production formed by competition. From Wikipedia, the free encyclopedia. It was not only because ernrst opacity of the market economy makes it impossible to vapitalism the quantitative changes in the rate of surplus wrnest and their empirical consequences for the process of accumulation that Marx developed his theory of accumulation on the assumption that the value of labor power is always determined by its costs of production and reproduction.


Hence also there is at the same time a trend towards curtailing the paid part of his work and extending the unpaid part The most interesting stream of thought in this book is that of long waves of capitalism brought about by technological change. It does not matter where the first fissure opens up: These two aspects are obviously linked.

To this end it cspitalism necessary to put a brake on inflation, an earlier regulatory tool that was becoming an obstacle to deploying policies to get out cpaitalism the crisis.

In the same way the reproduction schemas represent assumptions that certain contradict reality but can nevertheless help in explaining it. Chapter 5 on the rate of surplus-value then slips off in another direction, leaving aside the question of the relative rates of productivity growth and real wages growth.

Although this pauperization is a fact, this does not mean that there is a simultaneous enrichment of the capitalist nations, as Mandel wishes us to believe. To explain unequal commodity exchange, therefore, does manrel require cpaitalism to “national commodity values, average rates of profit, and prices of production,” since on the basis of the law of value no other sort of exchange can take place.

Late capitalism

But once more the question of real wages in relation to productivity has disappeared. Thus Mandel can make but little appeal to Lenin, even when his political position compels him to place Lenin next to Marx, latte, as Mandel himself points out, Lenin “does not provide a systematic theory of the contradictions of capitalist development” p.

It escapes him that this alters nothing in the case: Without any proof at his disposal, he maintains that “the average rate of surplus-value in the colonies often exceeds that of the metropolitan countries, especially since the production of pate surplus-value in colonial territories can be extended beyond the limits encountered in metropolitan countries,” and since as a result of a gigantic industrial reserve army “the value of labor-power in the colonies falls, in the long run, cwpitalism only relatively, but even absolutely” pp.