[OPE-L:1651] Re: Do capitalists accumulate?

Allin Cottrell (cottrell@wfu.edu)
Sun, 31 Mar 1996 11:40:16 -0800

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On Sat, 30 Mar 1996, Paul Zarembka wrote:

> In my interpretation, the emphasis of accumulation of capital should not
> be on the increase in the labor-time embodied in means of production
> (which actually is not that far away from the neoclassical use of
> "accumulation of capital"). The emphasis should rather be on increase in
> the number of labor hours of living labor--for the heart of capitalism is
> exploitation and so the heart of accumulation is increase in the
> exploited labor time.

That may well be so, but in context -- i.e. in discussing Alan F's
remarks on accumulation, profitability and Okishio -- the focus was on
what happens to the rate of profit when a net accumulation of 'dead
labour' in the form of means of production occurs.