Capital is NOT wrong

[abc170@xxxxxxxxxxxxxxxxx]

I was quite surprised when....

On Wed, 08 March 2000, "George Pennefather" wrote:

>
> In the opening paragraph of Capital Marx proclaims:
>
> The wealth of those societies in which the capitalist mode of production 
> prevails,
> presents itself as "an immense accumulation of commodities," its unit being a 
> single
> commodity. Our investigation must therefore begin with the analysis of a 
> commodity.
> So the capitalist mode of production can prevail in more than one society.
>
> To say that the "wealth of those societies presents itself as an immense
>accumulation of
> commodities" is not true. Much of the wealth is in the form of industrial 
> capital
>which is
> not capital in the form of the commodity. This mistaken premise renders the 
> validity
>of
> making the commodity a starting point questionable on that basis.
>

There are so many misunderstandings in this that it is hard to work out where 
to begin.

Firstly; Capital is "dead right" - the wealth in Capitalist societies does 
present
itself as an immense junked-up sea of commodities soild and purchased on a 
market.

While wealth also takes the form of "industrial capital" this is irrelevant 
because
Marx did not say that wealth ONLY EXISTS AS "an immense accumulation of 
commodities"

Most forms of industrial capital are commodified in one why or another or at 
least are
being accumulated in the expectation that they will be exchanged on a market.  
What is
an exception??

Maybe, Cash itself is not a commodity in its home economy, but in the world 
economy
cash is bought and sold as a commodity.  Generally industrial capital IS a 
commodity -
especially under capitalism.  It is a different type of commodity.  ie that 
which
workers purchase with their wages.  Industrial capital commodities are so-called
'intermediate goods' - ie not final consumption commodities like TV's, food, 
clothes
etc.

Starting from Commodity is a suitable way of starting an analysis of capitalism.
Exploring surplus value in pre-capitalist forms might be another way.

Maybe george Pennefather should provide some examples for his rather odd 
declaration
that "Capital is Wrong"!!!???



Chris W

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