[OPE-L:1683] Re: Defining & understanding the accumulation of 1capital

Paul Cockshott (wpc@cs.strath.ac.uk)
Thu, 4 Apr 1996 01:19:42 -0800

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>What makes possible the extended reproduction of capital?
>On one side, *increased production of surplus value* makes extended
>reproduction and accumulation of capital *possible*.
>For there to be accumulation, however, increased production of s is a
>necessary but not a sufficient condition.

Accumulation of capital is possible when an increased production of
surplus value takes place, certainly, but it is logically wrong to
conclude from this that an increase production of surplus value is
a precondition for capital accumulation.

It is possible for capital to accumulate even under conditions of
declining production of surplus value. The consequence is a fall
in the rate of profit. But it can certainly occur.
Paul Cockshott