[OPE-L:5202] [OPE-L 5167] trpf

Michael Williams (mwilliam@compuserve.com)
Fri, 6 Jun 1997 16:30:27 -0700 (PDT)

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Hi Jerry,

I decided that my response to your request for reference details was a bit
abrupt, so here they are:
1. Ben Fine (1982, *Theories of the Capitalist Economy* London, Edward
Arnold: p. 118) argues that Marx's presentation of the trpf - without the
counter-tendencies - could well have better come at the end of *Capital*,
Vol 1.
2 Rosdolsky, R (1977 {German Original 1968) Transl Pete Burgess, *The
Making of Marx's 'Capital'* London, Pluto: chapter 2 argues that Marx
originally intended to do so.

3. Others who have argued against the interpretation of the trpf as a
(empirical) trend include John Weeks (1981): 205; Cutler, Hindess, Hirst
and Hussain (1977) Vol 1: ch.6

4. In Reuten and Williams (1989): 118ff we point out that the 'general law
of capitalist accumulation' of Vol 1 is clearly the tendency to
over-accumulation. We finish up this addendum with the following: 'Before
the theory [of the trpf] can be confronted with with the empirical the
articulation of these tendencies [over-accumulation and trpf, grounded
respectively in profit-squeeze and underconsumption, and devaluation and
centralisation - see the nifty figure on p. 141, and ch.5] and their
interconnection with economic policy (see Part Four) has to be theorised.
Further concretisation may then have to take account of contingencies that
require detailed historical and conjunctural examination.'

I hope that saves you a bit of work.

Comradely ...
Dr Michael Williams
"Books are Weapons"

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