,*APT] #b 
,M>X'S ,CRISIS ,!ORY 

,PEOPLE 3 

,AU?OR 3 ,PAUL ,MATTICK 

,TEXT 3 

,! /AGNATION ( B\RGEOIS ECONOMICS ) RESPECT TO ITS 
CONT5T WAS = ,M>X A =EGONE CONCLUSION4 0,CLASSICAL POLITICAL 
ECONOMY10 HE WROTE1 

BELONGS TO A P]IOD 9 :I* ! CLASS /RUGGLE WAS AS YET 
UNDEVELOP$4 ,ITS LA/ GREAT REPRES5TATIVE1 ,RIC>DO1 ULTIMATELY 7& 
CONSCI\SLY7 MADE ! ANTAGONISM ( CLASS 9T]E/S1 ( WAGES & PR(ITS1 ( 
PR(ITS & R5T1 ! />T+-PO9T ( HIS 9VE/IGATIONS1 NAIVELY TAK+ ?IS 
ANTAGONISM = A SOCIAL LAW ( NATURE1 BUT ) ?IS CONTRADICTION ! 
B\RGEOIS SCI5CE ( ECONOMICS HAD REA*$ ! LIMITS BEYOND :I* IT C\LD NOT 
PASS4444 

,9 ,FRANCE & ,5GL& ! B\RGEOISIE HAD CONQU]$ POLITICAL 
P[]4 ,FROM ?IS TIME ON1 ! CLASS /RUGGLE TOOK ON MORE & MORE EXPLICIT & 
?REAT5+ =MS1 BO? 9 PRACTICE & 9 !ORY4 ,IT S\ND$ ! KNELL ( 
SCI5TIFIC B\RGEOIS ECONOMICS4 ,IT WAS !NCE=? NO LONG] A QUE/ION :E!R 
?IS OR ?AT !OREM WAS TRUE1 BUT :E!R IT WAS USEFUL TO CAPITAL OR H>MFUL 
EXP$I5T OR 9EXP$I5T 9 ACCORDANCE ) POLICE REGULATIONS OR CONTR>Y TO 
!M4 ,9 PLACE ( DIS9T]E/$ 9QUIR]S !RE /EPP$ HIR$ PRIZEFI<T]S1 9 
PLACE ( G5U9E SCI5TIFIC RESE>*1 ! BAD CONSCI5CE & EVIL 9T5T ( 
APOLOGETICS4 

,M>X'S CRITIQUE ( POLITICAL ECONOMY IS BAS$ ON HIS !ORY ( VALUE 
& SURPLUS VALUE4 ,IT DIFF]S ME?ODOLOGICALLY FROM CLASSICAL ECONOMICS DUE TO 
,M>X'S UND]/&+ ( ! SOCIAL DIALECTIC1 :I* 9CLUDES 9 ITS 
POSITIVE UND]/&+ ( :AT EXI/S A SIMULTANE\S RECOGNITION ( ITS 
NEGATION1 ITS 9EVITABLE DE/RUCTION2 REG>DS EV]Y HI/ORICALLY DEVELOP$ =M 
AS BE+ 9 A FLUID /ATE1 9 MOTION1 & !RE=E GRASPS ITS TRANSI5T ASPECT 
AS WELL2 & BECAUSE IT DOES NOT LET ITSELF BE IMPRESS$ BY ANY?+1 BE+ 9 
ITS ESS5CE CRITICAL & REVOLUTION>Y4 ,( C\RSE1 AS ,M>X PREFAC$ !SE 
OBS]VATIONS1 

,! ME?OD ( PRES5TATION MU/ DIFF] 9 =M FROM ?AT ( 
9QUIRY4 ,! LATT] HAS TO APPROPRIATE ! MAT]IAL 9 DETAIL1 TO ANALYZE ITS 
DIFF]5T =MS ( DEVELOPM5T & TO TRACK D[N !IR 9N] CONNECTION4 ,ONLY 
AFT] ?IS WORK HAS BE5 DONE CAN ! REAL MOVEM5T BE APPROPRIATELY PRES5T$4 
,IF ?IS IS DONE SUCCESSFULLY1 IF ! LIFE ( ! SUBJECT MATT] IS N[ 
REFLECT$ BACK 9 ! IDEAS1 !N IT MAY APPE> AS IF WE HAVE BE=E US AN A 
PRIORI CON/RUCTION4 

,HIS WORKS %[ ?AT 9 ! C\RSE ( TIME ,M>X 9CREAS+LY FRE$ HIMSELF 
FROM ! PHILOSOPHICAL 9T]PRETATION ( SOCIAL DEVELOPM5T ) :I* HE HAD 
BEGUN4 ,IT IS !RE=E 9APPROPRIATE TO REG>D ! =MAL DIALECTICAL ME?OD AS 
FUNDAM5TAL = ! UND]/&+ ( CAPITALI/ REALITY & TO MA9TA9 ) 
,L59 ?AT A REAL UND]/&+ ( ,M>X'S ,CAPITAL PRESUPPOSES 
COMPREH5SION ( ,HEGEL'S ,LOGIC4 ,:ILE = ,HEGEL PHILOSOPHY WAS ! 
AGE GRASP$ BY ?\<T1 = ,M>X ! DIALECTIC WAS ! EXPRESSION ( ! ACTUAL 
DEVELOPM5T ( CAPITALISM1 :I* YIELD$ 9 B\RGEOIS PHILOSOPHY ONLY A FALSE 
IDEOLOGICAL PRECIPITATE4 ,ACCORD+ TO ,M>X IT WAS NOT ?AT ,HEGEL'S 
PHILOSOPHY L$ TO A CORRECT P]CEPTION ( ! CAPITALI/ WORLD BUT ?AT AN 
UND]/&+ ( CAPITALISM W\LD MAKE IT POSSIBLE TO GRASP ! 0RATIONAL 
K]NEL0 ( ! ,HEGELIAN SY/EM4 

,( C\RSE1 ,HEGELIAN PHILOSOPHY CON/ITUT$ ,M>X'S />T+ PO9T1 BUT 
IT WAS SOON OV]%AD[$ BY HIS KN[L$GE ( ! CONCRETE CAPITALI/ SOCIAL 
RELATIONS \T ( :I* ! IDEALI/ DIALECTIC HAD >IS54 0,:AT APPE>$ 
TO BE ONLY AN OBJECT ( PHILOSOPHY BECAME ! OBJECT ( POLITICAL ECONOMY2 :AT 
9 ! CONCEPTUAL ANALYSIS APPE>$ TO BE ONLY A PHANTOM HAD TO BE %[N TO BE 
A REAL PH5OM5ON ( ! EXT]NAL WORLD40 ,9DEP5D5T ( ! ,HEGELIAN 
LOGIC 9 PR9CIPLE IF NOT 9 FACT1 ,M>X'S ECONOMIC & HI/ORICAL 
9VE/IGATIONS REVEAL$ ! DIALECTICAL NATURE ( CAPITALI/ DEVELOPM5T4 ,?US 
! DIALECTIC IS TO BE F\ND 9 ,CAPITAL JU/ BECAUSE IT IS ! LAW ( MOTION ( 
CAPITALI/ SOCIETY1 :I* ALONE JU/IFIES ! DIALECTICAL ME?OD AS A MEANS TO 
DISCOV]Y ( ! TRU?4 

,?ANKS TO ! 9H]5T DYNAMIC ( ! CAPITALI/ RELATIONS ( PRODUCTION1 
NAMELY ! UNITY ( ! OPPOSITES CAPITAL & LABOR1 ! RELATIVELY /ATIC 
PROCESS ( PRODUCTION & DEVELOPM5T *>ACT]I/IC ( ,EUROPEAN FEUDALISM GAVE 
WAY TO A PROCESS ( SOCIAL DEVELOPM5T ( PREVI\SLY UNKN[N RAPIDITY & 
IMPETUOSITY1 A PROCESS ) WORLD-WIDE EFFECTS4 ,?IS 5G5D]$ ! !ORIES ( 
POLITICAL ECONOMY1 ! B\RGEOIS REVOLUTION1 & ITS REFLECTION 9 PHILOSOPHY4 
,EV]Y REVOLUTION>Y DEVELOPM5T ( SOCIETY IS BAS$ ON ! CREATION ( NEW 
PRODUCTIVE =CES1 :I* REQUIRE CORRESPOND+ RELATIONS ( PRODUCTION = 
!IR FULL UNFOLD+ & UTILIZATION4 ,9V]SELY1 ! CREATION ( NEW PRODUCTION 
RELATIONS G5]ATES NEW PRODUCTIVE =CES1 :I* ( !MSELVES OP]ATE ON ! 
EXI/+ PRODUCTION RELATIONS4 ,:ATEV] /&S 9 ! WAY ( !SE PRODUCTIVE 
=CES & REMA9S B\ND TO ! OLD RELATIONS ( PRODUCTION LEADS ?R\< 
CONFLICTS BETWE5 SOCIAL CLASSES TO ! POLITICAL /RUGGLES ?AT TRANS=M ONE 
SOCIAL ORD] 9TO ANO!R4 ,! PROCESS ( DEVELOPM5T IS ?US AT ! SAME TIME 
A PROCESS ( REVOLUTION ?AT COMPRISES MORE OR LESS ALL ASPECTS ( HUMAN SOCIAL 
EXI/5CE4 

,! CAPITALI/ MODE ( PRODUCTION >OSE ) ! DEVELOPM5T ( COMMODITY 
PRODUCTION UND] ! CONDITIONS ( PRIVATE PROP]TY & PRESUPPOS$ ! 
HI/ORICAL SEP>ATION ( ! PRODUC]S FROM ! MEANS ( PRODUCTION4 ,LABOR 
P[] BECAME A COMMODITY & =M$ ! BASIS ( ! CONDITIONS ( ! M>KET 
ECONOMY4 ,CAPITALI/ PRODUCTION IS SOCIAL PRODUCTION ONLY 9 ! S5SE ?AT 
COMMODITIES >E PRODUC$ NOT = P]SONAL USE BUT = SALE TO O!R CONSUM]S4 
,?IS TYPE ( SOCIAL PRODUCTION MU/ AT ! SAME TIME SATISFY ! PR(IT 
REQUIREM5T ( ! PRIVATE [N]S ( CAPITAL4 ,! SOCIAL DIVISION ( LABOR IS 
?US EQUALLY A CLASS DIVISION4 ,SOCIAL PRODUCTION S]VES SOCIETY ONLY 9S(> AS 
IT CAN S]VE ! CAPITALI/S2 IT IS SOCIAL PRODUCTION SUBORD9AT$ TO PRIVATE 
9T]E/S4 ,IT CAN !RE=E BE SOCIAL PRODUCTION NOT DIRECTLY BUT ONLY 
9DIRECTLY1 & ?IS ONLY :5 ! NE$S ( CAPITAL ACCID5TALLY CO9CIDE ) 
SOCIAL NE$S4 

,! SOCIAL *>ACT] ?AT CAPITALI/ PRODUCTION MAY 9 ?IS S5SE BE SAID TO 
HAVE APPE>S 9 ! RELATION BETWE5 BUY]S & SELL]S ON ! M>KET4 ,! 
PRODUCTION C>RI$ \T BY 9DIVIDUAL FIRMS MU/ CON=M TO SOCIAL NE$S AS !Y 
>E DEF9$ BY CAPITALISM4 ,9 ,B\RGEOIS ECONOMICS ! M>KET ME*ANISM APPE>S 
AS ! REGULATOR ( ! RELATION%IP ?AT MU/ OBTA9 BETWE5 PRODUCTION & 
CONSUMPTION & ( ! PROPORTIONAL DI/RIBUTION ( SOCIAL LABOR ?AT UND]LIES 
IT4 ,9 ?IS CONCEPTION ! DUAL *>ACT] ( PRODUCTION AS ! PRODUCTION ( 
COMMODITIES & ( PR(ITS IS IGNOR$1 AS ! SECOND ( !SE IS ACCOMPLI%$ 
BY MEANS ( COMMODITY PRODUCTION & SO IS ALREADY COV]$ BY ITS LAWS4 
,AL?\< AS A RESULT ( ! COMMODITY *>ACT] ( LABOR P[] ?IS IS ACTUALLY 
! CASE1 IT 9 NO WAY ALT]S ! CIRCUM/ANCE ?AT ! PRODUCTION ( 
COMMODITIES PRESUPPOSES ! MAK+ ( PR(ITS & ?AT IT IS ?IS1 9 ! FIR/ 
PLACE1 ?AT DET]M9ES ! M>KET & PRICE RELATIONS4 ,! SYMMETRY ( SUPPLY 
& DEM& F\ND 9 B\RGEOIS ECONOMICS ?US EXCLUDES 9SI<T 9TO ! TRUE 
M>KET RELATIONS & 9TO ! DYNAMIC ( CAPITAL !Y MAKE POSSIBLE & ?AT 
>ISES FROM ! DRIVE = PR(IT4 

,! LIMITS ( B\RGEOIS ECONOMICS >E ! />T+ PO9T ( ! ,M>XIAN 
CRITIQUE4 ,= ,M>X ECONOMIC RELATION%IPS >E ! =M ASSUM$ BY CLASS 
RELATION%IPS UND] ! CONDITIONS ( CAPITALI/ PRODUCTION4 ,VALUE & PRICE 
>E EQUALLY FETI%I/IC CATEGORIES = ! REAL CLASS RELATIONS ?AT LIE 
B5EA? !M4 ,:ILE ! CLASSICAL !ORY ( VALUE SPEAKS ( EX*ANGE VALUE & 
USE VALUE1 ,M>X ASKS :Y ! CONCEPT ( VALUE EXI/S AT ALL4 ,HIS ANSW] IS ?AT 
UND] ! CONDITIONS ( CAPITALI/ PROP]TY RELATIONS1 ! SOCIAL LABOR PROCESS 
IS NECESS>ILY REPRES5T$ 9 T]MS ( VALUE RELATIONS4 ,S9CE 9 SU* A SY/EM 
! CLASS RELATIONS ( EXPLOITATION HAVE ! =M ( EX*ANGE RELATIONS 7S9CE 
CAPITALI/S BUY LABOR P[] FROM WORK]S71 ! DIVISION ( SOCIAL PRODUCTION 
9TO LABOR & SURPLUS LABOR MU/ TAKE ON ! *>ACT] ( VALUE RELATIONS & 
APPE> AS VALUE & SURPLUS VALUE4 ,W]E SOCIETY NOT A CLASS SOCIETY RE/+ ON 
EX*ANGE1 !RE W\LD BE NO EX*ANGE BETWE5 ! [N]S ( ! CONDITIONS ( 
PRODUCTION & ! PROP]TYLESS WORK]S1 & ! SOCIAL PRODUCTION RELATIONS 
W\LD NOT BE VALUE RELATIONS4 

,! DIFFICULTIES :I* ! CLASSICAL ECONOMI/S HAD ) ! !ORY ( VALUE 
W]E DUE TO ! FACT ?AT AL?\< !Y CONSID]$ COMMODITIES AS COMB9+ 
EX*ANGE VALUE & USE VALUE1 !Y DID NOT DISCOV] ?IS D\BLE *>ACT] 9 
! COMMODITY LABOR P[]4 ,?IS DISCOV]Y WAS RES]V$ = ,M>X1 :O WAS ?US 
! FIR/ TO ACC\NT = EX*ANGE RELATIONS AS !Y ACTUALLY EXI/ )\T 
AB&ON+ ! LAW ( VALUE4 ,! EX*ANGE ( COMMODITIES ON ! BASIS ( 
LABOR-TIME EQUIVAL5CE CAN YIELD NO PR(IT4 ,! D\BLE *>ACT] ( ! 
COMMODITY LABOR P[] CREATES ! POSSIBILITY ( PR(IT4 ,:ILE ACCORD+ TO ! 
LAW ( VALUE ! PUR*AS] ( LABOR P[] PAYS ITS EX*ANGE VALUE1 HE ACQUIRES 
AT ! SAME TIME ITS USE VALUE1 :I* IS ABLE TO PRODUCE A VALUE GREAT] ?AN 
ITS TRUE EX*ANGE VALUE4 ,?IS IS AS MU* AS TO SAY ?AT ! PRICE RELATIONS ( 
! M>KET CAN BE UND]/OOD ONLY ) REF]5CE TO ! VALUE RELATIONS ON 
:I*1 AS RELATIONS ( PRODUCTION1 !Y >E BAS$4 ,! ESS5CE ( ! 
VALUE-GOV]N$ SY/EM IS NOT ! EX*ANGE ( LABOR-TIME EQUIVAL5TS BUT ! 
CAPITALI/ APPROPRIATION ( UNPAID SURPLUS LABOR4 ,! [N]S ( CAPITAL DO NOT 
EX*ANGE LABOR-TIME EQUIVAL5TS AMONG !MSELVES4 ,! LAW ( VALUE GOV]NS ! 
CAPITALI/ ECONOMY ONLY 9 ! S5SE ?AT ! =CES ( SOCIAL PRODUCTION ?AT 
EXI/ AT ANY MOM5T SET DEF9ITE LIMITS TO ! PRODUCTION ( SURPLUS VALUE & 
?AT ! DI/RIBUTION ( ! SURPLUS VALUE AMONG CAPITALS MU/ BE MORE OR LESS 
ADAPT$ TO SOCIAL REQUIREM5TS IF ! EXI/5CE & DEVELOPM5T ( CAPITAL IS 
TO BE SECUR$4 ,BECAUSE ( ?IS ! EX*ANGE RELATIONS MU/ APPE> NOT AS VALUE 
RELATIONS DET]M9$ BY LABOR TIME BUT AS PRICE RELATIONS DEVIAT+ FROM !M 
)\T ?IS NEGAT+ ! REGULATION ( CAPITALI/ PRODUCTION BY ! LAW ( 
VALUE4 

,! DEVIATION ( PRICE FROM VALUE EXCLUD$ ! CONSI/5T UTILIZATION ( ! 
LABOR !ORY ( VALUE BY CLASSICAL ECONOMICS :I* WAS PR9CIPALLY CONC]N$ 
) DI/RIBUTION4 ,IF ! LAW ( VALUE IS TO BE MA9TA9$1 IT MU/ BE %[N 
?AT ! ACTUAL PRICE RELATIONS AL?\< DIFF]5T FROM VALUE RELATIONS >E 
NONE!LESS DET]M9$ BY ! LATT]4 ,:ILE ?IS DET]M9ATION ( PRICE BY 
VALUE CANNOT BE READ (F FROM ! PRICES GIV5 9 ! M>KET1 IT CAN BE SE5 9 
! *ANG+ PRICES ( PRODUCTION1 :I* >E =M$ FROM CO/ PRICES & ! 
AV]AGE RATE ( PR(IT4 ,9 ! CAPITALI/'S CONSCI\SNESS1 AS ALSO 9 ! 
REALITY ( ! M>KET1 ONLY ! PRICES ( COMMODITIES EXI/4 ,= ! 9DIVIDUAL 
5TREPR5EUR EV5 PRODUCTION PRES5TS ITSELF AS A PROBLEM ( BUY+ & 
SELL+4 ,HE PUR*ASES MEANS ( PRODUCTION1 RAW MAT]IALS1 & LABOR P[] 9 
ORD] TO PRODUCE COMMODITIES :OSE PRICE ON ! M>KET BR+S HIM A PR(IT FROM 
:I* HE CAN LIVE & :I* PRES]VES HIS 9VE/$ CAPITAL & 9CREASES IT4 
,NOT VALUE & SURPLUS VALUE BUT ONLY ! CO/S ( PRODUCTION & ! GA9S 
OBTA9$1 EXPRESS$ 9 PRICES1 >E MEAN+FUL = HIM4 ,BUT ?IS 9DIFF]5CE TO 
VALUE RELATIONS1 %>$ BY ALL CAPITALI/S1 9 NO WAY ALT]S ! FACT ?AT 
PRODUCTION CO/S1 LIKE PR(ITS1 >E ONLY O!R EXPRESSIONS = DEF9ITE 
QUANTITIES ( LABOR TIME CONTA9$ 9 COMMODITIES4 

,! TOTAL LABOR TIME EXP5D$ BY SOCIETY YIELDS A TOTAL SOCIAL PRODUCT ?AT 
IS DIVID$ BETWE5 WAGES & PR(ITS4 ,! HI<] ! %>E ( ! TOTAL SOCIAL 
PRODUCT ?AT FALLS TO ! CAPITALI/S1 ! LESS CAN FALL TO ! WORK]S1 & 
VICE V]SA4 ,9 REALITY NEI!R TOTAL SOCIAL PRODUCTION NOR TOTAL LABOR P[] 
NOR TOTAL CAPITAL IS A DIRECTLY OBS]VABLE MAGNITUDE :OSE 9T]RELATIONS C\LD 
BE ASC]TA9$4 ,CAPITAL IS DIVID$ 9TO MANY DIFF]5T CAPITALS1 :I* CONFRONT 
NOT ! WORK+ CLASS AS A :OLE BUT SMALL] OR L>G] GR\PS ( WORK]S4 ,AS 
! CAPITALS !MSELVES DIFF]1 SO DO !IR ABILITIES TO YIELD SURPLUS VALUE4 
,! 0ORGANIC COMPOSITIONS0-! RATIOS ( MEANS ( PRODUCTION 7OR 
CON/ANT CAPITAL7 TO LABOR P[] EMPLOY$ 7OR V>IABLE CAPITAL7- ( 9DIVIDUAL 
CAPITALS DIFF] DEP5D+ ON ! 9DU/RIES 9 :I* !Y >E EMPLOY$4 
,ACCORD+ TO ! LABOR !ORY ( VALUE1 ONLY ! LIV+ LABOR UTILIZ$ PRODUCES 
SURPLUS VALUE4 ,BUT AS PR(IT IS SURPLUS VALUE MEASUR$ AGA9/ ! TOTAL 
CAPITAL 7I4E41 AGA9/ ! SUM ( CON/ANT & V>IABLE CAPITAL71 PR(ITS 
%\LD BE L[] 9 9DU/RIES ) MORE CON/ANT ?AN V>IABLE CAPITAL ?AN 9 
9DU/RIES :]E !SE PROPORTIONS >E REV]S$4 ,?IS1 H[EV]1 IS NOT 9 
G5]AL ! CASE1 EXACTLY BECAUSE ! COMPETITION AMONG CAPITALI/S & ?AT ( 
! BUY]S ) !M & ) EA* O!R LEADS TO A TRANS=MATION ( ! TRUE 
PR(ITS 9TO SOCIALLY AV]AGE PR(ITS :I*1 ADD$ TO ! CO/S ( PRODUCTION1 
ALL[ EA* CAPITAL TO P>TICIPATE EQUALLY1 9 ACCORDANCE ) ITS SIZE1 9 ! 
TOTAL SOCIAL SURPLUS VALUE4 

,IF ! =MATION ( AN AV]AGE PR(IT RATE IS EXPLA9$ BY COMPETITION1 ! 
FACT ( COMPETITION DOES NOT EXPLA9 ! MAGNITUDE ( ?IS RATE AT ANY TIME4 
,?IS MAGNITUDE DEP5DS ON ! UNKN[N BUT NONE!LESS DEF9ITELY GIV5 MASS ( 
PR(IT YIELD$ BY ! TOTAL SOCIAL CAPITAL4 ,& S9CE ! TOTAL VALUE ( ! 
COMMODITIES CONDITIONS ! TOTAL SURPLUS VALUE1 :ILE ! LATT] GOV]NS ! 
LEVEL ( ! AV]AGE PR(IT & ?US ! G5]AL RATE ( PR(IT1 ! LAW ( 
VALUE REGULATES PRODUCTION PRICES4 

,AL?\< ! CREATION ( SURPLUS VALUE BY SURPLUS LABOR TAKES PLACE 9 
PRODUCTION1 ! REALIZATION ( PR(ITS IS ACCOMPLI%$ 9 ! M>KET4 ,?\< 
PRODUCTION IS DOM9AT$ BY ! ACCUMULATION ( CAPITAL & REALIZ$ ON ! 
M>KET1 IT IS ITS USE-VALUE SIDE ?AT DET]M9ES ! RELATION BETWE5 SUPPLY 
& DEM&1 ) ITS 9FLU5CE ON PRICE RELATIONS & CONSEQU5TLY ON ! 
DIVISION ( ! TOTAL SURPLUS VALUE AMONG ! V>I\S CAPITALS4 ,) ! 
9CREASE 9 DEM& = A P>TICUL> COMMODITY ITS PRODUCTION 9CREASES1 AS ! 
DECREAS+ DEM& = ANO!R DIM9I%ES ITS PRODUCTION4 ,?US CAPITAL MOVES 
FROM RELATIVELY /AGNAT+ 9TO RAPIDLY DEVELOP+ 9DU/RIES4 ,! *ANGES 9 
! ORGANIC COMPOSITIONS ( 9DIVIDUAL CAPITALS RESULT+ FROM ?IS PROCESS DO 
NOT AFFECT !IR PR(ITABILITY4 ,ON ! CONTR>Y1 !Y LEAD TO HI<] PR(ITS 
?AN ?OSE :I* FALL TO LESS PRODUCTIVE CAPITALS4 ,! EXTRA PR(IT1 9 EXCESS 
( ! AV]AGE PR(IT1 WON AT A GIV5 PRICE LEVEL DISAPPE>S AGA91 H[EV]1 
) ! 9FLUX ( CAPITAL FROM PR(IT-POOR 9TO PR(IT-RI* 9DU/RIES4 ,! 
P]PETUAL HUNT = EXTRA PR(IT *>ACT]IZES CAPITALI/ COMPETITION & LEADS 
BY MEANS ( IT TO A HI<] ORGANIC COMPOSITION ( ! SOCIAL CAPITAL AS A 
:OLE4 

,TO UND]/& *ANGES 9 VALUE RELATIONS & ?US 9 PRICES1 WE MU/ />T 
FROM ! PROCESS ( ACCUMULATION4 ,! MODIFICATION ( ! G5]AL PRICE LEVEL 
/EMS FROM CAPITALI/ ACCUMULATION AS MANIFE/$ 9 ! RIS+ PRODUCTIVITY ( 
LABOR4 ,! G5]AL FALL 9 COMMODITY PRICES CAN BE SE5 FROM ! COMP>ISON ( 
E>LI] ) LAT] PRODUCTION P]IODS4 ,EV]Y 9DIVIDUAL COMMODITY COMES TO 
CONTA9 LESS LABOR TIME ?AN BE=E4 ,! DECREASE 9 VALUE ( ! 9DIVIDUAL 
COMMODITY IS C\NT]BALANC$ BY ! 9CREASE 9 ! QUANTITY ( COMMODITIES1 SO 
?AT ! PR(ITABILITY ( CAPITAL IS MA9TA9$ DESPITE FALL+ PRICES4 ,?US 
! DEVELOPM5T ( PRICES DEP5DS ON ! *ANG+ PRODUCTIVITY ( LABOR & SO 
ON ! LAW ( VALUE4 ,= ! ANALYSIS ( CAPITALI/ EXPANSION1 !RE=E1 NO 
P>TICUL> PRICE !ORY IS NE$$1 S9CE ! DEVELOPM5T ( PRICES IS ALREADY 
COV]$ BY ! VALUE ANALYSIS4 

,9 ! PRICE RELATIONS EFFECT$ BY COMPETITION1 ! VALUE DESIGNATIONS ( 
! 9DIVIDUAL COMMODITIES & 9DIVIDUAL FIRMS' PR(ITS >E LO/ FROM 
SI<T1 AS IS ALSO ! DIVISION ( ! SOCIAL PRODUCT 9TO WAGES & PR(ITS4 
,BUT :ATEV] ! T]MS ( ?IS DIVISION1 IT OP]ATES AT ANY GIV5 TIME ON 
QUANTITIES ( COMMODITIES REQUIR+ DEF9ITE AM\NTS ( LABOR TIME1 9 TURN 
DIVID$ FIR/ ( ALL 9TO TIME SP5T ON VALUE PRODUCTION & ON SURPLUS-VALUE 
PRODUCTION4 ,! ACTUAL DI/RIBUTION1 EXPRESS$ 9 PRICE T]MS1 PRESUPPOSES ?IS 
FIR/ DIVISION4 ,HIDD5 BY ! M>KET1 ?IS BASIS HAS JU/ AS MU* REALITY AS 
! OBS]VABLE WORLD ( PRICES & COMMODITIES4 ,9 VIEW ( ! LATT] ! VALUE 
RELATIONS APPE> TO BE SIMPLIFY+ AB/RACTIONS FROM ! COMPLICAT$ PH5OM5A 
( ! M>KET2 :ILE IF WE FOCUS ON ! FUNDAM5TAL RELATIONS ( PRODUCTION1 
! WORLD ( COMMODITIES REPRES5TS ONLY A MULTIFACET$ MODIFICATION ( ?OSE 
RELATIONS4 ,! RELATIONS ( PRODUCTION CAN BE UND]/OOD )\T REF]5CE TO 
! M>KET1 :ILE ! M>KET CANNOT BE UND]/OOD )\T REF]5CE TO !M4 ,IT 
IS !RE=E ! PRODUCTION RELATIONS ?AT MU/ =M ! BASIS = ANY 
SCI5TIFIC ANALYSIS ( CAPITAL & ALONE CAN MAKE ! POSSIBILITIES & LIMITS 
( M>KET PROCESSES COMPREH5SIBLE4 

,! !ORY ( VALUE BAS$ ON LABOR TIME IS1 !N1 AB/RACT RELATIVE TO ! 
M>KET & CONCRETE RELATIVE TO ! RELATIONS ( PRODUCTION4 ,IT IS A M5TAL 
CON/RUCTION ONLY 9 ! S5SE ?AT VALUE CATEGORIES DO NOT RELATE DIRECTLY TO 
M>KET PH5OM5A1 SO ?AT ! VALUE RELATIONS HIDD5 BEH9D PRICES CAN BE 
GRASP$ ONLY BY WAY ( ?\<T4 ,! PURE M>KET !ORY ( B\RGEOIS ECONOMICS 
IS NATURALLY ALSO AN AB/RACT AFFAIR1 S9CE IT EXCLUDES ! CAPITALI/ 
RELATIONS ( PRODUCTION FROM CONSID]ATION4 ,9 ?IS WAY IT %UTS ITSELF (F 
FROM 9SI<T 9TO ! TOTALITY ( ! ACTUAL /ATE ( AFFAIRS & H5CE ALSO 
FROM AN UND]/&+ ( M>KET PH5OM5A !MSELVES4 ,VALUE ANALYSIS1 9 
CONTRA/1 MAKES POSSIBLE ! EXPLANATORY PASSAGE FROM AB/RACT TO CONCRETE1 
S9CE IT CAN DEMON/RATE ! SUBORD9ATION ( M>KET RELATIONS TO ! 
PRODUCTION RELATIONS ( MOD]N SOCIETY & SO FIR/ BR+ TO LI<T ! PROCESS 
( ! CAPITALI/ ECONOMY AS A :OLE4 

,! DUAL *>ACT] ( PRODUCTION AS ! PRODUCTION AT ONCE ( COMMODITIES 
& ( PR(ITS EXCLUDES ! ADAPTATION ( PRODUCTION TO REAL SOCIAL NE$S OR AN 
EQUILIBRIUM ( SUPPLY & DEM& 9 ! S5SE ( AN EQUILIBRIUM ( PRODUCTION 
& CONSUMPTION4 ,ACCORD+ TO ,M>X1 DEM& IS ESS5TIALLY SUBJECT TO ! MUTUAL 
RELATION%IP ( ! DIFF]5T CLASSES & !IR RESPECTIVE ECONOMIC POSITIONS1 
NOTABLY !RE=E TO1 FIR/1 ! RATIO ( TOTAL SURPLUS VALUE TO WAGES1 &1 
SECOND1 TO ! RELATION ( ! V>I\S P>TS 9TO :I* SURPLUS VALUE IS SPLIT 
UP 7PR(IT1 9T]E/1 GR\ND R5T1 TAXES1 ETC474 ,& ?IS ?US AGA9 %[S H[ 
ABSOLUTELY NO?+ CAN BE EXPLA9$ BY ! RELATION ( SUPPLY & DEM& BE=E 
ASC]TA9+ ! BASIS ON :I* ?IS RELATION RE/S4 

,H[EV]1 DUE TO ! EF=T1 GR[+ \T ( CAPITALI/ COMPETITION1 TO 
HEI<T5 EXPLOITATION1 ?IS BASIS 7! RELATIONS ( PRODUCTION7 IS 9 A /ATE 
( P]PETUAL TRANS=MATION1 :I* MANIFE/S ITSELF 9 *ANG+ RELATIVE PRICES 
( GOODS ON ! M>KET4 ,!RE=E ! M>KET IS CONT9U\SLY 9 DISEQUILIBRIUM1 
AL?\< ) DIFF]5T DEGREES ( SEV]ITY1 ?US GIV+ RISE1 BY ITS 
OCCASIONAL APPROA* TO AN EQUILIBRIUM /ATE1 TO ! ILLUSION ( A T5D5CY 
T[>D EQUILIBRIUM4 ,! CAPITALI/ LAWS ( MOTION EXCLUDE ANY SORT ( 
EQUILIBRIUM1 EV5 :5 PR(IT PRODUCTION & COMMODITY PRODUCTION DEVELOP 9 
T&EM1 S9CE ?IS V]Y DEVELOPM5T /IMULATES ! UNFOLD+ ( A CONTRADICTION 
9H]5T 9 IT ?AT ONLY FUR!R DEVELOPM5T CAN OV]COME4 

,M>KET & PRODUCTION1 IT GOES )\T SAY+1 =M A UNITY & CAN BE 
SEP>AT$ ONLY 9 ?\<T4 ,H[EV]1 M>KET RELATIONS >E GOV]N$ BY ! 
PRODUCTION RELATIONS4 ,! PRICE ( LABOR P[] CAN 9 G5]AL NOT FALL BEL[ 
ITS VALUE1 I4E41 ! CO/ ( REPRODUCTION ( ! LABOR =CE4 ,IT CAN NEV] RISE 
TO ! PO9T AT :I* IT W\LD ABOLI% CAPITALI/ SURPLUS VALUE & SO ?REAT5 
! EXI/5CE ( ! SY/EM4 ,:ATEV] MAY HAPP5 9 ! M>KET ITS EFFECTS >E 
DET]M9$ BY ! RELATIONS ( PRODUCTION & ! APP>5TLY AUTONOM\S 
OP]ATION ( ! M>KET IS RE/RICT$ TO ! PA?S PRESCRIB$ BY !SE 
RELATIONS4 ,H[EV] MU* ! ACTUAL PRICE RELATIONS MAY DEVIATE FROM ! VALUE 
RELATIONS ON :I* !Y >E BAS$ ! TOTAL SUM ( COMMODITY VALUES CAN BE NO 
GREAT] ?AN ! QUANTITY ( LABOR TIME EXP5D$ 9 ! PRODUCTION ( ! 
COMMODITIES4 ,! SUM ( COMMODITY PRICES CAN 9DE$ LIE BEL[ ! TOTAL VALUE1 
S9CE TOTAL VALUE & TOTAL PRICE >E EQUIVAL5T ONLY UND] ! ASSUMPTION ?AT 
ALL ! COMMODITIES PRODUC$ >E SOLD4 ,!RE MAY1 ?AT IS1 BE MORE VALUE & 
SURPLUS VALUE CREAT$ ?AN F9DS EXPRESSION 9 COMMODITY PRICES1 AS HAPP5S 
:5 A P>T ( PRODUCTION CANNOT BE SOLD & !RE=E LOSES ITS VALUE 
*>ACT]4 ,9 ANY CASE ! TOTAL PRICES REALIZ$ >E EQUAL TO ! TOTAL VALUE 
REALIZ$4 ,9 ?IS WAY AN ANALYSIS ( CAPITAL'S LAWS ( MOTION BAS$ 
EXCLUSIVELY ON VALUE RELATIONS F9DS ITS JU/IFICATION4 

,:ILE ! PH5OM5A 9VE/IGAT$ 9 ,VOLUME #a ( ,M>X'S ,CAPITAL 
>E ?OSE 0:I* CON/ITUTE ! PROCESS ( CAPITALI/ PRODUCTION AS 
SU*10 9 ! ?IRD VOLUME HE ATTEMPTS TO 0LOCATE & DESCRIBE ! 
CONCRETE =MS ?AT GR[ \T ( ! MOVEM5TS ( CAPITAL CONSID]$ AS A 
:OLE40 ,! CONFIGURATIONS ( CAPITAL1 AS ,M>X DESCRIBES !M1 
0?US APPROA* /EP BY /EP ! =M :I* !Y ASSUME ON ! SURFACE ( 
SOCIETY1 9 ! ACTION ( DIFF]5T CAPITALS UPON ONE ANO!R1 9 COMPETITION1 
& 9 ! ORD9>Y CONSCI\SNESS ( ! AG5TS ( PRODUCTION 
!MSELVES40 ,BUT ?IS /EP-BY-/EP PROC$URE DOES NOT NEGATE ! 9SI<TS 
9TO ! LAWS ( CAPITALI/ DEVELOPM5T ATTA9$ BY ANALYSIS ( ! PROCESS ( 
PRODUCTION AS SU*4 ,!SE 9SI<TS REMA9 VALID = CAPITAL 0CONSID]$ 
AS A :OLE10 AL?\< !Y UND]GO V>I\S METAMORPHOSES 9 ! C\RSE ( 
ITS 9VE/IGATION4 ,! AB/RACTIONS ( ,VOLUME #a REPRES5T NOT A M]E 
ME?ODOLOGY US$ TO APPROA* ! 9SCRUTABLE WORLD ( COMMODITIES BUT A 
REPRES5TATION ( ! ACTUAL F\NDATION ON :I* ?IS WORLD IS BAS$4 ,ONLY IF 
?IS F\NDATION ITSELF IS EXPOS$ TO VIEW CAN ! DYNAMIC ( ! SY/EM1 FROM 
:I* ALONE ! MULTIPLE CONFIGURATIONS ( CAPITAL >ISE1 BE PORTRAY$4 

,IF ! VALUE ( LABOR P[] IS GIV5 BY ! CO/ ( REPRODUC+ IT1 ! 
LABOR TIME 9 EXCESS ( ?IS AM\NT HAS ! =M ( SURPLUS VALUE4 ,! 
9CREAS+ PRODUCTIVITY ( LABOR AUGM5TS ITS USE VALUE RELATIVE TO ITS 
EX*ANGE VALUE & 9 ?IS WAY 5L>GES ! MASS ( CAPITAL D]IV$ FROM ! 
SURPLUS VALUE4 ,CAPITAL =MATION CAN ?US BE %[N TO BE ! DEVELOPM5T ( ! 
PRODUCTIVITY ( LABOR4 ,! 9CREAS+ MASS ( CAPITAL DET]M9ES ! QUANTITY 
( SURPLUS VALUE NECESS>Y = ITS FUR!R UTILIZATION OR VALORIZATION 7CAPITAL 
EXPANSION BY ! 9VE/M5T ( SURPLUS VALUE AS ADDITIONAL CAPITAL74 ,H[EV]1 
?IS PROCESS AT ! SAME TIME R$UCES ! LABOR P[] EMPLOY$ RELATIVE TO A 
GIV5 CAPITAL & ACCORD+LY DIM9I%ES ! RELATIVE QUANTITY ( SURPLUS 
VALUE4 ,) MORE RAPID ACCUMULATION ! EMPLOY$ LABOR P[] ( C\RSE 
9CREASES 9 ABSOLUTE T]MS & DECL9ES ONLY 9 COMP>ISON ) ! GR[+ 
CAPITAL4 ,BUT EV5 ?IS RELATIVE DECL9E1 9 ! CONTEXT ( ! GR[+ 
CAPITAL'S 9CREAS+ VALORIZATION NE$S1 MU/ 9 ! C\RSE ( TIME LEAD 
TO A DECL9+ RATE ( ACCUMULATION4 ,FROM ?IS IT FOLL[S ?AT ! ACCUMULATION 
( CAPITAL IS CON/RA9$ BY DEF9ITE VALUE RELATIONS4 ,IF !RE IS SUFFICI5T 
SURPLUS VALUE TO VALORIZE ! CAPITAL ALREADY 9 EXI/5CE1 IT SECURES ITS 
FUTURE DEVELOPM5T4 ,IF ! SURPLUS VALUE IS 9SUFFICI5T1 !N FUR!R RAPID 
DEVELOPM5T ( CAPITAL COMES TO AN 5D4 

,! CAPITALI/ PRODUCTION ( COMMODITIES IS 9 REALITY ! PRODUCTION ( 
CAPITAL2 ! PRODUCTION ( GOODS = USE1 ?AT IS1 IS ONLY A MEANS TO ! 
EXPANSION ( CAPITAL1 & ?IS HAS NO SUBJECTIVE LIMITS4 ,A CAPITAL1 AS A SUM ( 
MONEY 9VE/$ 9 PRODUCTION1 MU/ EM]GE AGA9 FROM CIRCULATION AS AN 5L>G$ 
CAPITAL IF ! CONDITIONS ( CAPITALI/ PRODUCTION >E TO BE MET4 ,PRODUCTION IS 
?US EXCLUSIVELY ! PRODUCTION ( SURPLUS VALUE & IS GOV]N$ BY ! LATT]4 
,S9CE SURPLUS VALUE IS UNPAID LABOR TIME1 ! PRODUCTION ( CAPITAL DEP5DS ON 
! QUANTITY ( LABOR TIME APPROPRIAT$4 ,IT IS !RE=E ( ! ESS5CE ( 
CAPITAL TO 9CREASE ! QUANTITY ( UNPAID LABOR TIME4 ,AT A GIV5 /AGE ( 
DEVELOPM5T & ) A GIV5 NUMB] ( WORK]S1 SURPLUS VALUE CAN BE 5L>G$ 
ONLY BY L5G!N+ ! TIME DUR+ :I* WORK]S LABOR = ! CAPITALI/S & 
%ORT5+ ?AT DUR+ :I* !Y PRODUCE = !MSELVES4 ,BO? ME?ODS FACE 
IMPASSABLE OBJECTIVE B>RI]S1 S9CE ! WORK+ DAY CANNOT EXCE$ TW5TY-F\R 
H\RS1 & ! WORK]'S WAGE CANNOT BE R$UC$ TO Z]O4 ,! ACCUMULATION 
( CAPITAL POSSIBLE UND] SU* CONDITIONS1 AS ! ACCUMULATION ( MEANS ( 
PRODUCTION1 REQUIRES ADDITIONAL LABOR P[] & 5G5D]S A CORRESPOND+ 
9CREASE ( ! MASS ( SURPLUS VALUE4 ,= ACCUMULATION TO ADVANCE 
CONT9U\SLY1 H[EV]1 ! PRODUCTIVITY ( LABOR MU/ 9CREASE4 ,?IS IS 
ACCOMPLI%$ BY MEANS ( ! DEVELOPM5T ( TE*NOLOGY & ORGANIZATION ( ! 
WORKPLACE4 ,:ILE !SE DEP5D ON ACCUMULATION1 BO? ( !M PROMOTE AN 
ACCEL]ATION ( ACCUMULATION1 LEAD+ TO AN ALT]ATION ( ! VALUE RELATIONS 
?AT CON/ITUTE ! ORGANIC COMPOSITION ( CAPITAL4 

,UND] ! ASSUMPTION ( A CONT9U\S ACCUMULATION ( CAPITAL AN ASSUMPTION 
9 COMPLETE ACCORD ) REALITY ! 9CREAS+ PRODUCTIVITY ( LABOR IS 
REFLECT$ 9 A %IFT ( ! ORGANIC COMPOSITION ( CAPITAL T[>D ITS CON/ANT 
COMPON5T4 ,! V>IABLE CAPITAL GR[S1 ( C\RSE1 BUT ?IS GR[? LAGS BEH9D 
?AT ( ! CAPITAL EMBODI$ 9 MEANS ( PRODUCTION4 ,DESPITE ! DECL9+ 
NUMB] ( WORK]S RELATIVE TO ! MEANS ( PRODUCTION CONFRONT+ !M AS 
CAPITAL1 ! SURPLUS VALUE 9CREASES SO LONG AS ! 9CREAS+ PRODUCTIVITY ( 
LABOR ADEQUATELY R$UCES ! PORTION ( ! SOCIAL LABOR TIME NECESS>Y TO 
REPRODUCE ! WORK]S4 ,?US DESPITE ! *ANG+ ORGANIC COMPOSITION ( 
CAPITAL1 ! VALORIZATION ( CAPITAL & ITS FUR!R ACCUMULATION CAN TAKE 
PLACE4 

,:ILE ! RATE ( SURPLUS VALUE 9CREASES ) ! *ANG+ ORGANIC 
COMPOSITION ( CAPITAL1 ! LATT] EX]TS A CONTRADICTORY EFFECT ON ! RATE ( 
PR(IT1 S9CE ! FIR/ IS ! RATIO ( SURPLUS VALUE TO ! V>IABLE CAPITAL1 
:ILE ! RATE ( PR(IT COMP>ES SURPLUS VALUE TO BO? P>TS ( CAPITAL1 
CON/ANT AS WELL AS V>IABLE4 ,) ! MORE RAPID GR[? ( ! CON/ANT 
RELATIVE TO ! V>IABLE CAPITAL1 A GIV5 RATE ( SURPLUS VALUE MU/ MEAN A 
DECL9+ PR(IT RATE4 ,! RATE ( PR(IT CAN REMA9 UN*ANG$ DESPITE A HI<] 
ORGANIC COMPOSITION ( CAPITAL ONLY IF ! RATE ( SURPLUS VALUE RISES RAPIDLY4 
,) A QUICK 5\< 9CREASE ( ! RATE ( SURPLUS VALUE1 ! RATE ( PR(IT 
CAN EV5 RISE4 ,AS ! RATE ( SURPLUS VALUE CAN 9CREASE ESS5TIALLY ONLY 
TOGE!R ) ! RISE 9 ! ORGANIC COMPOSITION ( CAPITAL ?AT ACCOMPANIES 
ACCUMULATION1 ! ACCUMULATION PROCESS TURNS \T TO BE GOV]N$ BY ! G5]AL 
RATE ( PR(IT1 ! MOVEM5T ( :I* DET]M9ES ALL O!R MOVEM5TS ( 
CAPITAL4 

,ON ! ASSUMPTION ( AN IRRESI/IBLY CONT9U\S ACCUMULATION ( CAPITAL1 ! 
MUTUALLY COMP5SAT+ BUT CONTRADICTORY MOVEM5TS ( ! RATE ( SURPLUS VALUE 
& ! RATE ( PR(IT MU/ EV5TUALLY CREATE A SITUATION EXCLUD+ FUR!R 
ACCUMULATION4 ,:ILE ! RATE ( SURPLUS VALUE MU/ BE 9CREAS$ 5ORM\SLY IF 
! FALL 9 ! RATE ( PR(IT IS TO BE HALT$1 ! V>IABLE CAPITAL /ILL 
CONT9UES TO DECL9E RELATIVE TO ! CON/ANT1 & ! NUMB] ( PRODUC]S ( 
SURPLUS-VALUE DECL9ES 9 COMP>ISON ) ! QUANTITY ( VALORIZ$ CAPITAL4 
,EV] FEW] WORK]S MU/ CREATE EV] GREAT] SURPLUS VALUE 9 ORD] TO PRODUCE 
! PR(ITS REQUIR$ BY ! CAPITAL ALREADY 9 EXI/5CE IF IT IS TO CONT9UE 
TO EXP&4 ,9EVITABLY A PO9T WILL BE REA*$ AT :I* ! GREATE/ QUANTITY ( 
SURPLUS VALUE ?AT CAN POSSIBLY BE EXTORT$ FROM ! DIM9I%$ WORK+ CLASS 
IS NO LONG] SUFFICI5T TO AUGM5T ! VALUE ( ! ACCUMULAT$ CAPITAL4 

,?IS L9E ( REASON+ REPRES5TS1 TO BEG9 )1 ONLY ! LOGICAL 
CONSEQU5CE ( A HYPO!TICAL C\RSE ( DEVELOPM5T4 ,IT REF]S TO NO MORE ?AN 
! PRODUCTION & ACCUMULATION ( CAPITAL 9 AN IMAG9>Y SY/EM 9 :I* 
TOTAL CAPITAL CONFRONTS ! WORK+ CLASS AS A :OLE ?US IT REF]S TO ! PURE 
OP]ATION ( ! ME*ANISM ( SURPLUS-VALUE PRODUCTION & ! DYNAMIC ( ! 
ACCUMULATION PROCESS4 ,M>X'S AIM IS TO DEMON/RATE ! EXI/5CE ( A 
T5D5CY1 9H]5T 9 CAPITALI/ DEVELOPM5T & DOM9AT+ IT1 BY REF]5CE TO 
:I* ALONE ! REAL MOVEM5T ( CAPITAL CAN BE EXPLA9$4 ,BY ?IS MEANS HE 
DEMON/RATES ?AT ALL ! DIFFICULTIES ( CAPITAL >ISE FROM ! NATURE ( 
CAPITAL ITSELF FROM SURPLUS-VALUE PRODUCTION & ! DEVELOPM5T1 GOV]N$ BY 
IT1 ( ! SOCIAL PRODUCTIVITY ( LABOR ON ! BASIS ( ! CAPITALI/ MODE ( 
PRODUCTION4 

,JU/ AS ! LAW ( VALUE CANNOT BE OBS]V$ DIRECTLY 9 ! ACTUAL EV5TS ( 
! M>KET BUT ACTS ?R\< M>KET PROCESSES TO ACCOMPLI% ! NECESSITIES ( 
CAPITALI/ PRODUCTION1 SO ! T5D5CY ( ! RATE ( PR(IT TO FALL 7& ?US 
! EFFECT ( ! LAW ( VALUE ON ! ACCUMULATION PROCESS7 IS NOT A PROCESS 
OBS]VABLE DIRECTLY 9 REALITY BUT A DRIVE TO ACCUMULATE MANIFE/$ 9 M>KET 
PH5OM5A1 :OSE RESULTS BR+ ! CAPITALI/ MODE ( PRODUCTION 9TO ALWAYS 
GREAT] CONFLICT ) REAL SOCIAL NE$S4 0,! REAL B>RI] ( 
CAPITALI/ PRODUCTION10 WROTE ,M>X1 

IS CAPITAL ITSELF4 ,IT IS ?AT CAPITAL & ITS 
SELF-EXPANSION APPE> AS ! />T+ & ! CLOS+ PO9T1 ! MOTIVE & ! 
PURPOSE ( PRODUCTION2 ?AT PRODUCTION IS ONLY PRODUCTION = CAPITAL 
& NOT VICE V]SA1 ! MEANS ( PRODUCTION >E NOT M]E MEANS = A CON/ANT 
EXPANSION ( ! LIV+ PROCESS ( ! SOCIETY ( PRODUC]S4 ,! LIMITS 
)9 :I* ! PRES]VATION & SELF-EXPANSION ( VALUE ( CAPITAL RE/+ ON 
! EXPROPRIATION & PAUP]IZATION ( ! GREAT MASS ( PRODUC]S CAN ALONE 
MOVE - !SE LIMITS COME CONT9UALLY 9TO CONFLICT ) ! ME?ODS ( 
PRODUCTION EMPLOY$ BY CAPITAL = ITS PURPOSES1 :I* DRIVE T[>D UNLIMIT$ 
EXT5SION ( PRODUCTION1 T[>D PRODUCTION AS AN 5D 9 ITSELF1 T[>D 
UNCONDITIONAL DEVELOPM5T ( ! SOCIAL PRODUCTIVITY ( LABOR4 ,! MEANS - 
UNCONDITIONAL DEVELOPM5T ( ! PRODUCTIVE =CES ( SOCIETY - COMES 
CONT9UALLY 9TO CONFLICT ) ! LIMIT$ PURPOSE1 ! SELF-EXPANSION ( ! 
EXI/+ CAPITAL4 ,! CAPITALI/ MODE ( PRODUCTION IS1 = ?IS REASON1 A 
HI/ORICAL MEANS ( DEVELOP+ ! MAT]IAL =CES ( PRODUCTION & CREAT+ 
AN APPROPRIATE WORLD M>KET & IS1 AT ! SAME TIME1 A CONT9UAL CONFLICT 
BETWE5 ?IS ITS HI/ORICAL TASK & ITS [N CORRESPOND+ RELATIONS ( SOCIAL 
PRODUCTION4 

,?IS ANALYSIS ( CAPITALI/ ACCUMULATION EXCLUSIVELY 9 T]MS ( ! 
PRODUCTION PROCESS1 :I* REVEALS ! T5D5CY ( ! RATE ( PR(IT TO FALL1 
SUGGE/S ! HI/ORICAL LIMITS ( ?IS MODE ( PRODUCTION1 )\T !REBY 
BE+ ABLE TO DET]M9E ! EXACT TIME ( ITS F9AL D5\EM5T4 ,BUT AS ?IS 
T5D5CY *>ACT]IZES ! SY/EM FROM ITS BEG9N+ & IS RESPONSIBLE = ITS 
DYNAMIC1 IT MU/ AT ALL TIMES APPE> 9 ! ACTUAL EV5TS ( ! M>KET1 ALBEIT 
9 MODIFI$ =MS4 ,IT WILL BE VISIBLE NOT AS SU* BUT 9 ! =M ( ! 
MEASURES TAK5 TO C\NT] IT1 ! PROCESSES ,M>X CALLS 0C\NT]ACT+ 
9FLU5CES :I* CROSS & ANNUL ! EFFECT ( ! G5]AL LAW0 ( ! 
FALL+ RATE ( PR(IT4 ,ALL ( !SE C\NT]T5D5CIES - ! 9CREAS+ 
9T5SITY ( ! EXPLOITATION ( LABOR1 ! DEPRESSION ( WAGES BEL[ ! VALUE 
( LABOR P[]1 ! *EAP5+ ( ! ELEM5TS ( CON/ANT CAPITAL1 RELATIVE 
OV]POPULATION1 =EIGN TRADE1 & ! 9CREASE 9 /OCK CAPITAL - >E 
REAL PH5OM5A :OSE FUNCTION IT IS TO IMPROVE ! PR(ITABILITY ( CAPITAL1 
I4E41 TO C\NT]ACT ! T5D5CY ( ! RATE ( PR(IT TO FALL4 ,SO LONG AS !Y 
>E SUCCESSFUL & MAKE POSSIBLE ! VALORIZATION ( CAPITAL1 ! T5D5CY ( 
! RATE ( PR(IT TO FALL IS NOT OBS]VABLE AS SU* & IS DE FACTO )\T 
=CE1 AL?\< IT IS ! CAUSE ( CAPITAL'S ACTIVITIES TO C\NT]ACT IT4 
,ONLY 9 ! ACTUAL CRISES :I* BREAK \T FROM TIME TO TIME DOES ! FALL ( 
! PR(IT RATE %[ ITSELF 9 ITS [N =M1 S9CE ! C\NT]ACT+ PROCESSES 
>E !N NOT SUFFICI5T TO SECURE ! FUR!R VALORIZATION ( CAPITAL4 

,M>X'S !ORY ( ACCUMULATION IS ?US AT ! SAME TIME A !ORY ( 
CRISIS1 AS IT LOCATES ! ORIG9 ( CRISIS 9 AN 9SUFFICI5T VALORIZATION ( 
CAPITAL1 :I* 9 TURN ORIG9ATES 9 ! BREAK?R\< ( ! T5D5CY ( ! 
PR(IT RATE TO FALL4 ,?IS K9D ( CRISIS >ISES DIRECTLY FROM CAPITAL 
ACCUMULATION1 GOV]N$ BY ! LAW ( VALUE1 & CAN BE OV]COME ONLY ?R\< 
R5EW$ VALUE EXPANSION1 I4E41 ?R\< ! REE/ABLI%M5T ( A RATE ( PR(IT 
ADEQUATE = FUR!R ACCUMULATION4 ,ITS BASIS IS AN 9SUFFICI5CY ( ! SURPLUS 
VALUE AVAILABLE 9 RELATION TO ! CAPITAL ALREADY ACCUMULAT$2 ?IS TRANS=MS 
! LAT5T FALL ( ! PR(IT RATE 9TO AN ACTUAL PR(IT %ORTAGE4 ,! 
CESSATION ( FUR!R ACCUMULATION CON/ITUTES ! CRISIS SITUATION1 :I* ,M>X 
*>ACT]IZ$ AS ONE ( OV]ACCUMULATION3 

,OV]-PRODUCTION ( CAPITAL IS NEV] ANY?+ MORE ?AN 
OV]PRODUCTION ( MEANS ( PRODUCTION -- ( MEANS ( LABOR & NECESSITIES ( 
LIFE -- :I* MAY S]VE AS CAPITAL1 I4E41 MAY S]VE TO EXPLOIT LABOR 
AT A GIV5 DEGREE ( EXPLOITATION2 A FALL 9 ! 9T5SITY ( EXPLOITATION 
BEL[ A C]TA9 PO9T1 H[EV]1 CALLS =? DI/URBANCES1 & /OPPAGES 9 ! 
CAPITALI/ PRODUCTION PROCESS1 CRISES1 & DE/RUCTION ( CAPITAL4 ,IT IS NO 
CONTRADICTION ?AT ?IS OV]-PRODUCTION ( CAPITAL IS ACCOMPANI$ BY MORE OR 
LESS CONSID]ABLE RELATIVE OV]-POPULATION4 ,! CIRCUM/ANCES :I* 9CREAS$ 
! PRODUCTIV5ESS ( LABOR1 AUGM5T$ ! MASS ( PRODUC$ COMMODITIES1 
EXP&$ M>KETS1 ACCEL]AT$ ACCUMULATION ( CAPITAL BO? 9 T]MS ( ITS MASS 
& ITS VALUE1 & L[]$ ! RATE ( PR(IT -- !SE SAME CIRCUM/ANCES HAVE 
ALSO CREAT$1 & CONT9U\SLY CREATE1 A RELATIVE OV]POPULATION1 AN 
OV]-POPULATION ( LABOR]S NOT EMPLOY$ BY ! SURPLUS-CAPITAL [+ TO ! 
L[ DEGREE ( EXPLOITATION AT :I* ALONE !Y C\LD BE EMPLOY$1 OR AT LEA/ 
[+ TO ! L[ RATE ( PR(IT :I* !Y W\LD YIELD AT ! GIV5 DEGREE ( 
EXPLOITATION4 

,9 ORD] TO ILLU/RATE ! CONCEPT ( OV]ACCUMULATION1 ,M>X HAD REC\RSE TO 
A FUR!R1 NOT P>TICUL>LY WELL-*OS5 EXAMPLE3 

,TO APPRECIATE :AT ?IS OV]ACCUMULATION IS1 ONE NE$ ONLY 
ASSUME IT TO BE ABSOLUTE4444 ,!RE W\LD BE ABSOLUTE OV]PRODUCTION ( CAPITAL 
AS SOON AS ADDITIONAL CAPITAL = PURPOSES ( CAPITALI/ PRODUCTION EQUALS 
Z]O4 444 ,AS SOON AS CAPITAL W\LD1 !RE=E1 HAVE GR[N 9 SU* A RATIO TO 
! LABOR+ POPULATION ?AT NEI!R ! ABSOLUTE WORK+ TIME SUPPLI$ BY ?IS 
POPULATION1 NOR ! RELATIVE SURPLUS WORK+ TIME1 C\LD BE EXT5D$ ANY 
FUR!R 7?IS LA/ W\LD NOT BE FEASIBLE AT ANY RATE 9 ! CASE :]E ! 
DEM& = LABOR W]E SO /RONG ?AT !RE W]E A T5D5CY = WAGES TO RISE72 
AT A PO9T1 !RE=E1 :5 ! 9CREAS$ CAPITAL PRODUC$ JU/ AS MU*1 OR 
EV5 LESS1 SURPLUS VALUE ?AN IT DID BE=E ITS 9CREASE1 !RE W\LD BE 
ABSOLUTE OV]PRODUCTION ( CAPITAL4 444 .<,T.>H]E W\LD BE A /EEP & SUDD5 
FALL 9 ! G5]AL RATE ( PR(IT1 BUT ?IS TIME DUE TO A *ANGE 9 ! 
COMPOSITION ( CAPITAL NOT CAUS$ BY ! DEVELOPM5T ( ! PRODUCTIVE =CES1 
BUT RA!R BY A RISE 9 ! MONEY VALUE ( ! V>IABLE CAPITAL 7BECAUSE ( 
9CREAS$ WAGES7 & ! CORRESPOND+ R$UCTION 9 ! PROPORTION ( SURPLUS 
LABOR TO NECESS>Y LABOR4 

,AS ?IS EXAMPLE HAS GIV5 RISE TO MANY MISUND]/&+S1 IT IS NECESS>Y TO 
DEAL ) IT BRIEFLY4 ,ON ITS BASIS1 = EXAMPLE1 ,M>T9 ,TROTTMANN REPROA*ES 
,H5RYK ,GROSSMANN1 :O EXPLA9$ OV]-ACCUMULATION 9 T]MS ( 9SUFFICI5T 
VALUE EXPANSION ( CAPITAL1 = FALSELY ID5TIFY+ TWO DIFF]5T1 COMPLETELY 
CONTR>Y T5D5CIES ( CAPITALI/ ACCUMULATION AS ONE & ! SAME4 
,M>X'S CONCEPT ( ABSOLUTE OV]ACCUMULATION1 ACCORD+ TO 
,TROTTMANN1 SIGNIFIES OV]PRODUCTION NOT AS A CONSEQU5CE ( 9SUFFICI5T 
VALORIZATION BUT AS ! CONSEQU5CE ( A %ORTAGE ( LABOR P[] LEAD+ TO 
RIS+ WAGES & DECL9+ SURPLUS VALUE4 ,:AT ,TROTTMANN FAILS TO SEE IS ?AT 
! 5D RESULT IS ! SAME 9 BO? CASES1 NAMELY ! SUSP5SION ( ACCUMULATION 
AS A RESULT ( A LACK ( PR(ITS4 ,IT WAS ?IS /ATE ( AFFAIRS ?AT ,M>X WANT$ 
TO EMPHASIZE1 AL?\< HIS EXAMPLE IS D\BLY UN=TUNATE1 AS IT CONTRADICTS NOT 
ONLY ALL EXP]I5CE BUT ALSO HIS [N !ORY ( ACCUMULATION ITSELF4 

,ON ! BASIS ( ! !ORY ( SURPLUS VALUE1 ! LIMIT ( ! CAPITALI/ 
MODE ( PRODUCTION IS TO BE SE5 9 ! FACT ?AT 0! DEVELOPM5T ( ! 
PRODUCTIVITY ( LABOR CREATES 9 ! FALL ( ! RATE ( PR(IT A LAW :I* AT 
A C]TA9 PO9T COMES 9TO ANTAGONI/IC CONFLICT ) ?IS DEVELOPM5T & MU/ 
BE OV]COME CON/ANTLY ?R\< CRISIS40 ,H[EV]1 !RE IS MORE TO ! 
REGUL>ITY ( CRISIS ?AN ?IS4 ,ON ! ONE H&1 ! CRISIS APPE>S AS ! 
BREAKD[N ( ! CONT9UALLY EVOLV+ ACCUMULATION ( CAPITAL ?AT FACES 
COLLAPSE DUE TO ! T5D5CY ( ! RATE ( PR(IT TO FALL 9H]5T 9 IT4 ,ON 
! O!R H&1 IT ALSO APPE>S 9 NUM]\S ADDITIONAL CONTRADICTIONS1 BORN 9 
! M>KET1 :I* >E ( C\RSE ACC5TUAT$ BY1 AS WELL AS ULTIMATELY BAS$ ON1 
! SOCIAL CONTRADICTION ( ! RELATIONS ( PRODUCTION4 ,!SE P>TIAL CRISES 
CANNOT BE UND]/OOD AP>T FROM ! G5]AL CRISIS ORIG9AT+ 9 ! 
CAPITAL-LABOR RELATION1 JU/ AS M>KET EV5TS 9 G5]AL CANNOT BE UND]/OOD 
EXCEPT BY REF]5CE TO ! RELATIONS ( PRODUCTION4 

,9 ORD] TO UND]/& ! CRISIS T5D5CY SO CLOSELY B\ND UP ) ! 
SY/EM1 IT IS NECESS>Y ALWAYS TO BE> 9 M9D ! DYNAMIC *>ACT] ( ! 
SY/EM1 :I* RULES \T ANY SORT ( EQUILIBRIUM4 ,AGA9/ ! EQUILIBRIUM 
!ORI/S ( CLASSICAL ECONOMICS1 :O CONFUS$ ! PROCESS ( CIRCULATION ) 
DIRECT B>T] & CONSEQU5TLY IMAG9$ ?AT EV]Y SALE IS A PUR*ASE & EV]Y 
PUR*ASE A SALE1 ,M>X MA9TA9$ ?AT 0?IS GIVES POOR COM=T TO ! 
POSSESSORS ( COMMODITIES :O1 UNABLE TO MAKE A SALE1 CANNOT ACCORD+LY MAKE A 
PUR*ASE EI!R40 ,9 B>T] ONE COMMODITY IS DIRECTLY EX*ANG$ = 
ANO!R4 ,BUT :5 EX*ANGE VALUE IS GIV5 A =M 9DEP5D5T ( ! OBJECT BY 
BE+ EMBODI$ 9 MONEY1 ! SALE ( ONE COMMODITY IS AN ACT DI/9CT FROM ! 
PUR*ASE ( ANO!R4 ,) ?IS SEP>ATION ( PUR*ASE & SALE ! POSSIBILITY 
( CRISIS ALREADY >ISES4 0,! POSSIBILITY ( CRISIS1 :I* BECAME 
APP>5T 9 ! SIMPLE METAMORPHOSIS ( ! COMMODITY1 IS ONCE MORE 
DEMON/RAT$1 & FUR!R DEVELOP$1 BY ! DISJUNCTION BETWE5 ! 7DIRECT7 
PROCESS ( PRODUCTION & ! PROCESS ( CIRCULATION40 ,9 ?IS WAY DEM& 
& SUPPLY CAN FALL ASUND]4 ,9DE$1 ACCORD+ TO ,M>X1 09 REALITY 
SUPPLY & DEM& NEV] CO9CIDE1 OR1 IF !Y DO1 IT IS BY M]E ACCID5T1 H5CE 
SCI5TIFICALLY & TO BE REG>D$ AS NOT HAV+ OCCURR$40,?US AN ELEM5T 
( CRISIS IS TO BE F\ND 9 COMMODITY PRODUCTION ITSELF1 9 ! CONTRADICTION1 
EMBODI$ 9 ! COMMODITY1 BETWE5 EX*ANGE VALUE & USE VALUE4 ,! 
CONTRADICTIONS & ?US ! POT5TIALITIES ( CRISIS ALREADY 9CLUD$ 9 
COMMODITY & MONEY CIRCULATION MU/ H[EV] BE EXPLA9$ ON ! BASIS ( ! 
SPECIFICALLY CAPITALI/ =M ( ! CIRCULATION ( COMMODITIES & MONEY4 ,REAL 
CRISES 0CAN ONLY BE D$UC$ FROM ! REAL MOVEM5T ( CAPITALI/ 
PRODUCTION1 COMPETITION1 & CR$IT10NAMELY1 9 T]MS ( ! ASPECTS ( 
?IS MOVEM5T PECULI> TO CAPITAL1 NOT ?OSE :I* W\LD FOLL[ FROM ! NATURE 
( COMMODITIES & MONEY AS !Y W\LD EXI/ 9 ANO!R SOCIAL SY/EM4 

,9 ! DIRECT PROCESS ( PRODUCTION !SE ELEM5TS ( CRISIS DO NOT APPE>1 
AL?\< !Y >E CONTA9$ 9 IT IMPLICITLY1 S9CE ! PROCESS ( PRODUCTION 
IS ?AT ( ! CREATION & APPROPRIATION ( SURPLUS VALUE4 ,! POSSIBILITY ( 
CRISIS APPE>S FIR/ 9 ! PROCESS ( REALIZATION1 9 CIRCULATION1 :I* IS 
IMPLICITLY & EXPLICITLY A PROCESS ( REPRODUCTION1 ?AT IS1 ( ! 
REPRODUCTION ( ! SURPLUS-VALUE-PRODUC+ RELATIONS ( PRODUCTION4 

,! CIRCULATION PROCESS AS A :OLE OR ! REPRODUCTION 
PROCESS ( CAPITAL AS A :OLE IS ! UNITY ( ITS PRODUCTION PHASE & ITS 
CIRCULATION PHASE1 SO ?AT IT COMPRISES BO? !SE PROCESSES OR PHASES4 ,!RE9 
LIES A FUR!R DEVELOP$ POSSIBILITY OR AB/RACT =M ( CRISIS4 ,! ECONOMI/S 
:O D5Y CRISES CONSEQU5TLY ASS]T ONLY ! UNITY ( !SE TWO PHASES4 ,IF !Y 
W]E ONLY SEP>ATE1 )\T BE+ A UNITY1 !N !IR UNITY C\LD NOT BE 
E/ABLI%$ BY =CE & !RE C\LD BE NO CRISIS4 ,IF !Y W]E ONLY A UNITY 
)\T BE+ SEP>ATE1 !N NO VIOL5T SEP>ATION W\LD BE POSSIBLE IMPLY+ A 
CRISIS4 ,CRISIS IS ! =CIBLE E/ABLI%M5T ( UNITY BETWE5 ELEM5TS ?AT 
HAVE BECOME 9DEP5D5T & ! 5=C$ SEP>ATION FROM ONE ANO!R ( 
ELEM5TS :I* >E ESS5TIALLY ONE4 

,AL?\< IT FIR/ APPE>S 9 ! PROCESS ( CIRCULATION1 ! REAL CRISIS 
CANNOT BE UND]/OOD AS A PROBLEM ( CIRCULATION OR ( REALIZATION1 BUT ONLY AS 
A DISRUPTION ( ! PROCESS ( REPRODUCTION AS A :OLE1 :I* IS CON/ITUT$ BY 
PRODUCTION & CIRCULATION TOGE!R4 ,& AS ! PROCESS ( REPRODUCTION DEP5DS 
ON ! ACCUMULATION ( CAPITAL1 & !RE=E ON ! MASS ( SURPLUS VALUE ?AT 
MAKES ACCUMULATION POSSIBLE1 IT IS )9 ! SPH]E ( PRODUCTION ?AT ! 
DECISIVE FACTORS 7?\< NOT ! ONLY FACTORS7 ( ! PASSAGE FROM ! 
POSSIBILITY ( CRISIS TO AN ACTUAL CRISIS >E TO BE F\ND4 ,! CRISIS 
*>ACT]I/IC ( CAPITAL ?US ORIG9ATES NEI!R 9 PRODUCTION NOR 9 
CIRCULATION TAK5 SEP>ATELY BUT 9 ! DIFFICULTIES ?AT >ISE FROM ! 
T5D5CY ( ! PR(IT RATE TO FALL 9H]5T 9 ACCUMULATION & GOV]N$ BY 
! LAW ( VALUE4 

,( C\RSE1 ACCORD+ TO ,M>X1 0! CONDITIONS ( DIRECT EXPLOITATION1 
& ?OSE ( REALIZ+ IT1 >E NOT ID5TICAL4 ,!Y DIV]GE NOT ONLY 9 PLACE 
& TIME BUT ALSO LOGICALLY4 ,! FIR/ >E ONLY LIMIT$ BY ! PRODUCTIVE P[] 
( SOCIETY1 ! LATT] BY ! PROPORTIONAL RELATION ( ! V>I\S BRAN*ES ( 
PRODUCTION & ! CONSUM+ P[] ( SOCIETY40 ,!SE CONTRADICTIONS 
CONTA9 ! POSSIBILITY ( CRISIS1 :I* IS ! BREAK+ UP ( ! UNITY ( 
PRODUCTION & CIRCULATION1 & ! NECESSITY ( A =CEFUL REE/ABLI%M5T ( 
?IS UNITY4 ,UND] ! CONDITIONS ( CAPITAL PRODUCTION1 H[EV]1 ! 
REE/ABLI%M5T ( ?IS UNIT>Y REPRODUCTION PROCESS REF]S NOT SIMPLY TO ! 
OV]COM+ ( DISPROPORTIONALITY & A /R5G!N+ ( ! CAPACITY TO CONSUME 
AS SU* BUT ALSO TO ! ADAPTATION ( BO? PRODUCTION & CIRCULATION TO ! 
NE$S ( CAPITALI/ REPRODUCTION1 9 O!R WORDS1 ! NE$ ( CAPITAL = 
VALORIZATION4 ,IT IS NOT ?AT ! CRISIS IS A RESULT ( A LO/ PROPORTIONALITY 
( PRODUCTION & CONSUMPTION2 RA!R1 ! CRISIS1 AS A BREAKD[N ( ! 
ACCUMULATION PROCESS DUE TO O!R CAUSES1 EXPRESSES ITSELF 9 
DISPROPORTIONALITY & A WEAK5$ CAPACITY TO CONSUME4 

,?IS DISPROPORTIONALITY & WEAK5$ CONSUM] CAPACITY >E CON/ANT FEATURES 
( CAPITALISM4 ,IT IS H]E NOT A MATT] ( MORE OR LESS1 NOT ?AT 9 CRISIS ! 
DISPROPORTIONALITY IS TOO BIG & CONSUMPTION TOO SMALL1 BECAUSE 
DISPROPORTIONALITY & 9SUFFICI5T CONSUM] P[] >E BO? CONDITIONS & 
RESULTS ( ACCUMULATION 9 G5]AL & >E DET]M9$ BY IT4 ,W]E ?IS NOT ! 
CASE1 ANY CRISIS C\LD BE OV]COME BY 9CREAS+ CONSUMPTION CAPACITY & 
R$UC+ ! DEGREE ( DISPROPORTIONALITY1 EV5 IF ?IS C\LD ONLY BE DONE1 
)9 ! FRAMEWORK ( M>KET RELATIONS1 BY ! VIOL5T MEANS ( ! CRISIS 
ITSELF4 ,UP TO N[ H[EV]1 EV]Y REAL CRISIS HAS BE5 OV]COME )\T 
ABOLI%+ ! DISPROPORTIONALITY ( PRODUCTION & )\T 9CREAS+ 
CONSUMPTION CAPACITY 9 RELATION TO PRODUCTION4 ,ON ! CONTR>Y1 ! 
DISPROPORTIONALITIES >E REPRODUC$ AS P>T ( ! SY/EM ( CAPITALI/ 
PRODUCTION1 & ! SOCIAL CAPACITY = CONSUMPTION DECREASES RELATIVE TO ! 
ACCUMULAT$ CAPITAL4 

,M>X'S CRITIQUE ( CAPITALISM & ( ITS ECONOMIC !ORIES IS ALWAYS A 
D\BLE ONE4 ,ON ! ONE H&1 HE /EPS ONTO ! T]RA9 ( !SE !ORIES 9 
ORD] TO DEMON/RATE !IR UNT5ABILITY 9 ! LI<T ( ! !ORY ( VALUE4 ,ON 
! O!R1 HE TAKES HIS /ANCE ULTIMATELY \TSIDE CAPITALI/ ,SOCIETY & ITS 
VALUE CATEGORIES 9 ORD] TO DEMON/RATE ITS HI/ORICALLY LIMIT$ *>ACT]4 
,FROM ?IS VIEWPO9T PRODUCTION CANNOT BE ID5TIFI$ ) ! PRODUCTION ( 
PRODUC] & CONSUM] GOODS1 S9CE ?IS TAKES PLACE ONLY )9 ! FRAMEWORK 
( ! PRODUCTION ( CAPITAL 7SELF-EXP&+ VALUE71 & ITS 
POSSIBILITIES >E DET]M9$ & LIMIT$ BY ?IS FRAMEWORK4 ,! SOCIAL CAPACITY 
= CONSUMPTION IS NOT SIMPLY PEOPLE'S CAPACITY TO CONSUME BUT ?IS 
CAPACITY AS GOV]N$ & NECESS>ILY LIMIT$ BY ! REQUIREM5TS ( SURPLUS 
VALUE PRODUCTION4 ,! CAPITALI/ ECONOMY IS ?US NOT ONLY 9ADEQUATE BY ITS [N 
/&>DS & AFFLICT$ ) CRISES1 BUT1 SE5 FROM A /&PO9T ( OPPOSITION 
TO ?IS SOCIETY1 IT IS A SOCIAL ORD] ANTAGONI/IC TO ! SATISFACTION ( 
ACTUAL & POT5TIAL SOCIAL NE$S4 ,:ILE 9 ! FRAMEWORK ( CAPITALI/ 
PRODUCTION ! OV]PRODUCTION ( ,CAPITAL IS A CIRCUM/ANCE ?AT G5]ATES 
CRISIS1 FROM ! /&PO9T ( REAL SOCIAL RELATIONS !RE EXI/S NO 
OV]PRODUCTION2 9DE$ !RE IS A LACK ( MEANS ( PRODUCTION CAPABLE ( 
SATISFY+ ! NE$S & ASPIRATIONS ( MANK9D4 ,! CONSUM+ P[] ( ,SOCIETY 
IS NOT ONLY LIMIT$ BY SURPLUS-VALUE PRODUCTION BUT CAN ONLY F9D SATISFACTION 
UND] O!R SOCIAL RELATIONS4 ,9 ?IS WAY ,M>X CONDEMNS CAPITALISM NOT ONLY ON 
! GR\ND ( ITS [N DEFICI5CIES BUT ALSO FROM ! /&PO9T ( ANO!R1 NOT 
YET EXI/+ SOCIAL ORD]1 :I* ALONE1 BY ! ABOLITION ( VALUE PRODUCTION1 
WILL MAKE POSSIBLE ! ADAPTATION ( SOCIAL PRODUCTION TO SOCIAL NE$S4 

,M>X /AT$ HIS D\BLE CRITIQUE ( CAPITAL1 SO TO SPEAK1 9 ONE BREA?3 A 
MODE ( EXPOSITION :I* HAS L$ TO MISUND]/&+S & TO 9T]PRETATIONS ( 
HIS !ORY ( ACCUMULATION AS EXPLA9+ CRISES EI!R BY ! 
DISPROPORTIONALITY 7OR AN>*Y7 ( CAPITALI/ PRODUCTION OR 9 T]MS ( 
UND]CONSUMPTION4 ,ON ! BASIS ( !SE 9T]PRETATIONS1 ONE W\LD EXPECT TO 
F9D CAPITALISM 9 CONT9U\S SITUATION ( CRISIS1 S9CE SURPLUS-VALUE 
PRODUCTION PRESUPPOSES UND]CONSUMPTION1 = 0! WORK+ PEOPLE CAN ONLY 
EXP& !IR CONSUMPTION )9 V]Y N>R[ LIMITS1 :]EAS ! DEM& = 
LABOR1 AL?\< IT GR[S ABSOLUTELY1 DECREASES RELATIVELY TO ! SAME EXT5T AS 
CAPITALISM DEVELOPS40 ,IF IT IS SAID ?AT ! PROBLEM IS NOT G5]AL 
OV]PRODUCTION BUT ! EXI/5CE ( A DISPROPORTION BETWE5 ! DIFF]5T 
BRAN*ES ( PRODUCTION1 ?IS IS NO MORE ?AN TO SAY ?AT UND] CAPITALI/ 
PRODUCTION ! PROPORTIONALITY ( ! 9DIVIDUAL BRAN*ES ( PRODUCTION SPR+S 
AS A CONT9UAL PROCESS FROM DISPROPORTIONALITY1 BECAUSE ! COHESION ( ! 
AGGREGATE PRODUCTION IMPOSES ITSELF AS A BL9D LAW UPON ! AG5TS ( 
PRODUCTION1 & NOT AS A LAW :I*1 BE+ UND]/OOD & H5CE CONTROLL$ BY 
!IR COMMON M9D1 BR+S ! PRODUCTIVE PROCESS UND] !IR JO9T CONTROL4 ,! 
PROPORTIONALITY ( :I* ,M>X SPEAKS H]E1 MOREOV]1 HAS NO?+ TO DO ) ! 
RELATION%IP BETWE5 PRODUCTION & CONSUMPTION BUT CONC]NS ! PROPORTION 
BETWE5 SURPLUS VALUE & ACCUMULATION REQUIR$ = ! REPRODUCTION ( CAPITAL 
& SO ) ! 9CREAS+ DISPROPORTIONALITY ( ! CAPITAL RELATIONS1 :I* 
BECOME VISIBLE 9 CRISES4 

,( C\RSE1 ,M>X ALSO WROTE ?AT 0! MORE PRODUCTIVNESS DEVELOPS1 ! 
MORE IT F9DS ITSELF AT V>IANCE ) ! N>R[ BASIS ON :I* ! CONDITIONS 
( CONSUMPTION RE/10 SO ?AT ! CONTRADICTION IS 9T5SIFI$ 
0BETWE5 ! CONDITIONS UND] :I* 444 SURPLUS VALUE IS PRODUC$ & 
?OSE UND] :I* IT IS REALIZ$40 ,?US 0! ULTIMATE REASON = 
ALL REAL CRISES ALWAYS REMA9S ! POV]TY & RE/RICT$ CONSUMPTION ( ! 
MASSES AS OPPOS$ TO ! DRIVE ( CAPITALI/ PRODUCTION TO DEVELOP ! 
PRODUCTIVE =CES AS ?\< ONLY ! ABSOLUTE CONSUM+ P[] ( SOCIETY 
CON/ITUT$ !IR LIMIT40 ,H[EV]1 !SE REM>KS PROVIDE NO F\NDATION 
= A !ORY ( CRISIS BAS$ ON UND]CONSUMPTION1 NOR CAN ! REALIZATION ( 
SURPLUS VALUE BE MADE ! PR9CIPAL PROBLEM ( ! CAPITALI/ MODE ( 
PRODUCTION4 ,IT GOES )\T SAY+ NOT ONLY ?AT ! ORIG9 ( CRISIS LIES 9 
AN 9SUFFICI5CY ( SURPLUS-VALUE PRODUCTION BUT ALSO ?AT CRISIS MU/ MANIFE/ 
ITSELF AS A PROBLEM ( ! REALIZATION ( SURPLUS VALUE & ! 9SUFFICI5T 
BUY+ P[] ( ! WORK+ POPULATION4 ,= ! V]Y CIRCUM/ANCES ?AT LEAD TO 
! FALL ( ! RATE ( PR(IT & ) IT TO ! RE/RICTION ( ! PROCESS ( 
ACCUMULATION CAN BE SE5 ALSO ON ! M>KET 9 ! =M ( 9SUFFICI5T DEM& 
& ! GR[+ DIFFICULTY ( TURN+ COMMODITIES BACK 9TO MONEY -- 9 BRIEF1 
9 ! 9T]RUPTION ( ! CIRCUIT ( CAPITAL ?AT UND]LIES ! 5TIRE PROCESS 
( REPRODUCTION4 

,9 ! E>LY DAYS ( CAPITALI/ ACCUMULATION1 :5 ! ORGANIC COMPOSITION 
( CAPITAL WAS L[1 ! CONTRADICTION BETWE5 PRODUCTION & CONSUMPTION WAS 
LESS PRON\NC$ ?AN IT HAS BECOME AT A LAT] /AGE ( DEVELOPM5T1 :5 ! 
SITUATION IS ! REV]SE4 ,9 ! E>LI] P]IOD G5]AL POV]TY CAN BE MU* 
GREAT] ?AN IT W\LD BE AT A LAT] /AGE ( ACCUMULATION1 S9CE ) ! L[] 
RATE ( ACCUMULATION CON/ANT CAPITAL GR[S MORE SL[LY4 ,?US ! REALIZATION 
( SURPLUS VALUE BY WAY ( CAPITAL ACCUMULATION /ILL 9VOLVES FEW] 
DIFFICULTIES ?AN AT LAT] /AGE ( CAPITAL EXPANSION4 ,!SE DIFFICULTIES 
MULTIPLY TOGE!R ) ! DIFFICULTIES ( ACCUMULATION1 :I* /EM FROM ! 
T5D5CY ( ! RATE ( PR(IT TO FALL & COME TO A HEAD 9 A WID5+ 
DISCREPANCY BETWE5 ! PRODUCTION & ! REALIZATION ( SURPLUS VALUE BETWE5 
SOCIAL PRODUCTION & SOCIAL CONSUMPTION4 

,:ILE IT IS ?IS DISCREPANCY ALONE ?AT MAKES CAPITALI/ PROGRESS POSSIBLE1 
AT ! SAME TIME IT LIMITS ?IS PROGRESS S9CE IT COMES 9TO CONFLICT ) ! 
REPRODUCTION REQUIREM5TS SET BY ! LAW ( VALUE = ! TOTAL CAPITAL1 ?AT 
IS1 AT ! MOM5T :5 ! PRODUCTION ( SURPLUS VALUE NO LONG] SUFFICES TO 
CONT9UE A GIV5 TEMPO ( ACCUMULATION4 ,ONLY ?R\< ! IMPROVEM5T ( 
SURPLUS-VALUE PRODUCTION1 ?R\< ! RE/ORATION ( ! RATE ( PR(IT 
NECESS>Y = FUR!R ACCUMULATION1 CAN CAPITAL AGA9 OV]COME ! BREAKD[N ( 
! REPRODUCTION PROCESS4 ,IT WILL NOT !REBY HAVE OV]COME ! DISCREPANCY 
BETWE5 ! PRODUCTION & REALIZATION ( SURPLUS VALUE4 ,ON ! CONTR>Y1 ! 
OV]COM+ ( ! CRISIS1 BY WAY ( ! REALIZATION ( SURPLUS VALUE ?ANKS TO 
FUR!R ACCUMULATION1 ALSO REPRODUCES ! DIV]G5CE BETWE5 ! PRODUCTION & 
REALIZATION ( SURPLUS VALUE & ?AT BETWE5 PRODUCTION & CONSUMPTION 9 ! 
S5SE ( ! SATISFACTION ( REAL SOCIAL NE$S4 

,CAPITAL REALIZES SURPLUS VALUE BY MEANS ( CAPITALI/ICALLY UN-PRODUCTIVE 
CONSUMPTION & BY CAPITALI/ ACCUMULATION4 ,SO LONG AS ! LATT] MEETS ) NO 
OB/ACLE1 !RE EXI/S NO REALIZATION PROBLEM4 ,!RE IS NONE JU/ BECAUSE ! 
T5D5CY ( ! RATE ( PR(IT TO FALL REQUIRES ! P]PETUAL 9CREASE ( 
SURPLUS VALUE & ?US ! GR[? ( ! RATE ( ACCUMULATION4 ,CAPITALI/ 
PRODUCTION EXCLUSIVELY S]VES ! ACCUMULATION ( CAPITAL4 ,BUT ?IS MODE ( 
PRODUCTION1 RUL$ BY VALUE PRODUCTION1 CANNOT REALLY FREE ITSELF FROM ! 
USE-VALUE *>ACT] ( SOCIAL PRODUCTION1 :I* ( C\RSE1 UND] CAPITALI/ 
CONDITIONS1 MEANS ?AT IT IS NOT FREE FROM ! LIMITATIONS ?AT ! USE VALUE 
( LABOR P[] IMPOSES ON IT4 

,SURPLUS VALUE CAN NEV] BE ANY?+ BUT SURPLUS LABOR1 A PORTION ( TOTAL 
LABOR2 ?IS 9 ITSELF SETS C]TA9 LIMITS TO ACCUMULATION4 ,?US DESPITE 
CAPITAL'S 0ACCUMULATION = ! SAKE ( ACCUMULATION10 !RE 
CAN BE = IT NO UNLIMIT$ 0PRODUCTION = ! SAKE ( PRODUCTION40 
,! RATE ( SURPLUS VALUE OBTA9+ AT ANY MOM5T & ! LABOR P[] 
PR(ITABLY EXPLOITABLE AT ?AT TIME SET ! LIMITS ( ACCUMULATION1 :I* CAN 
BE OV]/EPP$ ONLY ?R\< AN 5L>G$ PRODUCTION ( SURPLUS VALUE4 ,SO EV]Y 
MOM5T>Y OV]-PRODUCTION ( CAPITAL MU/ APPE> AS A CRISIS ?AT HAS TO PUT AN 
5D TO ?IS OV]PRODUCTION4 ,?IS CAN BE ACCOMPLI%$ ONLY BY ! RE/ORATION 
( A LO/ PROPORTIONALITY BETWE5 SURPLUS VALUE & ! PRODUCTION ( CAPITAL1 
) RESPECT TO VALUE RELATIONS :I* >E AT ! SAME TIME USE-VALUE RELATIONS1 
EV5 ?\< ! LATT] ASPECT IS NOT CONSCI\SLY CONSID]$4 ,MORE ( ! SOCIAL 
LABOR MU/ FALL TO CAPITAL1 LESS TO ! WORK]S4 

,! CRISIS S]VES TO ACCOMPLI% ?IS 9 TWO DIFF]5T WAYS3 FIR/1 BY ! 
DE/RUCTION ( CAPITAL1 & SECOND1 BY ! 9CREASE ( SURPLUS VALUE1 UNTIL 
BO? PROCESSES HAVE PRODUC$ ! NE$$ RELATION BETWE5 ! RATE ( PR(IT & 
! AM\NT ( SURPLUS VALUE REQUIR$ = FUR!R ACCUMULATION4 ,A NEW CYCLE ( 
ACCUMULATION BEG9S4 ,LIKE ALL ! PREC$+ CYCLES1 IT TOO MU/ 5D 9 ! 
OV]PRODUCTION ( CAPITAL1 :5 ! UNCONTROLLABLE PASSION = SURPLUS VALUE 
AGA9 DRIVES ACCUMULATION BEYOND ! PO9T AT :I* VALORIZATION IS POSSIBLE4 
,?R\< ! CRISIS 0A L>GE P>T ( ! NOM9AL CAPITAL ( ! SOCIETY1 
I4E41 ( ! EX*ANGE VALUE ( ! EXI/+ CAPITAL1 IS ONCE & = ALL 
DE/ROY$1 AL?\< ?IS V]Y DE/RUCTION1 S9CE IT DOES NOT AFFECT ! USE 
VALUE1 MAY V]Y MU* EXP$ITE ! NEW REPRODUCTION40 ,! L[]$ EX*ANGE 
VALUE L[]S ! ORGANIC COMPOSITION ( CAPITAL1 RAIS+ ! RATE ( PR(IT 
EV5 ) A CON/ANT RATE ( SURPLUS VALUE4 ,BUT ! 9T5SIFI$ COMPETITION 
PROVOK$ BY ! CRISIS LEADS CAPITALI/S TO CUT !IR PRODUCTION CO/S & SO 
TO TAKE MEASURES 9 ! SPH]E ( PRODUCTION :I* 9 !MSELVES RAISE ! RATE 
( SURPLUS VALUE4 ,?US ! CONDITIONS = A RESUMPTION ( ! PROCESS ( 
ACCUMULATION >E RE-CREAT$ )9 ! CRISIS1 & ) !M ! FUR!R 
POT5TIAL = ! REALIZATION ( SURPLUS VALUE BY WAY ( CAPITALI/ 
EXPANSION4 

,IF ?IS POT5TIAL DID NOT EXI/1 ! CRISIS C\LD NOT BE OV]COME AT ALL1 AS 
NEI!R ! PROPORTIONALITY ( ! DIFF]5T BRAN*ES ( PRODUCTION NOR ! 
ABOLITION ( ! DIV]G5CE BETWE5 PRODUCTION & CONSUMPTION >E 7AS WE HAVE 
SE57 POSSIBILITIES = CAPITALISM4 ,! PROPORTIONALITY ( ! V>I\S BRAN*ES 
( PRODUCTION IS DET]M9$ BY ACCUMULATION & A*IEV$ BY ! SAME PROCESSES 
?AT LEAD TO ! =MATION ( ! AV]AGE RATE ( PR(IT4 

.<,!.> QUANTITATIVE LIMIT TO ! QUOTA = SOCIAL LABOR TIME 
AVAILABLE = ! V>I\S P>TICUL> SPH]ES ( PRODUCTION IS BUT A MORE 
DEVELOP$ EXPRESSION ( ! LAW ( VALUE 9 G5]AL1 AL?\< ! NECESS>Y 
LABOR TIME ASSUMES A DIFF]5T MEAN+ H]E4 ,ONLY FIR/ SO MU* ( IT IS 
REQUIR$ = ! SATISFACTION ( SOCIAL NE$S4 ,! LIMITATION OCCURR+ H]E IS 
DUE TO ! USE VALUE4 ,SOCIETY CAN USE ONLY SO MU* ( ITS TOTAL LABOR TIME = 
?IS P>TICUL> K9D ( PRODUCTION UND] PREVAIL+ CONDITIONS ( 
PRODUCTION4 

,?IS ADJU/M5T1 :I* IS 9 PRACTICAL T]MS AN ADJU/M5T TO M>KET DEM&1 
IS NATURALLY ACCOMPLI%$1 LIKE ! =MATION ( ! AV]AGE RATE ( PR(IT1 
0ONLY 9 A V]Y COMPLICAT$ & APPROXIMATE MANN]1 AS A NEV] 
ASC]TA9ABLE AV]AGE ( CEASELESS FLUCTUATIONS40 ,IT IS1 H[EV]1 
ACCOMPLI%$ 9 TIMES ( CAPITALI/ PROSP]ITY NO LESS ?AN 9 P]IODS ( 
DEPRESSION & CAN !RE=E NOT BE APPEAL$ TO = AN EXPLANATION ( CRISIS4 
,! DIV]G5CE ( PRODUCTION & CONSUMPTION1 :I* ALLEG$LY GIVES RISE TO 
CRISIS1 NOT ONLY P]SI/S DUR+ ! CRISIS BUT ACQUIRES AN EV5 %>P] =M2 
NEV]!LESS ! CRISIS SITUATION LEADS TO A NEW UPSW+4 ,SO ! CRISIS CYCLE 
CANNOT BE EXPLA9$ BY UND]CONSUMPTION4 

,A !ORY ( ! CRISIS CYCLE MU/ EXPLA9 PROSP]ITY AS WELL AS DEPRESSION4 
,BUT PROSP]ITY W\LD BE 9EXPLICABLE IF UND]CONSUMPTION & 
DISPROPORTIONALITIES P] SE L$ TO CRISIS1 = !N ! FIR/ CRISIS 
W\LD ALREADY HAVE BE5 ! LA/4 ,9 FACT CAPITAL HAS DEVELOP$ ?R\< 
NUM]\S CRISES UNTIL ! PRES5T DAY4 ,?IS WAS MADE PRACTICALLY POSSIBLE BY 
! 9CREASE 9 ! PRODUCTIVITY ( LABOR1 :I* AUGM5T$ SURPLUS VALUE BY 
L[]+ ! VALUE ( LABOR P[] ?\< )\T NEGAT+ ! IMPROVEM5T ( 
! PROLET>IAT'S LIV+ CONDITIONS1 S9CE A SMALL] EX*ANGE VALUE CAN 
REPRES5T A GREAT] QUANTITY ( CONSUM] GOODS4 ,CRISIS MU/ ?US BE UND]/OOD 
NOT 9 T]MS ( ! OBS]VABLE PH5OM5A ( ! M>KET1 SUP]FICIAL FROM ! 
PO9T ( VIEW ( EXPLANATION1 BUT 9 T]MS ( ! LAWS1 DIRECTLY UNOBS]VABLE 
YET FUNDAM5TAL TO ! CAPITALI/ ECONOMY1 ( SURPLUS-VALUE PRODUCTION4 ,H]E 
TOO ,M>X'S DICTUM HOLDS2 0,ALL SCI5CE W\LD BE SUP]FLU\S IF ! 
\TW>D APPE>ANCE & ! ESS5CE ( ?+S DIRECTLY CO9CID$40 

,:ILE SURPLUS VALUE IS CREAT$ 9 PRODUCTION1 0! CONV]SION ( 
SURPLUS VALUE 9TO PR(IT 444 IS DET]M9$ AS MU* BY ! PROCESS ( 
CIRCULATION AS BY ! PROCESS ( PRODUCTION40 ,IT IS ?IS FACT1 :I* ON 
! ONE H& LEADS TO CRISIS1 ?AT ON ! O!R H& ALL[S CAPITAL TO ESCAPE 
FROM IT4 ,! DE/RUCTION ( CAPITAL ?AT TAKES PLACE 9 A CRISIS IS A 
PRECONDITION = ! P[]FUL TRANS=MATION ( CAPITAL1 CONC5TRAT$ 9 A 
%ORT P]IOD ( TIME1 ?AT IS ! PR]EQUISITE ( FUR!R ACCUMULATION4 ,! 
DE/RUCTION ( CAPITAL ALWAYS ACCOMPANIES CAPITAL =MATION1 AL?\< 9 
P]IODS ( ECONOMIC PROSP]ITY1 9 A RELATIVELY MOD]ATE =M4 ,9 ! CRISIS 
! DE/RUCTION ( CAPITAL ACCEL]ATES & ACC5TUATES ?IS T5D5CY1 9H]5T 
AS IT IS 9 ! COMPETITIVE CONC5TRATION & C5TRALIZATION ( CAPITAL ) 
REG>D TO BO? PRODUCTION & CIRCULATION4 ,?IS PROCESS1 TOGE!R ) ! 
IMPROVEM5T ( SURPLUS-VALUE PRODUCTION & ! DEVALUATION ( CAPITAL1 & 
DESPITE A FUR!R 9CREASE 9 ! ORGANIC COMPOSITION ( CAPITAL1 LEADS TO A 
RE/ORATION ( ! NECESS>Y RATE ( PR(IT4 ,! CRISIS MANIFE/S ITSELF 
DIRECTLY 9 OV]PRODUCTION ( COMMODITIES & 9SUFFICI5T PUR*AS+ P[]4 ,AS 
0CAPITAL CONSI/S ( COMMODITIES 444 OV]PRODUCTION ( CAPITAL IMPLIES 
OV]PRODUCTION ( COMMODITIES40 ,FROM ?IS IT IS NOT A BIG /EP TO ! 
IDEA ?AT ! ULTIMATE CAUSE ( CRISIS IS UND]CONSUMPTION4 ,?IS IDEA IS 
/R5G!N$ ALL ! MORE BY ,M>X'S /ATEM5T ?AT 0CON/ANT 
CAPITAL IS NEV] PRODUC$ = ITS [N SAKE BUT SOLELY BECAUSE MORE ( IT IS 
NE$$ 9 SPH]ES ( PRODUCTION :OSE PRODUCTS GO 9TO 9DIVIDUAL 
CONSUMPTION40 ,IF !RE IS 9SUFFICI5T SOCIAL PUR*AS+ P[]1 H[EV]1 
! METAMORPHOSIS ( MONEY 9TO COMMODITIES & ! RETRANS=MATION ( 
COMMODITIES 9TO MONEY CANNOT TAKE PLACE1 & ?IS LIMITS ! PRODUCTION BO? 
( COMMODITIES & ( CON/ANT CAPITAL4 

,AL?\< ?IS IS :AT REALLY HAPP5S1 IT DOES NOT EXPLA9 H[ CAPITAL 
ESCAPES FROM ITS DILEMMA1 S9CE 9 ITSELF ! CRISIS CAN ONLY WORS5 ?IS 
SITUATION4 ,IF1 AS ,M>X H]E APPE>S TO MA9TA91 ?IS W]E REALLY ONLY A 
QUE/ION ( UND]CONSUMPTION1 !N ! CRISIS C\LD NOT BE OV]COME BY 
EXP&+ ! PRODUCTION ( COMMODITIES & CON/ANT CAPITAL BEYOND ?AT 
A*IEV$ AT ! PO9T :]E PROSP]ITY GAVE WAY TO CRISIS4 ,BUT 9 FACT EV]Y 
NEW PROSP]ITY >IS+ \T ( CRISIS LEAVES ! PREVI\S PROSP]ITY F> BEH9D 
) RESPECT TO ! PRODUCTION ( COMMODITIES & MEANS ( PRODUCTION4 ,HAD ?IS 
NOT BE5 ! CASE1 !RE W\LD HAVE BE5 NO CAPITALI/ DEVELOPM5T1 NO 
CONT9U\S ACCUMULATION ( CAPITAL4 

,M>X'S /ATEM5T1 !N1 REPRES5TS EI!R AN ]ROR ( JUDGM5T OR 
UNCLE> WRIT+1 ESPECIALLY S9CE ! DISPROPORTIONALITY ( ! 9DIVIDUAL 
SPH]ES ( PRODUCTION & ?AT BETWE5 PRODUCTION & CONSUMPTION >E H>DLY 
CONTE/$ BY B\RGEOIS ECONOMICS4 ,AS ! ECONOMI/S SEE IT1 H[EV]1 ! 
EQUILIBRIUM T5D5CIES ( ! M>KET LEAD TO ! OV]COM+ ( !SE 
IRREGUL>ITIES1 I4E41 ! 5SU+ SC>CITY ( COMMODITIES & CAPITAL RE/ORES 
! LO/ PROPORTIONALITY ( PRODUCTION & CONSUMPTION4 ,IF 0CON/ANT 
CAPITAL IS NEV] PRODUC$ = ITS [N SAKE BUT SOLELY BECAUSE MORE ( IT IS 
NE$$ 9 SPH]ES ( PRODUCTION :OSE PRODUCTS GO 9TO 9DIVIDUAL 
CONSUMPTION10 !N ,M>X'S CRISIS !ORY W\LD NOT BE DIFF]5T FROM 
! B\RGEOIS !ORIES ( ! BUS9ESS CYCLE4 ,LIKE !M IT W\LD BE A !ORY ( 
! M>KET 9 :I* ! RELATIONS ( SUPPLY & DEM& DECIDE ! EXT5SION OR 
CONTRACTION ( PRODUCTION4 

,9 OPPOSITION TO ?IS1 H[EV]1 ! ,M>XIAN !ORY SPEAKS ( ACCUMULATION AS 
! FACTOR EXAC]BAT+ ! CONTRADICTIONS ( CAPITALISM TO ! PO9T ( 
BREAKD[N4 ,! UND]CONSUMPTION !ORY AS ASCRIB$ TO ,M>X1 :I* CAN 9DE$ BE 
READ 9 SOME ( HIS EXPRESSIONS1 CAN BE CONCLUSIVELY REJECT$ ON ! BASIS ( 
HIS D\BLE CRITIQUE ( CAPITAL4 ,ON ! ONE H&1 ! OV]PRODUCTION ( 
COMMODITIES & 9SUFFICI5T DEM& >E *>ACT]I/ICS ( ! 
OV]-ACCUMULATION ( CAPITAL4 ,ON ! O!R H&1 FROM A POSITION OPPOS$ TO 
CAPITALISM1 ! ACCUMULATION ( CAPITAL IS BAS$ ON A P]PETUALLY WID5+ 
DIV]G5CE BETWE5 PRODUCTION & CONSUMPTION1 SO ?AT ! ULTIMATE REASON = 
ALL REAL CRISES REMA9S 9DE$ ! POV]TY & RE/RICT$ CONSUMPTION ( ! 
MASSES EV5 IF ?IS IS ONLY TO SAY ?AT ! CRISIS BELONGS TO CAPITALISM4 

,! CAPITALI/S EXP]I5CE ! CRISIS AS AN 9SUFFICI5T DEM& = 
COMMODITIES1 ! WORK]S AS 9SUFFICI5T DEM& = !IR LABOR P[]4 ,! 
SOLUTION = BO? LIES 9 ! GR[? ( OV]ALL DEM& ?R\< ! RESUMPTION 
( CAPITAL ACCUMULATION4 ,BUT H[ CAN ! EXP&$ COMMODITY PRODUCTION ?AT 
GOES ) ?IS F9D A M>KET :5 CURR5T PRODUCTION HAS ALREADY \T/RIPP$ 
DEM&8 ,! ANSW] IS ?AT CAPITALISM PRODUCES PRECISELY NOT TO MEET CONSUM] 
DEM& BUT OV] & ABOVE IT1 UNTIL ! LIMITS ( SURPLUS-VALUE CREATION >E 
REA*$1 LIMITS ?AT CANNOT BE KN[N :5 ! GOODS >E PRODUC$ BUT CAN ONLY 
BE DISCOV]$ 9 ! M>KET4 ,EV]Y CRISIS CAN BE UND]/OOD ONLY 9 RELATION TO 
! PROSP]ITY PREC$+ IT1 JU/ BECAUSE PROSP]ITY D]IVES NOT FROM ! 
CONSUM+ P[] ( SOCIETY BUT FROM ! ACCUMULATION REQUIREM5TS1 IMPOS$ BY 
CAPITALI/ COMPETITION1 ( ! 9DIVIDUAL CAPITALS1 :I* AT ANY TIME >E 
GR[+ TO PRODUCE NOT = AN EXI/+ BUT = AN EXPECT$ 
M>KET4 ,?IS IS DUE TO G5]AL SOCIAL DEVELOPM5T & TO ! ELIM9ATION ( 
LESS COMPETITIVE CAPITALS1 :I* YIELDS ! MORE COMPETITIVE A L>G] M>KET1 
ALONG ) ACCUMULATION4 

,PRODUCTION ALWAYS PREC$ES CONSUMPTION4 ,9 CAPITALISM1 H[EV]1 IT ADVANCES 
BL9DLY1 AS EA* CAPITAL /RIVES NOT ONLY TO W9 ! GREATE/ %>E ( A GIV5 
M>KET BUT ALSO TO 5L>GE IT CEASELESSLY & SO TO AVOID LOS+ IT4 ,! 
PR]EQUISITE ( ?IS IS ! RAPID GR[? ( PRODUCTIVITY1 :I* L[]S CO/S1 
& ) IT ! ACCUMULATION ( CAPITAL 9 ! =M ( MEANS ( PRODUCTION & 
! *ANG+ ( ! ORGANIC COMPOSITION ( CAPITAL ?AT ACCOMPANIES ?IS4 ,! 
G5]AL COMPETITION ?US LEADS TO A MORE RAPID GR[? ( ! CON/ANT V]SUS 
! V>IABLE CAPITAL1 = ! 9DIVIDUAL CAPITALS AS = ! SOCIETY AS A 
:OLE4 ,IT IS ?IS V]Y PROCESS ?AT MAKES POSSIBLE ! REALIZATION ( SURPLUS 
VALUE BY WAY ( ACCUMULATION1 )\T RESPECT = ! RE/RICTION ( 
CONSUMPTION ?IS PRESUPPOSES4 ,SURPLUS VALUE BECOMES NEW CAPITAL1 :I* 9 ITS 
TURN PRODUCES CAPITAL4 ,?IS PROCESS1 S5SELESS AS IT IS1 IS ACTUALLY ! 
CONSEQU5CE ( A MODE ( PRODUCTION ORI5T$ EXCLUSIVELY T[>D ! PRODUCTION 
( SURPLUS VALUE4 ,ALL GOOD ?+S COME TO AN 5D1 H[EV]1 & ?IS SAME 
PROCESS F9DS ITS NEMESIS 9 ! T5D5CY ( ! RATE ( PR(IT TO FALL4 ,AT A 
C]TA9 PO9T ! REALIZATION ( SURPLUS VALUE ACCUMULATION IS HALT$1 :5 
ACCUMULATION CEASES TO YIELD ! SURPLUS VALUE NECESS>Y = ! CONT9UATION 
( ?IS PROCESS4 ,!N IT SUDD5LY BECOMES APP>5T ?AT )\T ACCUMULATION A 
P>T ( ! SURPLUS VALUE CANNOT BE REALIZ$1 S9CE DEM& IS 9SUFFICI5T TO 
TRANS=M ! SURPLUS VALUE LY+ HIDD5 9 ! COMMODITIES 9TO PR(IT4 

,) RESPECT TO ACCUMULATION ,M>X ASK$ :Y ! RATE ( PR(IT DOES NOT FALL 
MORE QUICKLY ?AN IT DOES1 DESPITE ! 5ORM\S DEVELOPM5T ( PRODUCTIVITY4 ,HE 
ANSW]$ HIS QUE/ION BY PO9T+ TO ! C\NT]T5D5CIES4 ,! PO9T CAN ALSO 
BE PUT BY ASK+ NOT H[ CRISES BEG9 BUT H[ CAPITAL HAS BE5 ABLE TO 
ACCUMULATE DESPITE ALL ITS CRISES4 ,! CRISIS IS EASI] TO UND]/& ?AN 
PROSP]ITY1 S9CE ! PH5OM5A ( OV]PRODUCTION1 APPE>+ ON ! SURFACE ( 
! M>KET1 >E VISIBLE4 ,ONE GLANCE IS 5\< TO SEE ?AT CONSUMPTION CANNOT 
ABSORB EV]Y?+ ?AT IS PRODUC$4 ,BUT IT IS NOT SO EASY TO SEE H[ CAPITAL1 
GIV5 ITS 9H]5T CONTRADICTIONS1 CAN PROCE$ = LONG P]IODS ( TIME FROM 
PROSP]ITY TO BOOM1 P]IODS DUR+ :I* SUPPLY IS (T5 SMALL] ?AN DEM&4 
,?IS IS COMPREH5SIBLE ?R\< ! HI/ORICALLY CONFIRM$ FACT ?AT ! M>KET 
=M$ BY MEANS ( ACCUMULATION IS NO?+ O!R ?AN ! DEVELOPM5T ( 
CAPITALI/ SOCIETY ITSELF4 

,?IS DEVELOPM5T 9CLUDES NOT ONLY ! ACCUMULATION ( ! EXI/+ CAPITAL 
BUT ALSO ! CONT9U\S CREATION ( NEW CAPITAL3 ! SPREAD ( ! CAPITALI/ 
RELATIONS ( PRODUCTION OV] EV] BROAD] >EAS4 ,! EXPLOITATION ( GREAT] 
MASSES ( WORK]S REQUIRES ADDITIONAL MEANS ( PRODUCTION :I* MU/ FIR/ BE 
PRODUC$ BE=E !Y CAN BE PRODUCTIVELY UTILIZ$ A P>T ( ! SURPLUS VALUE 
TRANS=M$ 9TO CAPITAL 5T]S DIRECTLY 9TO ACCUMULATION ?R\< ! 
CONT9U\S CIRCULATION AMONG CON/ANT CAPITALS4 ,:ILE ONE CON/ANT CAPITAL 
MOVES 9TO COMMODITY PRODUCTION O!RS )DRAW COMMODITIES FROM CIRCULATION 
)\T AT ! SAME TIME PRODUC+ COMMODITIES !MSELVES4 ,?IS UN9T]RUPT$ 
PROCESS & ITS ACCEL]ATION MAKE IT POSSIBLE = ! 9CREAS+ QUANTITY ( 
COMMODITIES TO F9D A M>KET1 AS ! LATT] IS CONT9UALLY EXP&$ BY ! 
PROCESS ( ACCUMULATION4 

,?R\< ! ACCEL]ATION ( ACCUMULATION1 BY P]PETUAL RE9VE/M5T1 ! 
9CREAS+ PRODUCTION ( F9AL GOODS 7:I* 5T] 9TO CONSUMPTION7 CAN ALSO 
F9D AN \TLET 9 ! G5]AL CIRCULATION4 ,UND] !SE CONDITIONS -- :5 ONE 
P>T ( CAPITAL SETS A S]IES ( O!R CAPITALS 9 MOTION1 ! CAPITALI/S CAN 
CONSUME MORE1 & ! FULLY EMPLOY$ WORK]S ALSO HAVE MORE TO SP5D -- ! 
ACCUMULATION ( CAPITAL IS MORE IMP$$ ?AN /IMULAT$ BY ! GR[+ MASS ( 
COMMODITIES1 SO ?AT ! BOOM ALREADY BE>S )9 IT ! SE$ ( CRISIS4 
,PRODUCTION %IFTS TO ! CONSUM]-GOODS 9DU/RIES1 :I* IMPAIRS ! 
PR(ITABILITY ( CAPITAL AS A :OLE4 ,! FALL ( ! AV]AGE RATE ( PR(IT 
!REBY ACC5TUAT$ !N LEADS TO ! WEAK5+ ( ! PROSP]ITY & F9ALLY 
TO CRISIS4 

,:AT ?IS REVEALS IS NOT SIMPLY A LEVEL ( CONSUMPTION TOO HI< 9 
PROPORTION TO ! REQUIREM5TS ( ACCUMULATION BUT A %ORTAGE ( SURPLUS VALUE 
RESULT+ FROM ! PROCESS ( ACCUMULATION ITSELF1 :I* CALLS = ! 
RE/RICTION ( CONSUMPTION IF ! GO+ TEMPO ( ACCUMULATION IS TO BE 
MA9TA9$4 ,IF ! AM\NT ( SURPLUS VALUE CREAT$ 9 PRODUCTION WAS GREAT 
5\< TO HA/5 ACCUMULATION EV5 MORE1 ! 9CREAS$ CONSUMPTION W\LD BE NO 
H9DRANCE TO FUR!R ACCUMULATION BUT C\LD GR[ TOGE!R ) IT4 ,! SL[+ 
( ! RATE ( ACCUMULATION1 H[EV]1 REVEALS ?AT ! *ANG+ VALUE 
RELATIONS1 LEAD+ TO A FALL+ RATE ( PR(IT1 NO LONG] ALL[ ! MA9T5ANCE 
( ! EXI/+ LEVEL ( CONSUMPTION2 ?AT IS1 ?AT ! ORGANIC COMPOSITION ( 
CAPITAL HAS REA*$ A PO9T AT :I* ! AVAILABLE SURPLUS VALUE IS 
9SUFFICI5T TO SECURE BO? GR[+ CONSUMPTION & ACCUMULATION4 ,ON ! 
T]RA9 ( ! M>KET1 ! DECL9+ RATE ( ACCUMULATION MEANS ! DECL9E ( 
NEW 9VE/M5TS & ITS EFFECTS ON PRODUCTION AS A :OLE4 ,! SAME PROCESS ?AT 
OP5$ ! WAY TO EXPANSION N[ REV]SES DIRECTION1 SEIZ+ ON MORE OR LESS ALL 
! BRAN*ES ( SOCIAL PRODUCTION4 

,! RELATION BETWE5 PRODUCTION & CONSUMPTION IS UNAFFECT$ 9 AN 
EXP&+ CAPITALISM1 EV5 IF ! PRODUCTION ( CONSUM] GOODS LAGS BEH9D ?AT 
( MEANS ( PRODUCTION4 ,ON ! ONE H&1 ! GR[+ PRODUCTIVITY ( LABOR 
MAKES POSSIBLE ! R$UCTION ( ! CO/S ( FOOD PRODUCTION2 ON ! O!R1 
RAPID 9DU/RIALIZATION LEADS TO A CONT9U\S IMPROVEM5T 9 ! 9DU/RIAL 
PRODUCTS DE/9$ = CONSUMPTION & ?US AN IMPROVEM5T 9 ! G5]AL 
/&>D ( LIV+4 ,AL?\< ACCUMULATION REQUIRES ! /EADY 9CREASE ( MEANS 
( PRODUCTION1 ! COMMODITY M>KET IS AT ! SAME TIME CONT9UALLY BROAD5$ 
BY ! 9TRODUCTION ( EV] NEW] K9DS ( USE VALUES4 ,SURPLUS-VALUE ALL[S ! 
CON/RUCTION ( AN 9FRA/RUCTURE ?AT 9VOLVES EV] GREAT] NUMB]S ( PEOPLE 
9 ! PROCESS ( CAPITAL CIRCULATION AS A :OLE4 ,IF ! WORLD M>KET WAS A 
PRECONDITION ( CAPITALI/ PRODUCTION1 ACCUMULATION HAS L$ TO AN EV] MORE 
RAPID CAPITALIZATION ( WORLD PRODUCTION1 :I* DOES NOT CONFLICT ) ! 
CONC5TRATION ( CAPITAL 9 A FEW CAPITAL-9T5SIVE C\NTRIES AS !IR 
PRODUCTION IS 9TEGRAT$ 9TO ?AT ( ! WORLD4 ,! ACCUMULATION ( CAPITAL IS 
?US NOT ONLY ! PROSAIC PRODUCTION ( PR(IT BUT ALSO ! CONQUE/ ( ! 
WORLD BY CAPITAL1 AN 5T]PRISE SO DEM&+ ?AT NO MASS ( PR(IT1 H[EV] 
GREAT1 WILL BE 5\<4 

,CAPITAL IS ALWAYS SUFF]+ FROM A LACK ( PR(IT1 9 DEPRESSION & 9 
PROSP]ITY4 ,EV]Y CAPITAL MU/ CONT9UALLY ACCUMULATE 9 ORD] NOT TO BE DRIV5 
\T ( BUS9ESS1 & ACCUMULATION DEP5DS ON ! SUPPLY ( CAPITAL1 D]IV$ 
EI!R FROM ITS [N PR(ITS OR FROM ?OSE ( O!R CAPITALS4 ,! M>KET GR[S 
TOGE!R ) ! FIRMS1 & ) ! GR[? ( ! M>KET ! FIRMS ALSO MU/ 
GR[ IF !Y >E NOT TO BE ELIM9AT$ BY !IR COMPETITION4 ,!RE HAS NEV] YET 
BE5 A BUS9ESS SMO!R$ BY ITS [N PR(ITS1 & CAPITAL 0AS A 
:OLE0 HAS AT NO TIME BEWAIL$ AN EXCESS ( SURPLUS VALUE4 ,?AT A P]IOD 
OR UPSW+ TURNS 9TO ITS OPPOSITE CAN ONLY MEAN1 FROM ! /&PO9T ( 
CAPITAL1 ?AT PR(ITS W]E TOO L[ TO JU/IFY ! EXPANSION ( PRODUCTION 9 
T]MS ( PR(ITABILITY4 ,( C\RSE1 ?IS SITUATION APPE>S TO ! CAPITALI/S 
ONLY AS A PH5OM5ON ( ! M>KET1 S9CE !Y DO NOT UND]/& ?AT ! LEVEL 
( !IR [N PR(ITS IS GOV]N$ BY ?AT ( ! SOCIAL SURPLUS VALUE1 & S9CE 
KN[+ ?IS FACT1 IF !Y DID KN[ IT1 C\LD BE ( NO USE AT ALL TO !M1 
S9CE ! ONLY REACTION OP5 TO !M CONSI/S 9 FUR!R ATTEMPTS TO SECURE OR 
RE/ORE !IR 9DIVIDUAL PR(ITS BY ! PRACTICALLY POSSIBLE WAYS4 

,CAPITALI/ PROSP]ITY DEP5DS ON ! CONT9U\S ACCEL]ATION ( 
ACCUMULATION1 & ?IS ON ! EXPANSION ( ! MASS ( SURPLUS VALUE4 ,CAPITAL 
CANNOT /& /ILL )\T CALL+ =? CRISIS4 ,EV]Y EQUILIBRIUM /ATE 
- ?AT IS1 EV]Y SITUATION 9 :I* PRODUCTION DOES NOT EXCE$ 
CONSUMPTION - IS A /ATE ( CRISIS OR /AGNATION ?AT MU/ BE OV]COME BY 
AN 9CREASE 9 SURPLUS VALUE IF IT IS NOT TO LEAD TO ! D[NFALL ( ! 
SY/EM4 ,JU/ AS ! T5D5CY ( ! PR(IT RATE TO FALL EXI/S 9 LAT5T =M 
EV5 :5 ! ACTUAL RATE ( PR(IT IS RIS+1 CRISIS IS ALREADY 9H]5T1 
?\< 9VISIBLE1 9 EV]Y PROSP]ITY4 ,BUT LIKE EV]Y O!R DISPROPORTIONALITY 
( ! SY/EM1 ?AT BETWE5 SURPLUS VALUE & ACCUMULATION CAN ALSO BE ALT]$ 
ONLY 9 ACCORDANCE ) ! NE$S ( ACCUMULATION1 OP]AT+ ?R\< AN>*IC 
M>KET PROCESSES - ONLY1 9DE$1 ?R\< ! VIOL5CE ( ! CRISIS4 ,?IS 
IS A MATT] NOT ( ! RE/ORATION ( A LO/ /ATE ( EQUILIBRIUM BETWE5 
PRODUCTION & CONSUMPTION BUT ( ! RE/ORATION ( ! DISPROPORTIONALITY 
:OSE CONT5T IS !0PROPORTIONALITY0 ( SURPLUS VALUE & 
ACCUMULATION4 

,IF1 ACCORD+ TO ,M>X1 ! REAL CRISIS MU/ BE EXPLA9$ 9 T]MS ( 
CAPITALI/ PRODUCTION1 COMPETITION1 & CR$IT1 IT MU/ BE EXPLA9$ 9 T]MS 
( ACCUMULATION1 = ?IS IS ! MEAN+ ( PRODUCTION4 ,IT IS HA/5$ BY 
COMPETITION & CR$IT BUT ALSO MADE 9CREAS+LY PRONE TO CRISIS1 S9CE ! 
GR[+ DEM& = SURPLUS VALUE CAN EXCE$ BY F> ?AT ACTUALLY ATTA9$ DUE 
TO ! T5D5CY ( ! RATE ( PR(IT TO FALL & DESPITE ! DEVELOPM5T ( 
! PRODUCTIVITY ( LABOR4 ,IF AT ?IS PO9T ( OV]ACCUMULATION ! QUANTITY ( 
SURPLUS VALUE CAN NO LONG] BE 9CREAS$1 A SITUATION >ISES ?AT CORRESPONDS 
TO ?AT 9 ,M>X'S AB/RACT ANALYSIS1 FRAM$ EXCLUSIVELY 9 T]MS ( ! 
PRODUCTION PROCESS1 ( AN UN9T]RUPT$ ACCUMULATION LEAD+ TO ! BREAKD[N 
( ! SY/EM4 

,H[EV]1 S9CE ?IS PROCESS IS ?AT ( ! REPRODUCTION ( A TOTAL CAPITAL 
CON/ITUT$ BY MANY CAPITALS1 ! SURPLUS VALUE IS ACCUMULAT$ FROM !N ON 
ONLY 9 P>T2 NOT ONLY DOES ! PROCESS ( ACCUMULATION SL[ D[N1 BUT ! 
POT5TIAL = /RUCTURAL *ANGES ( CAPITAL DEVELOPS1 MAK+ IT POSSIBLE TO 
ADJU/ ! TOTAL SURPLUS VALUE TO ! NE$S ( FUR!R ACCUMULATION AT ! CO/ 
( MANY 9DIVIDUAL CAPITALI/S1 AS WELL AS BY HI<] RATES ( EXPLOITATION4 ,9 
?IS S5SE ! OV]PRODUCTION ( CAPITAL IS ONLY TEMPOR>Y1 AL?\< ! 
T5D5CY TO OV]ACCUMULATE IS P]MAN5T4 

,?US ON ! ONE H& CAPITALI/ PROSP]ITY DEP5DS ON ! ACCEL]ATION ( 
ACCUMULATION1 :ILE ON ! O!R H& ?IS ACCEL]ATION LEADS TO ! CRISIS ( 
OV]ACCUMULATION4 ,= ?IS REASON CAPITALI/ DEVELOPM5T IS A PROCESS %OT 
?R\< )1 & 9SEP>ABLE FROM1 CRISES 9 :I* ! REQUIREM5TS ( ! 
REPRODUCTION ( ! CAPITALI/ MODE ( PRODUCTION ASS]T !MSELVES 9 A 
VIOL5T WAY4 ,! REALITY ( !SE CRISES NATURALLY DOES NOT NE$ TO BE PROV51 
AS !Y >E DIRECTLY EXP]I5C$4 ,! ONLY QUE/ION IS :E!R !Y >ISE FROM 
! SY/EM ITSELF & >E ?US 9EVITABLE1 OR :E!R !Y >E CAUS$ BY 
FACTORS EXOG5\S TO ! SY/EM & ?US CAN BE CONSID]$ ACCID5TAL1 AS 
IMP]FECTIONS ( ! SY/EM ?AT CAN SOON] OR LAT] BE ELIM9AT$4 ,= ,M>X 
ACCUMULATION )\T CRISIS WAS 9CONCEIVABLE4 ,:ILE FROM ONE VIEWPO9T ! 
CRISES SWEEP ! DIFFICULTIES TO :I* ACCUMULATION GIVES BIR? \T ( ! WAY1 
FROM ANO!R !Y >E ! SURE/ SIGN ( ! 9ELUCTABLE 5D ( CAPITALI/ 
SOCIETY4 

,! WORLD TRADE CRISES MU/1 ACCORD+ TO ,M>X1 0BE REG>D$ AS ! 
REAL CONC5TRATION & =CIBLE ADJU/M5T ( ALL ! CONTRADICTIONS ( ! 
B\RGEOIS ECONOMY40 ,EV5 ! ASPECTS ( ! CRISIS ?AT CANNOT BE TRAC$ 
DIRECTLY BACK TO ! CAPITALI/ RELATIONS ( PRODUCTION D]IVE FROM ?IS S\RCE 
A P>TICUL> *>ACT] PECULI> TO CAPITALISM4 ,AS CRISES ( ! WORLD M>KET 
AFFECT ALL C\NTRIES1 AL?\< 9 DIFF]5T WAYS1 & AS ! ULTIMATE REASON 
= CRISIS - ! %ORTAGE ( SURPLUS VALUE APPE>S ON ! M>KET 9 
9V]T$ =M AS AN UNSALEABLE EXCESS ( COMMODITIES1 ! CONDITIONS BO? ( 
! CRISIS & ITS SOLUTION >E SO COMPLEX ?AT !Y CANNOT BE EMPIRICALLY 
DET]M9$4 ,:5 ! CRISIS WILL BREAK \T1 ITS EXT5T1 & ITS DURATION CANNOT 
BE PR$ICT$2 ONLY ?AT !RE WILL BE A CRISIS CAN BE EXPECT$ ) C]TA9TY4 
,NONE!LESS ,M>X ATTEMPT$ TO RELATE ! P]IODICITY ( CRISIS TO ! 
REPRODUCTION ( CAPITAL OR1 MORE EXACTLY1 TO ! REPLACEM5T ( FIX$ CAPITAL4 
,AS ! ACCUMULATION ( CAPITAL IS L>GELY A MATT] ( ! 9CREASE 9 ! MEANS 
( PRODUCTION1 ! REPLACEM5T & 5L>GEM5T ( FIX$ CAPITAL %\LD BE AT 
LEA/ A CONTRIBUT+ FACTOR ( ! P]IODICITY ( CRISIS4 

,! VALUE 9VE/$ 9 FIX$ CAPITAL IS 9 ! C\RSE ( TIME TRANSF]R$ TO 
! COMMODITIES PRODUC$ & ?R\< !IR SALE TRANS=M$ 9TO MONEY4 ,! 
RE-TRANS=MATION ( MONEY 9TO FIX$ CAPITAL 7! REPLACEM5T ( ! US$-UP 
MEANS ( PRODUCTION7 IS GOV]N$ BY ! S]VICE LIFE ( ! LATT]1 :I* 9 
TURN IS DET]M9$ BY ! P>TICUL> *>ACT]I/ICS ( ! V>I\S BRAN*ES ( 
PRODUCTION4 ,! REPLACEM5T ( FIX$ CAPITAL IS1 ?ANKS TO ! DEVELOPM5T ( 
TE*NOLOGY1 AT ! SAME TIME ITS IMPROVEM5T4 ,?IS OBLIGES CAPITALI/S1 9 
ORD] TO REMA9 COMPETITIVE1 TO R5EW !IR FIX$ CAPITAL BE=E IT IS WORN 
\T4 ,?IS 0MORAL DEPRECIATION0 ( FIX$ CAPITAL1 AS WELL AS ! 
G5]AL EF=T TO P>TAKE 9 ! *ANG+ TE*NOLOGY1 G5]ATES CAPITALI/ 
9T]E/ 9 ! %ORT5+ ( ! TURNOV] TIME ( FIX$ CAPITAL4 ,! %ORT] 
IT IS1 ! SOON] ! NEW 9VE/M5TS CAN P>TAKE 9 ! HI<] PRODUCTIVITY 
A*IEV$ ?R\< ! CONT9U\S REVOLUTIONIZATION ( ! MEANS ( PRODUCTION1 
& ! L[] ! CO/S ( ! 0MORAL DEPRECIATION0 ?AT PREC$ES 
! PHYSICAL EXHAU/ION ( CAPITAL4 ,AS ! AV]AGE S]VICE LIFE ( FIX$ 
CAPITAL 9 HIS DAY WAS T5 YE>S1 ,M>X WOND]$ :E!R ?IS MI<T BE RELAT$ 
TO ! T5-YE> CRISIS CYCLE4 

,( C\RSE1 ! S]VICE LIFE ( FIX$ CAPITAL CAN L5G!N OR %ORT54 
,H[EV]1 ACCORD+ TO ,M>X1 ! ISSUE H]E IS NOT A DEF9ITE NUMB] ( YE>S4 
,?IS MU* SEEM$ EVID5T TO HIM3 

,! CYCLE ( 9T]CONNECT$ TURNOV]S EMBRAC+ A NUMB] ( 
YE>S1 9 :I* CAPITAL IS HELD FA/ BY ITS FIX$ CON/ITU5T P>T1 FURNI%ES A 
MAT]IAL BASIS = ! P]IODIC CRISES4 ,DUR+ ?IS CYCLE BUS9ESS UND]GOES 
SUCCESSIVE P]IODS ( DEPRESSION1 M$IUM ACTIVITY1 PRECIPITANCY1 CRISIS4 ,TRUE1 
P]IODS 9 :I* CAPITAL IS 9VE/$ DIFF] GREATLY & F> FROM CO9CIDE 9 
TIME4 ,BUT A CRISIS ALWAYS =MS ! />T+ PO9T ( L>GE NEW 9VE/M5TS4 
,!RE=E1 FROM ! PO9T ( VIEW ( SOCIETY AS A :OLE1 MORE OR LESS A NEW 
MAT]IAL BASIS = ! NEXT TURNOV] CYCLE4 

,M>X DID NOT FOLL[ UP ?IS VAGUE HYPO!SIS4 ,AL?\< CRISIS LEADS TO A 
TEMPORAL CONC5TRATION ( 9VE/M5TS & SO TO A SORT ( 0MAT]IAL BASIS 
= ! NEXT TURNOV] CYCLE10 9 ! F9AL ANALYSIS ?IS IS ONLY TO SAY 
?AT 0A CRISIS ALWAYS =MS ! />T+ PO9T ( L>GE NEW 
9VE/M5TS10 )\T !REBY EXPLA9+ ! CRISIS OR ITS P]IODICITY4 
,& AL?\< IT IS TRUE ?AT 9 ! MEANTIME ! CAPITAL TRANS=M$ 9TO 
COMMODITIES PILES UP 9 ! =M ( MONEY1 ?IS DOES NOT MEAN ?AT IT MU/ 
REMA9 9 ?IS =M UNTIL ! REPLACEM5T ( ! FIX$ CAPITAL4 ,S9CE ! 
S]VICE LIVES ( DIFF]5T CAPITALS >E DIFF]5T1 & S9CE !Y R5EW 
!MSELVES 9 ACCORDANCE ) !IR RESPECTIVE />T+ PO9TS1 ! TURNOV] ( 
FIX$ CAPITAL IS BE+ COMPLET$ ?R\<\T ! :OLE P]IOD ( UPSW+1 ALONG 
) ! NEW 9VE/M5TS ?AT CON/ITUTE ACCUMULATION1 :I* BR+ ! CYCLICAL 
UPSW+ ) !M4 ,?IS PROCESS IS REV]S$ 9 CRISIS1 :5 CAPITAL IS AT FIR/ 
NEI!R REPLAC$ NOR NEWLY 9VE/$4 ,ONLY AS ! CRISIS PROCE$S >E ADDITIONAL 
FUNDS 9VE/$ 9 ORD] TO RAISE ! PRODUCTIVITY ( LABOR4 ,!SE ATTEMPTS GIVE 
BIR? TO ! NEW PROSP]ITY1 :I* IS BUILT NOT ONLY ON ! REPLACEM5T ( 
FIX$ CAPITAL BUT ON FUR!R ACCUMULATION4 

,EV5 IF ! TURNOV] TIME ( FIX$ CAPITAL PLAYS A C]TA9 CONTRIBUT+ ROLE 
9 GOV]N+ ! PRODUCTION PROCESS ( CAPITAL AS A :OLE1 ?IS DOES NOT 
SUFFICE TO EXPLA9 ! P>TICUL> P]IODICITY ( CRISIS4 ,S9CE CRISES >E1 
ACCORD+ TO ,M>X1 0! REAL CONC5TRATION & =CIBLE ADJU/M5T ( ALL 
! CONTRADICTIONS ( ! B\RGEOIS ECONOMY01 CONTRADICTIONS :OSE 
P>TICUL> CONTRIBUTIONS TO ! CRISIS CANNOT BE E/IMAT$1 ! P]IODICITY ( 
CRISIS ALSO CANNOT BE TREAT$ AS DUE TO A P>TICUL> ASPECT ( ! PROCESS AS A 
:OLE4 ,FROM ! CRISIS CYCLE ?AT ,M>X OBS]V$ ONE CAN ONLY CONCLUDE ?AT ! 
DIFFICULTIES ?AT *>ACT]IZ$ ! PROCESS ( DEVELOPM5T 9 HIS TIME MADE 
POSSIBLE ! MA9T5ANCE ( PROSP]ITY = NO MORE ?AN T5 YE>S AT A TIME1 
& NOT ?AT CAPITAL IS !RE=E DE/9$ TO A T5-YE> CYCLE4 

,FRI$RI* ,5GELS WROTE LAT] ?AT3 

,! ACUTE =M ( ! P]IODIC PROCESS ) ITS =M] 
T5-YE> CYCLE1 APPE>S TO HAVE GIV5 WAY TO A MORE *RONIC1 LONG DRAWN \T1 
ALT]NATION BETWE5 A RELATIVELY %ORT & SLI<T BUS9ESS IMPROVEM5T & A 
RELATIVELY LONG1 9DECISIVE DEPRESSION-TAK+ PLACE 9 ! V>I\S 9DU/RIAL 
C\NTRIES AT DIFF]5T TIMES4 ,BUT P]HAPS IT IS ONLY A MATT] ( A PROLONGATION 
( ! DURATION ( ! CYCLE4 ,9 ! E>LY YE>S ( WORLD COMM]CE1 #a#h#d#e-#d#g1 IT 
CAN BE %[N ?AT !SE CYCLES LA/$ AB\T FIVE YE>S2 FROM #ahdg TO #ahfg ! 
CYCLE IS CLE>LY T5 YE>S2 IS IT POSSIBLE ?AT WE >E N[ 9 ! PREP>ATORY 
/AGE ( A NEW WORLD CRA% ( UNP>ALLEL$ VEHEM5CE8 ,MANY ?+S SEEM TO PO9T 
9 ?IS DIRECTION4 ,S9CE ! LA/ G5]AL CRISIS ( #ahfg MANY PR(\ND *ANGES 
HAVE TAK5 PLACE4 ,! COLOSSAL EXPANSION ( ! MEANS ( TRANSPORTATION & 
COMMUNICATION -- OCEAN L9]S1 RAILWAYS1 ELECTRICAL TELEGRAPHY1 ! ,SUEZ ,CANAL 
-- HAS MADE A REAL WORLD-M>KET A FACT4 ,! =M] MONOPOLY ( ,5GL& 9 
9DU/RY HAS BE5 *ALL5G$ BY A NUMB] ( COMPET+ 9DU/RIAL C\NTRIES2 
9F9ITELY GREAT] & V>I$ FIELDS HAVE BE5 OP5$ 9 ALL P>TS ( ! WORLD 
= ! 9VE/M5T ( SURPLUS ,EUROPEAN CAPITAL1 SO ?AT IT IS F> MORE WIDELY 
DI/RIBUT$ & LOCAL OV]-SPECULATION MAY BE MORE EASILY OV]COME4 ,BY MEANS ( 
ALL ?IS1 MO/ ( ! OLD BRE$+-GR\NDS ( CRISES & OPPORTUNITIES = 
!IR DEVELOPM5T HAVE BE5 ELIM9AT$ OR /RONGLY R$UC$4 ,AT ! SAME TIME1 
COMPETITION 9 ! DOME/IC M>KET REC$ES BE=E ! C>TELS & TRU/S1 :ILE 
9 ! =EIGN M>KET IT IS RE/RICT$ BY PROTECTIVE T>IFFS1 ) :I* ALL 
MAJOR 9DU/RIAL C\NTRIES1 ,5GL& EXCEPT$1 SURR\ND !MSELVES4 ,BUT !SE 
PROTECTIVE T>IFFS >E NO?+ BUT PREP>ATIONS = ! ULTIMATE G5]AL 
9DU/RIAL W>1 :I* %ALL DECIDE :O HAS SUPREMACY ON ! WORLD-M>KET4 ,?US 
EV]Y FACTOR1 :I* WORKS AGA9/ A REPETITION ( ! OLD CRISES1 C>RIES 
)9 ITSELF ! G]M ( A F> MORE P[]FUL FUTURE CRISIS4 

,?IS IS TO SAY ?AT ! P]IODICITY ( CRISIS ALSO HAS ITS HI/ORY & IS 
AFFECT$ BY HI/ORICAL CIRCUM/ANCES4 ,IF ! ULTIMATE REASON = EV]Y CRISIS 
IS CAPITALISM ITSELF EA* P>TICUL> CRISIS DIFF]S FROM ITS PR$ECESSORS JU/ 
BECAUSE ( ! CONT9U\S TRANS=MATION ( WORLD M>KET RELATIONS & ( ! 
/RUCTURE ( GLOBAL CAPITAL4 ,UND] !SE CONDITIONS NEI!R ! CRISES 
!MSELVES NOR !IR DURATION & GRAVITY CAN BE DET]M9$ 9 ADVANCE1 & 
?IS ALL ! LESS AS ! SYMPTOMS ( CRISIS APPE> AFT] ! CRISIS ITSELF & 
ONLY BR+ ! CRISIS TO ! ATT5TION ( ! POPULATION4 ,MOREOV]1 ! CRISIS 
CANNOT BE R$UC$ TO 0PURELY ECONOMIC EV5TS1 AL?\< IT >ISES 
0PURELY ECONOMICALLY10 ?AT IS1 FROM ! SOCIAL RELATIONS ( 
PRODUCTION CLO!D 9 ECONOMIC =MS4 ,! 9T]NATIONAL COMPETITIVE /RUGGLE1 
F\<T ALSO BY POLITICAL & MILIT>Y MEANS1 9FLU5CES ECONOMIC DEVELOPM5T1 
JU/ AS ?IS 9 TURN GIVES RISE TO ! V>I\S =MS ( COMPETITION4 ,?US EV]Y 
REAL CRISIS CAN ONLY BE UND]/OOD 9 CONNECTION ) SOCIAL DEVELOPM5T AS A 
:OLE4 

,FROM 3 ,M>XI/S4ORG4 

,*RONOLOGY 3 
,M>* #c1 #bba 3 ,*APT] #b -- ,ADD$4 

 FILE G5]AT$ FROM 3  
HTTP3_/_/REVOLTLIB4COM_/