,*APT] #e 
,! ,LAW ( ,VALUE AS 0,EQUILIBRIUM ,ME*ANISM0 

,PEOPLE 3 

,AU?OR 3 ,PAUL ,MATTICK 

,TEXT 3 

,M>XI/ CRITICISM ( B\RGEOIS SOCIETY HAD TO 5COMPASS MORE ?AN PRO( ( 
! EXPLOITATION ( LABOR BY CAPITAL4 ,! IDEA ( SURPLUS-VALUE WAS 9H]5T 9 
! LABOR !ORY ( VALUE1 & SOCIALI/S PRIOR TO ,M>X HAD UTILIZ$ IT 9 
!IR >GUM5TS4 ,9 ORD] TO %[ ONCE MORE ?AT PR(IT OR SURPLUS-VALUE IS 
GA9$ 9 PRODUCTION & NOT 9 EX*ANGE1 ,M>X F\ND IT ADVISABLE TO DISREG>D 
! EFFECTS ( M>KET COMPETITION ON VALUE RELATIONS4 ,?IS IS POSSIBLE ONLY 9 
!ORY1 BECAUSE ! PRODUCTION PROCESS CANNOT ACTUALLY BE DIVORC$ FROM ! 
EX*ANGE PROCESS4 ,YET1 ACCORD+ TO ,M>X1 ! LAWS ( CAPITALI/ PRODUCTION 
0CANNOT BE OBS]V$ 9 !IR PURE /ATE1 UNTIL ! EFFECTS ( SUPPLY & 
DEM& >E SUSP5D$1 OR BALANC$40.<#a.> ,?IS WAS NOT MEANT TO SUGGE/ ?AT SU* AN 
EQUILIBRIUM IS ACTUALLY POSSIBLE BECAUSE1 9 FACT1 SUPPLY & DEM& NEV] 
BALANCE4 

,9 B\RGEOIS ECONOMIC !ORY PRICES >E DET]M9$ BY SUPPLY & DEM&4 ,ON 
! ASSUMPTION ?AT SUPPLY & DEM& DISCREPANCIES CANCEL ONE ANO!R 9 ! 
0LONG RUN10 IT APPE>S REASONABLE TO AB/RACT FROM !M & LOOK 
UPON ! M>KET AS AN EQUILIBRIUM ME*ANISM4 ,EV5 :5 IT IS ADMITT$ ?AT 
EXTRA-ECONOMIC =CES AFFECT PRICE RELATIONS1 ! CONVICTION PREVAILS ?AT SU* 
9T]V5TIONS1 BY OP]AT+ ON EI!R ! SUPPLY OR DEM& SIDE1 WILL F9ALLY 
ISSUE 9TO A /ATE ( EQUILIBRIUM4 

,B\RGEOIS ECONOMIC !ORY DOES NOT RECOGNIZE CLASS EXPLOITATION1 = ! 
COMMODITIES 5T]+ ! M>KET DO NOT BETRAY ! DIVISION ( LABOR & 
SURPLUS-LABOR ?R\< ! TW(OLD *>ACT] ( LABOR P[] AS AN EX*ANGE-VALUE 
& AS A USE-VALUE4 ,IT ASS]TS ?AT ! M>KET RELATIONS ASSURE TO EA* & ALL 
! EQUIVAL5T ( !IR P>TICUL> CONTRIBUTIONS TO ! PRODUCTION PROCESS1 & 
?AT IT IS PRECISELY ! MAXIMIZATION ( PRIVATE SELF-9T]E/ :I* LEADS TO 
! OPTIMUM ( SOCIAL WELL-BE+4 ,! MAXIMIZATION ( PRIVATE SELF-9T]E/1 
,M>X PO9T$ \T1 C\LD HAVE QUITE O!R EFFECTS1 IF 0PRIVATE 9T]E/S 
W]E NOT ALREADY SOCIALLY-DET]M9$ PRIVATE 9T]E/S1 :OSE 
REALIZATION DEP5D$ ON SOCIAL CONDITIONS1 & ON ! MEANS PROVID$ BY !SE 
CONDITIONS1 AS WELL AS ON !IR REPRODUCTION REQUIREM5TS40.<#b.> ,O!RWISE1 %E] 
SELF-9T]E/ C\LD JU/ AS WELL SLIP 9TO ! UTT] *AOS ( A /RUGGLE ( ALL 
AGA9/ ALL4 ,IT IS ! LAW ( VALUE :I* GIVES EXPRESSION TO ! 
SOCIALLY-DET]M9$ NATURE ( PRIVATE 9T]E/S1 & = ?AT REASON EXPLA9S 
:ATEV] 0ORD]0 !RE IS 9 CAPITALISM4 

,?IS 0ORD]0 IS ITSELF SUBJECT$ TO ! EVOLUTION ( CAPITAL 
PRODUCTION4 ,M>X SAW NO REASON TO D5Y ?AT M>KET COMPETITION AFFECTS PRICE 
RELATIONS & ! ALLOCATION ( LABOR & CAPITAL4 ,BUT ?IS DOES NOT IMPLY ?AT 
! V>I\S ACTUALLY-EXI/+ AV]AG+ & BALANC+ PROCESSES YIELD ! 
M>KET EQUILIBRIUM ( B\RGEOIS !ORY4 ,IT M]ELY MEANS ?AT ! SOCIAL 
*>ACT] ( PRODUCTION SUBJECTS 9DIVIDUAL PRODUC]S TO A S]IES ( 
RE/RICTIONS BEYOND !IR CONTROL4 

,?IS LOSS ( 0SELF0 TO UNCONTROLLABLE M>KET EV5TS SUBORD9ATES 
! :OLE ( ! ECONOMY TO ! DYNAMICS ( CAPITAL ACCUMULATION4 ,TO SPEAK ( A 
LAW ( VALUE IS TO SAY ?AT ! EX*ANGE RELATIONS 9 CAPITALISM APPE> AS AN 
9DEP5D5T P[] CONTROLL+ ! PRODUC]S 9/EAD ( BE+ CONTROLL$ BY 
!M4 ,IT RELATES TO ! SIMPLE HI/ORICAL FACT ?AT ! 9CREAS+ 
0SOCIALIZATION0 ( PRODUCTION & EX*ANGE TOOK PLACE UND] ! 
AUSPICES ( PRIVATE PROP]TY RELATIONS1 SO ?AT 9DIVIDUAL CONDITIONS ( 
PRODUCTION CAME UND] ! SOCIAL CONTROL ( M>KET RELATIONS4 ,9DIVIDUAL 
SUCCESSES OR FAILURES ON ! M>KET LEAD TO %IFTS 9 ! SPH]E ( PRODUCTION 
& !SE %IFTS LEAD TO NEW M>KET SITUATIONS1 :I* !N REQUIRE 9DIVIDUAL 
PRODUC]S TO TAKE /ILL O!R ACTIONS 9 ORD] TO MA9TA9 !MSELVES4 ,SUCCESS1 
H[EV]1 IS SIMPLY ! REALIZATION ( EXTRACT$ SURPLUS-LABOR 9 ! =M ( 
PR(ITS )9 ! PRICE ME*ANISM1 AS DET]M9$ BY ! COMPETITIVE SUPPLY & 
DEM& RELATIONS :I* 9DICATE ! PECULI> 0SOCIAL NE$S0 UND] 
CONDITIONS ( CAPITAL PRODUCTION4 

,M>KET RELATIONS D]IVE !IR DEF9ITE %APE1 AT ANY GIV5 TIME1 FROM ! 
QUANTITY ( VALUE & SURPLUS-VALUE ACTUALLY PRODUC$4 ,!Y >E 
0ESS5TIALLY CONDITION$ ON ! MUTUAL RELATIONS ( ! DIFF]5T 
ECONOMIC CLASSES & !IR RELATIVE ECONOMIC POSITIONS1 ?AT IS TO SAY1 FIR/ 
ON ! PROPORTIONS ( ! TOTAL SURPLUS-VALUE TO ! WAGES1 & SECONDLY1 ON 
! PROPORTION ( ! V>I\S P>TS 9TO :I* SURPLUS-VALUE IS DIVID$ 
7PR(IT1 9T]E/1 R5T1 TAXES1 ETC474.<#c.> ,:ATEV] TAKES PLACE 9 ! M>KET SPH]E CAN TAKE 
PLACE ONLY )9 ! DEF9ITE B\ND>IES :I* EV5TS 9 ! SPH]E ( 
PRODUCTION & ! PECULI>ITIES ( ! DI/RIBUTION ( ! SOCIAL PRODUCT 
E/ABLI%4 

,?IS IS NOT TO SAY ?AT SUPPLY & DEM& DISCREPANCIES CANNOT AFFECT ! 
ECONOMY 9DEP5D5TLY2 !Y DO SO CON/ANTLY4 ,BUT IT DOES IMPLY RECOGNIZ+ 
?AT M>KET RELATIONS >E ESS5TIALLY D]IVATIVE1 CIRCUMSCRIB$ AS !Y >E BY 
! CAPACITIES & LIMITATIONS ( ! PRODUCTION PROCESS4 ,BECAUSE IT IS 
IMPOSSIBLE 9 PRACTICE TO SEP>ATE ! PRODUCTION PROCESS FROM ! CIRCULATION 
PROCESS1 ! EFFECTS ( ! 9CREAS+ PRODUCTIVITY ( LABOR UPON ! BASIC 
PRODUCTION RELATIONS AS VALUE RELATIONS APPE> ONLY 9 ! MODIFI$ =M ( 
PRICE & PR(IT RELATIONS DET]M9$ BY ! COMPETITIVE SUPPLY & DEM& 
ME*ANISM4 ,BUT ! FACT ?AT M>KET RELATIONS CAN ONLY BE PRICE RELATIONS 9 NO 
WAY ALT]S ! PRIM>Y FACT ?AT ! SUPPLY & DEM& RELATIONS >E 
CIRCUMSCRIB$ BY SOCIAL PRODUCTION RELATIONS & ! *>ACT] ( SOCIAL 
PRODUCTION AS ! ACCUMULATION ( CAPITAL4 ,9 ,M>X'S VIEW1 IT IS NOT ! 
PRICE SY/EM :I* 0REGULATES0 ! CAPITALI/ ECONOMY BUT1 RA!R1 
UNKN[N YET CAPITALI/ICALLY-DET]M9$ NECESSITIES ( PRODUCTION ACT+ 
?R\< ! PRICE ME*ANISM4 ,! 0REGULATORY0 COMPETITIVE 
PRICE ME*ANISM IS ITSELF 0REGULAT$0 BY ! LAW ( VALUE1 JU/ AS 
! LAW ( VALUE MAY1 9 TURN1 BE OV]RUL$ BY NATURAL & SOCIAL NECESSITIES 
TRANSC5D+ ! CAPITALI/ SY/EM4 

,BECAUSE 0SOCIETY CAN NO MORE CEASE TO PRODUCE ?AN IT CAN CEASE TO 
CONSUME10 ! SOCIAL PRODUCTION PROCESS IS CONT9U\S4 ,9 CAPITALISM1 ! 
SOCIAL PRODUCTION PROCESS IS AT ! SAME TIME A REPRODUCTION PROCESS ON AN 
5L>G$ SCALE4 0,! DEVELOPM5T ( CAPITALI/ PRODUCTION10 ,M>X 
SAID1 0MAKES IT CON/ANTLY NECESS>Y TO KEEP 9CREAS+ ! AM\NT ( 
CAPITAL LAID \T 9 A GIV5 9DU/RIAL UND]TAK+1 & COMPETITION MAKES ! 
IMMAN5T LAWS ( CAPITALI/ PRODUCTION TO BE FELT BY EA* 9DIVIDUAL 
CAPITALI/1 AS EXT]NAL LAWS4 ,IT COMPELS HIM TO KEEP CON/ANTLY EXT5D+ HIS 
CAPITAL1 9 ORD] TO PRES]VE IT1 BUT EXT5D IT HE CANNOT1 EXCEPT BY MEANS ( 
PROGRESSIVE ACCUMULATION40.<#d.> ,! NE$ TO ACCUMULATE DET]M9ES ! ACTIVITIES ( 
ALL CAPITALI/S1 & IT IS ?R\< !IR ACTIVITIES ?AT ! SOCIAL 
PRODUCTION & REPRODUCTION PROCESS APPE>S AS ! 0SELF-EXPANSION0 
( CAPITAL4 ,! CONTROL ( ! PRODUC]S BY ! M>KET IS ?US SIMULTANE\SLY 
! CONTROL ( ! PRODUC]S & ! M>KET BY ! ACCUMULATION ( 
CAPITAL4 

,S9CE CAPITAL IS APPROPRIAT$ SURPLUS-VALUES ! QUALITATIVE & 
QUANTITATIVE NATURE ( ! SOCIAL PRODUCTION PROCESS DEP5DS ON ! ABILITY OR 
9ABILITY TO EXTRACT FRE% SURPLUS-VALUE4 ,ACCUMULATION IS ! S\RCE & GOAL 
( CAPITALI/ PRODUCTION BUT CAPITALI/S DO NOT CONC]N !MSELVES EI!R ) 
TOTAL SOCIAL PRODUCTION OR ) ! PROPORTIONAL RELATION%IP ( ITS NECESS>Y- 
& SURPLUS-LABOR4 ,AS REG>DS ! REPRODUCTION ( ! WORK+ CLASS1 ! 
CAPITALI/S LEAVE 0ITS FULFILLM5T TO ! LABOR]S' 9/9CT ( 
SELF-PRES]VATION & ( PROPAGATION4 ,ALL ! CAPITALI/ C>ES = IS TO R$UCE 
! LABOR]'S 9DIVIDUAL CONSUMPTION AS F> AS POSSIBLE TO :AT IS 
/RICTLY NECESS>Y40.<#e.> ,! WORK]S1 ON !IR P>T1 MAY TRY TO RAISE !IR 
WAGES AT ! EXP5SE ( PR(ITS )\T REG>D = ! ACCUMULATION 
REQUIREM5TS ( CAPITAL PRODUCTION4 ,BO? ATTITUDES F9D UNKN[N YET DEF9ITE 
LIMITS 9 ! CONDITIONS SET BY ! SOCIAL PRODUCTION RELATIONS AS VALUE 
RELATIONS4 

,! M>KET IS ! /AGE ON :I* ALL COMPETITIVE ACTIVITIES >E PLAY$ \T4 
,BUT ?IS /AGE ITSELF IS SET UP & B\ND BY ! CLASS NATURE ( ! SOCIAL 
/RUCTURE4 ,:ATEV] ! M>KET RELATIONS1 !Y MU/ FIT ! SOCIAL PRODUCTION 
RELATIONS2 SURPLUS-VALUE MU/ BE ADEQUATE TO ! VALUE ( CAPITAL = ! 
M>KET-PLAY TO GO ON4 ,! CRIT]ION = ADEQUACY IS ACCUMULATION1 = )\T 
IT !RE MAY BE PRODUCTION BUT NO CAPITALI/IC PRODUCTION1 I4E4 NO 
PRODUCTION ( CAPITAL4 ,! RATE ( ACCUMULATION OR1 :AT AM\NTS TO ! 
SAME ?+1 ! RATE ( SURPLUS-VALUE OR PR(IT1 IS ! 0ORD]+0 
ELEM5T ON :I* ! REGULATORY FUNCTIONS ( ! M>KET >E BAS$4 

,COMPETITION AV]AGES COMMODITY PRICES & PR(IT RATES4 ,OBVI\SLY1 ?IS 
AV]AG+ PROCESS PRESUPPOSES 9DIVIDUAL DIFF]5TIATIONS4 ,! SPH]E ( 
PRODUCTION DET]M9ES ! SOCIAL SUPPLY1 & ! SOCIAL DEM& DISREG>DS 
9DIVIDUAL DIFF]5TIATIONS 9 ! SPH]E ( PRODUCTION4 ,! M>KET DEM& ( 
! LABOR+ POPULATION CANNOT EXCE$ ! EQUIVAL5T ( ! WAGE CAPITAL & 
CONSI/S G5]ALLY ( CONSUMPTION GOODS4 ,! SURPLUS-VALUE TO BE REALIZ$ 
\TSIDE ! CAPITAL-LABOR EX*ANGE IS BASICALLY SPLIT UP 9TO PR(IT1 9T]E/1 
& R5T4 ,P>T ( IT IS RE9VE/$1 ANO!R P>T CONSUM$4 ,SURPLUS-VALUE IS 
CONV]TIBLE 9TO CAPITAL 0BECAUSE ! SURPLUS-PRODUCT1 :OSE VALUE IT IS1 
ALREADY COMPRISES ! MAT]IAL ELEM5TS ( NEW CAPITAL40.<#f.> ,ACCUMULATION1 AS 
AB/5TION FROM CONSUM+ ! :OLE ( ! SURPLUS-VALUE1 APPE>S TO ! 
CAPITALI/S AS A 0SAV+ PROCESS10 & PR(ITS AS ! REW>D ( 
?IS 0AB/95CE40 ,ACTUALLY1 ( C\RSE1 ! MORE 0CAPITAL 
9CREASES BY MEANS ( SUCCESSIVE ACCUMULATION1 ! MORE DOES ! SUM ( ! 
TOTAL VALUE 9CREASE ?AT IS DIVID$ 9TO CONSUMPTION-FUND & 
ACCUMULATION-FUND4 ,! CAPITALI/ CAN !RE=E LIVE A MORE JOLLY LIFE1 & AT 
! SAME TIME %[ MORE 'AB/95CE4' ,&1 F9ALLY1 ALL ! SPR+S 
( PRODUCTION ACT ) GREAT] ELA/ICITY1 ! MORE ITS SCALE EXT5DS ) ! 
MASS ( ! CAPITAL ADVANC$40.<#g.> ,NONE!LESS1 ! ACCUMULATION-FUND CANNOT BE ANY 
L>G] ?AN :AT IS LEFT ( ! SURPLUS-VALUE AFT] ! CONSUMPTION DEM&S ( 
! NON-LABOR+ POPULATION HAVE BE5 MET4 ,! SMALL] ! TOTAL SOCIAL 
CONSUMPTION RELATIVE TO ! TOTAL SOCIAL PRODUCT1 ! L>G] ! RESIDUE ( 
SURPLUS-VALUE = PURPOSES ( ACCUMULATION4 

,9 B\RGEOIS !ORY1 0PO/PONEM5T0 ( CURR5T CONSUMPTION BY 
WAY ( 0SAV+S0 IS M]ELY ! WAY TO A RI*] FUTURE CONSUMPTION4 
,?IS 0PO/PONEM5T10 H[EV]1 IS CONT9U\S1 NO MATT] H[ MU* HAS 
BE5 0SAV$0 & RE9VE/$ 9 NEW MEANS ( PRODUCTION4 ,AL?\< 
CONSUMPTION DOES 9CREASE 9 ! C\RSE ( CAPITAL EXPANSION1 CAPITAL 
ACCUMULATION 9CREASES FA/]4 ,!RE CAN BE NO 0EQUILIBRIUM0 
BETWE5 PRODUCTION & CONSUMPTION1 AT ANY P>TICUL> TIME OR 9 ! LONG-RUN1 
BECAUSE PROGRESSIVE CAPITAL EXPANSION MEANS WID5+ ! GAP BETWE5 ! TWO4 
,M>KET 0EQUILIBRIUM0 CAN EXI/ ONLY 9 AB/RACT VALUE T]MS3 IT 
EXI/S :5 ! M>KET DEM& IS ONE ?AT WILL ASSURE ! REALIZATION ( 
SURPLUS-VALUE BY WAY ( CAPITAL EXPANSION4 ,! SEMBLANCE ( A SUPPLY-&-DEM& 
0EQUILIBRIUM0 EXI/S ONLY )9 ! PROCESS ( CAPITAL 
ACCUMULATION4 ,IT IS ONLY 9 ?IS S5SE ?AT ! LAW ( VALUE 0MA9TA9S 
! SOCIAL EQUILIBRIUM ( PRODUCTION 9 ! TURMOIL ( ITS ACCID5TAL 
FLUCTUATIONS40.<#h.> 

,EV5 SO1 9 MA9TA9+ ! 0SOCIAL EQUILIBRIUM ( PRODUCTION10 
! LAW ( VALUE ASS]TS ITSELF JU/ 0AS ! LAW ( GRAVITY DOES :5 A 
H\SE FALLS UPON \R E>S40.<#i.> ,IT ASS]TS ITSELF BY WAY ( CRISES1 :I* RE/ORE1 
NOT A LO/ BALANCE BETWE5 SUPPLY & DEM& 9 T]MS ( PRODUCTION & 
CONSUMPTION1 BUT A TEMPOR>ILY LO/ BUT NECESS>Y 0EQUILIBRIUM0 
BETWE5 ! MAT]IAL PRODUCTION PROCESS & ! VALUE EXPANSION PROCESS4 ,IT IS 
NOT ! M>KET ME*ANISM :I* EXPLA9S AN APP>5T 0EQUILIBRIUM0 
( SUPPLY & DEM& BUT ! ACCUMULATION ( CAPITAL :I* ALL[S ! M>KET 
ME*ANISM TO APPE>1 AT TIMES1 AS AN EQUILIBRIUM ME*ANISM4 

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,FROM 3 ,M>XI/S4ORG4 

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