,*APT] #g ,! 0,BUS9ESS ,CYCLE0 ,PEOPLE 3 ,AU?OR 3 ,PAUL ,MATTICK ,TEXT 3 ,M>X'S VALUE MODEL ( CAPITAL DEVELOPM5T IS A ME?ODOLOGICAL DEVICE TO 0GRASP ITS 9N] 9T]CONNECTIONS10 :I* CANNOT BE OBS]V$ 9 IMM$IATE REALITY4 ,TO HAVE A !ORY ( CAPITAL DEVELOPM5T AT ALL1 ! 0=CE ( AB/RACTION0 HAS TO TRANSC5D ! SEMBLANCE ( COMPETITION4 ,! AB/RACT VALUE-S*EME REVEALS ?AT1 AP>T FROM COMPETITION AS ! DRIV+ =CE ( CAPITAL =MATION1 PR(IT PRODUCTION ALREADY F9DS A LIMIT+ ELEM5T 9 ! CAPITAL-LABOR RELATION%IP4 ,9 ORD] TO =E/ALL A DECL9E ( PR(ITABILITY1 ACCUMULATION MU/ NEV] RE/4 ,MORE & MORE SURPLUS-VALUE MU/ BE EXTRACT$2 = ?IS PURPOSE1 PRODUCTION MU/ BE /EADILY REVOLUTIONIZ$1 & M>KETS MU/ BE CONT9UALLY EXT5D$4 ,! TWO-FOLD *>ACT] ( COMMODITY PRODUCTION AS ! PRODUCTION ( EX*ANGE-VALUE & USE-VALUE DET]M9ES ?AT ! PROCESS ( ACCUMULATION1 & ! V>IATIONS 9 SURPLUS-VALUE :I* FOLL[ FROM IT1 WILL BECOME 9CREAS+LY MORE DETRIM5TAL TO ! FUNCTION+ ( ! CAPITALI/ SY/EM4 ,! TW(OLD *>ACT] ( ! COMMODITY - AS A USE-VALUE & AS AN EX*ANGE-VALUE - & !IR MOVEM5TS 9 OPPOSITE DIRECTIONS 9 ! C\RSE ( ! DEVELOP+ PRODUCTIVITY ( LABOR REAPPE>S ON ! L>G] SOCIAL SCALE ( CAPITAL ACCUMULATION AS A CONFLICT BETWE5 ! EXPANSION ( PRODUCTION & ! EXPANSION ( SURPLUS-VALUE4 ,! CONFLICT IS RESOLV$ BY AN ACCEL]AT$ CAPITAL ACCUMULATION4 ,ACCORD+ TO ,M>X1 H[EV]1 ! RESULT+ GR[? ( CAPITAL IS NOT A SMOO? PROCESS4 ,CAPITAL HAS ! T5D5CY 0TO DEVELOP ! PRODUCTIVE =CES ABSOLUTELY1 REG>DLESS ( VALUE & SURPLUS-VALUE CONTA9$ 9 IT10 EV5 ?\< ! GOAL ( PRODUCTION IS 0! PRES]VATION ( ! VALUE ( ! EXI/+ CAPITAL & ITS SELF-EXPANSION TO ! HI ,:5 ! EXPANSION ( PRODUCTION \TRUNS ITS PR(ITABILITY1 ! ACCUMULATION PROCESS COMES TO A HALT4 ,! 9T]RUPTION ( ! ACCUMULATION PROCESS CON/ITUTES ! CAPITALI/ CRISIS4 ,IT APPE>S AS AN OV]PRODUCTION ( CAPITAL1 :I*1 = ,M>X1 0NEV] SIGNIFIES ANY?+ ELSE BUT OV]PRODUCTION ( MEANS ( PRODUCTION - MEANS ( PRODUCTION & NECESSITIES ( LIFE - :I* MAY S]VE AS CAPITAL1 ?AT IS1 S]VE = ! EXPLOITATION ( LABOR AT A GIV5 DEGREE ( EXPLOITATION2 = A FALL 9 ! 9T5SITY ( EXPLOITATION BEL[ A C]TA9 PO9T CALLS =? DI/URBANCES1 444 CRISES1 DE/RUCTION ( CAPITAL40.<#b.> ,9 T]MS ( ,M>X'S AB/RACT VALUE ANALYSIS ( CAPITAL ACCUMULATION1 ?IS W\LD CORRESPOND TO A SITUATION 9 :I* ! R$UC$ LABOR-P[] IS NO LONG] ABLE TO REPRODUCE & 5L>GE ! TOTAL MASS ( CAPITAL4 ,! ACTUAL ACCUMULATION PROCESS RESEMBLES ! AB/RACT VALUE-S*EME ( CAPITAL DEVELOPM5T4 ,BUT :AT 9 !ORY IS ! 0F9AL0 \TCOME ( AN UN9T]RUPT$ DEVELOPM5T APPE>S 9 REALITY AS A RECURR5T CYCLE2 EA* CYCLE1 SO TO SPEAK1 IS A COND5S$ REPLICA ( ! 0LONG-RUN0 TR5D ( CAPITAL EXPANSION4 ,! CAPITALI/ CRISIS IS AN OV]PRODUCTION ( CAPITAL ONLY ) RESPECT TO A GIV5 DEGREE ( EXPLOITATION4 ,IF ! LATT] IS SUFFICI5TLY 9CREAS$ ACCUMULATION CAN PROCE$1 = IT WAS HALT$ ONLY BECAUSE ! ACCUMULAT$ CAPITAL PROV$ TOO L>GE 9 RELATION TO ! RATE ( PR(IT IT WAS ABLE TO BR+ =?4 ,BECAUSE IT IS ONLY BY WAY ( ACCUMULATION ?AT ! CAPITALI/S CAN PRES]VE & 5L>GE !IR CAPITAL1 !Y DO SO )\T REG>D TO1 & )\T ! ABILITY TO REG>D1 ! NECESS>Y PR(ITABILITY ( ! TOTAL SOCIAL CAPITAL1 ON :I* ! PR(ITABILITY ( ALL PRIVATE CAPITALS F9ALLY DEP5DS4 ,:5 ! RATE ( PR(IT DOES NOT GR[ ALONG ) ! MASS ( CAPITAL1 ! LATT]'S 9CREAS+ ORGANIC COMPOSITION IS NOT (FSET BY A GREAT] MASS ( SURPLUS VALUE & ! DECREAS+ PR(ITABILITY ( CAPITAL WILL HALT ITS FUR!R EXPANSION4 ,M>X'S DESCRIPTIONS ( ECONOMIC PROCESSES >E NOT ALWAYS ! MO/ PRECISE1 :I* ALL[S = CONTRADICTORY 9T]PRETATIONS4 ,H[EV]1 AS ! :OLE ( ,M>XIAN !ORY RE/S UPON VALUE !ORY1 ! VALIDITY ( ANY P>TICUL> 9T]PRETATION MAY BE JUDG$ BY ITS FITNESS ) REG>D TO ! LAW ( VALUE4 ,M>X'S /ATEM5T1 = 9/ANCE1 ?AT CAPITAL HAS 0! T5D5CY TO DEVELOP ! PRODUCTIVE =CES ABSOLUTELY1 REG>DLESS ( ! VALUE & SURPLUS-VALUE CONTA9$ 9 IT10 MAY EASILY BE 9T]PRET$ AS MEAN+ ?AT IT IS ! EXPANSION ( ! MAT]IAL PRODUCTION PROCESS ITSELF :I* CAUSES A LACK ( PR(ITABILITY4 ,9 ?AT CASE1 H[EV]1 ! FACT ?AT CAPITALISM CAN OV]COME CRISIS W\LD BE 9COMPREH5SIBLE2 = IT DOES SO PRECISELY BY DEVELOP+ ! SOCIAL PRODUCTIVE =CES /ILL FUR!R4 ,IF ! PRODUCTIVE =CES \TRUN ! VALUE REQUIREM5TS ( ACCUMULATION1 !Y DO SO ONLY 9 ! S5SE ?AT 0! EXPANSION OR CONTRACTION IS DET]M9$ BY ! APPROPRIATION ( UNPAID LABOR1 & BY ! PROPORTION ( ?IS UNPAID LABOR TO MAT]IALIZ$ LABOR 9 G5]AL1 OR1 TO SPEAK ! LANGUAGE ( ! CAPITALI/S1 IS DET]M9$ BY PR(IT & BY ! PROPORTION ( ?IS PR(IT TO ! EMPLOY$ CAPITAL1 BY A DEF9ITE RATE ( PR(IT1 9/EAD ( BE+ DET]M9$ BY ! RELATIONS ( PRODUCTION TO SOCIAL WANTS1 TO ! WANTS ( SOCIALLY DEVELOP$ HUMAN BE+S4 ,! CAPITALI/ MODE ( PRODUCTION1 = ?IS REASON1 MEETS ! B>RI]S AT A C]TA9 SCALE ( PRODUCTION :I* W\LD BE 9ADEQUATE UND] DIFF]5T CONDITIONS4 ,IT MU/ COME TO A /&/ILL AT A PO9T DET]M9$ BY ! PRODUCTION & REALIZATION ( PR(IT1 NOT BY ! SATISFACTION ( SOCIAL WANTS40.<#c.> ,! RELATION%IP BETWE5 ! APPROPRIAT$ UNPAID LABOR & ! MASS ( CAPITAL CAN BE IMPROV$ ONLY BY 9CREAS+ ! MASS ( UNPAID LABOR4 ,?IS 9CREASE1 9 TURN1 LEADS TO A FUR!R 9CREASE 9 ! MASS ( CAPITAL4 ,FROM ! PO9T ( VIEW ( PR(ITABILITY1 !N1 ! CRISIS ( OV]PRODUCTION REPRES5TS A SITUATION 9 :I* ! EXI/+ CAPITAL IS SIMULTANE\SLY TOO SMALL & TOO L>GE3 IT IS TOO L>GE 9 RELATION TO ! EXI/+ SURPLUS-VALUE & IT IS NOT L>GE 5\< TO OV]COME ! DE>? ( SURPLUS-VALUE4 ,CAPITAL ACCUMULATION IS ?US BO? ! CAUSE ( CRISIS & ! 9/RUM5T ?AT OV]COMES IT4 ,! CRISIS SETS 9 BECAUSE ! EXPANSION ( PRODUCTION HAS LO/ ITS NECESS>Y CORRELATION ) ! PR(ITABILITY ( CAPITAL1 SO ?AT1 FROM ! PO9T ( VIEW ( ! LATT]1 CAPITAL HAS BE5 OV]PRODUC$4 ,?IS LACK ( CORRELATION BETWE5 PRODUCTION & PR(ITABILITY CAN ALSO BE EXPRESS$ AS A DISCREPANCY BETWE5 MAT]IAL & VALUE PRODUCTION DUE TO ! TW(OLD *>ACT] ( CAPITAL PRODUCTION AS ! PRODUCTION ( USE-VALUE & ( EX*ANGE-VALUE4 ,AL?\< SUBORD9AT$ TO ! REL5TLESS DRIVE = EX*ANGE-VALUE1 ! USE-VALUE ASPECT ( CAPITAL - AS ! MAT]IAL PRODUCTION PROCESS - CONT9UES TO PLAY A RELATIVELY 9DEP5D5T P>T 9 CAPITAL PRODUCTION4 ,! CONT9U$ EXI/5CE ( CAPITALISM %[S1 H[EV]1 ?AT ! 09T]NAL CONTRADICTION0 BETWE5 USE- & EX*ANGE-VALUE DOES NOT ALT] ! DOM9ANCE & CONTROL ( MAT]IAL PRODUCTION BY VALUE CONSID]ATIONS1 ?AT ?IS DOM9ANCE BECOMES 9CREAS+LY MORE PREC>I\S IS HI/ORICALLY ILLU/RAT$ BY ! 9CREAS+ SEV]ITY & FREQU5CY ( CRISES &1 F9ALLY1 BY ! ADV5T ( ! RA!R P]MAN5T CRISIS CONDITIONS ?AT >E N[ ODDLY CELEBRAT$ AS ! TAM+ ( ! BUS9ESS-CYCLE VIA CONSCI\S 9T]F]5CES 9 ! M>KET ME*ANISM4 ,! EFFECT ( ! USE-VALUE ASPECT ( CAPITAL PRODUCTION UPON ! ACCUMULATION ( CAPITAL COMES TO ! =E1 = 9/ANCE1 9 ! DET]M9ATION ( ! MASS ( ADDITIONAL CAPITAL REQUIR$ = A SUCCESSFUL CAPITAL EXPANSION4 ,ONLY A DEF9ITE AM\NT ( NEW CAPITAL1 AS DET]M9$ BY ! AM\NT ( PHYSICAL CAPITAL ALREADY 9 EXI/5CE1 WILL SUFFICE = AN ACCEL]AT$ CAPITAL EXPANSION4 ,?IS DEF9ITE MASS REF]S TO TOTAL SOCIAL SURPLUS-VALUE 9 RELATION TO ! TOTAL SOCIAL CAPITAL4 ,IF ?IS DEF9ITE MASS ( SURPLUS-VALUE CANNOT BE PRODUC$ UND] ! EXI/+ CONDITIONS1 !RE CAN BE NO PR(ITABLE CAPITAL EXPANSION4 ,!RE MAY !N EXI/ AN 0ABUNDANCE0 ( 9VE/ABLE FUNDS :I* IS NOT L>GE 5\< TO S]VE ! NE$S ( A PR(ITABLE ACCUMULATION4 ,9 ! REAL CAPITALI/ WORLD IT CANNOT BE KN[N1 ( C\RSE1 :E!R ! MASS ( SURPLUS-VALUE IS ADEQUATE = ! PURPOSE ( CAPITAL EXPANSION4 ,! RELATION%IP BETWE5 ! MASS ( EXI/+ CAPITAL & ! MASS ( SURPLUS-VALUE NE$$ TO ASSURE ITS REPRODUCTION ON A L>G] SCALE CAN ONLY BE DISC]N$ 9DIRECTLY1 ?R\< M>KET & PRICE RELATIONS :I* SIGNIFY EI!R AN EXP&+ OR A CONTRACT+ ECONOMY4 ,?IS 9DIRECT DISC]NM5T IS 9ACCURATE BECAUSE FACTORS NOT CAUS$ BY A DISCREPANCY BETWE5 MAT]IAL PRODUCTION & VALUE PRODUCTION MAY ACC\NT = A D[NW>D BUS9ESS TR5D4 ,=1 9 REALITY1 0! CONV]SION ( SURPLUS-VALUE 9TO PR(IT IS DET]M9$ AS MU* BY ! PROCESS ( CIRCULATION AS IT IS BY ! PROCESS ( PRODUCTION40.<#d.> ,DISCREPANCIES 9 ! SUPPLY & DEM& RELATIONS MAY H9D] ! REALIZATION ( SURPLUS-VALUE EV5 ?\< - UND] DIFF]5T M>KET CONDITIONS - ! ACTUALLY-PRODUC$ SURPLUS-VALUE MAY HAVE PROV$ ADEQUATE = ! REQUIREM5TS ( CAPITAL =MATION4 ,BE ?IS AS IT MAY1 ! PO9T IS ?AT EV5 ON ! ASSUMPTION ?AT NO REALIZATION PROBLEM EXI/S1 IT IS POSSIBLE ?AT A DISCREPANCY BETWE5 MAT]IAL PRODUCTION & VALUE PRODUCTION WILL >ISE :I* WILL HAVE TO BE OV]COME BE=E ACCUMULATION CAN GO ON4 ,ON ! ASSUMPTION ?AT NO DIFFICULTIES >ISE 9 ! CIRCULATION PROCESS1 A SUFFICI5T MASS ( SURPLUS-VALUE W\LD LEAD TO ! SIMULTANE\S EXPANSION ( MAT]IAL & VALUE PRODUCTION1 & AN 9SUFFICI5T MASS ( SURPLUS-VALUE W\LD NOT4 ,! >RE/ ( ! ACCUMULATION PROCESS IS1 ( C\RSE1 ! CAPITALI/ CRISIS1 :I* MANIFE/S ITSELF 9 A SUDD5 DECL9E ( PR(ITABILITY4 ,ONCE 9 CRISIS1 CAPITALISM CAN ONLY RESUME ITS EXPANSION ?R\< *ANGES 9 ! SPH]E ( PRODUCTION :I* 9CREASE ! SURPLUS-VALUE RELATIVE TO ! VALUE ( ! EXI/+ CAPITAL4 ,SU* *ANGES REQUIRE A 0/>T+-PO9T0 DIFF]5T FROM ?AT :I* CON/ITUT$ ! 05DPO9T0 ( ! PREVI\S PHASE ( CAPITAL EXPANSION1 = ?IS 05DPO9T0 PROV$ TO BE A CRISIS-PO9T4 ,9 O!R WORDS1 ! NEW UPSW+ PRESUPPOSES BO? ! CRISIS & ! DE/RUCTION & DEVALUATION ( CAPITAL :I* IT BR+S4 ,! CRISIS LEAVES ! USE-VALUE SIDE ( CAPITAL L>GELY UNAFFECT$1 EXCEPT :5 ! MAT]IAL MEANS ( PRODUCTION >E ACTUALLY DE/ROY$1 AS 9 TIMES ( W>4 ,BUT IT AFFECTS ! VALUE ( ! TOTAL CON/ANT CAPITAL ?R\< ! DE/RUCTION ( CAPITAL-VALUES DUR+ ! CRISIS & 5SU+ P]IOD ( DEPRESSION4 ,! SAME QUANTITY ( USE-VALUE N[ REPRES5TS A SMALL] EX*ANGE-VALUE2 & ! SURPLUS-VALUE1 DET]M9$ BY ! UNALT]$ USE-VALUE ( CAPITAL1 RELATES ITSELF TO A SMALL] TOTAL VALUE ( CAPITAL4 ,) REG>D TO ITS MAT]IAL SIDE1 ! ORGANIC COMPOSITION ( CAPITAL REMA9S ! SAME1 BUT AS REG>DS ITS VALUE SIDE1 IT HAS BE5 L[]$4 ,?IS ADJU/M5T RAISES ! PR(ITABILITY ( ! SURVIV+ CAPITALS4 ,CAPITAL /AGNATION CANNOT HAVE PHYSICAL CAUSES1 = ! EXI/+ MAT]IAL =CES ( PRODUCTION1 AS BO? MEANS ( PRODUCTION & LABOR P[]1 >E NOT ALT]$ BY ! CRISIS4 ,NOR CAN IT F9D ITS CAUSE 9 A MAT]IAL OV]PRODUCTION ( ! MEANS ( PRODUCTION1 = 9 ?IS RESPECT ! WORLD IS OBVI\SLY UND]-CAPITALIZ$2 NOT 5\< MEANS ( PRODUCTION EXI/ TO SATISFY EV5 ! M9IMAL NE$S ( ! WORLD'S POPULATION4 ,! TURN FROM PROSP]ITY TO DEPRESSION CAN ONLY BE EXPLA9$ AS A %IFT 9 VALUE RELATIONS1 ?AT IS1 AS A %IFT FROM A SUFFICI5T TO AN 9SUFFICI5T PR(ITABILITY ( CAPITAL4 ,AS PR(ITS >E ONLY ANO!R NAME = SURPLUS-VALUE1 OR SURPLUS-LABOR1 ! CRISES-CYCLE F9DS ITS EXPLANATION 9 ! LOSS & RE/ORATION ( AN ADEQUATE RATE ( EXPLOITATION4 ,AS !RE WAS APP>5TLY NO LACK ( SURPLUS-VALUE DUR+ ! PHASE ( ACCUMULATION PREC$+ ! DEPRESSION ! ACCUMULATION PROCESS ITSELF1 BY ALT]+ ! ORGANIC COMPOSITION ( CAPITAL1 MU/ HAVE L$ TO A RELATIVE DE>? ( SURPLUS-VALUE & PRODUC$ ! CRISIS4 ,! RESUMPTION ( ! ACCUMULATION PROCESS 9DICATES ?AT WAYS HAVE BE5 F\ND TO 9CREASE ! PRODUCTION ( SURPLUS-VALUE 9 A MEASURE GREAT 5\< TO NEUTRALIZE ! EFFECTS ( ! RIS+ ORGANIC COMPOSITION ( CAPITAL ON ! RATE ( PR(IT4 ,! RIS+ ORGANIC COMPOSITION ( CAPITAL1 ! LAW ( ! PROGRESSIVE 9CREASE ( ! CON/ANT CAPITAL 9 PROPORTION TO ! V>IABLE1 ,M>X F\ND 0CONFIRM$ AT EV]Y /EP BY ! COMP>ATIVE ANALYSIS ( ! PRICES ( COMMODITIES1 :E!R WE COMP>E DIFF]5T ECONOMIC EPO*S OR DIFF]5T NATIONS 9 ! SAME EPO*40.<#e.> ,! HEITICUL> TIME SAYS NO?+ ( C\RSE1 AB\T ! FUR!R PROSPECTS ( CAPITAL PRODUCTION4 ,CAPITAL CAN ACCUMULATE ) A HI< AS WELL AS A L[ ORGANIC COMPOSITION ( CAPITAL1 SO LONG AS ITS RATE ( EXPLOITATION IS CORRESPOND+LY ACCEL]AT$4 ,OV]-ACCUMULATION ( CAPITAL RELATIVE TO ! EXPLOITABILITY ( LABOR R$UCES ! RATE ( ACCUMULATION OR /OPS IT ALTOGE!R2 YET ! RESULT+ CRISIS CONDITIONS PROVIDE OPPORTUNITIES = ! REORGANIZATION ( ! TOTAL CAPITAL /RUCTURE :I* ALL[S = A NEW PHASE ( CAPITAL EXPANSION4 ,! DEVALUATION ( CAPITAL RELATES A GIV5 MASS ( SURPLUS-VALUE TO A SMALL] TOTAL CAPITAL4 ,& ! CAPITAL CONC5TRATION :I* IT AIDS PLAYS ?IS SURPLUS-VALUE 9TO ! H&S ( RELATIVELY FEW] 5TREPR5EURS4 ,LESS-PRODUCTIVE CAPITAL DISAPPE>S TO MAKE ROOM = MORE-PRODUCTIVE CAPITAL1 & ! %>P] COMPETITION BETWE5 REMA9+ CAPITAL HA/5S ! SE>* = CAPITAL-SAV+ & LABOR-SAV+ 9NOVATIONS1 UNTIL ! 9CREASE ( SURPLUS-VALUE MAKES EXPANSION POSSIBLE ONCE MORE4 ,?IS 9CREASE MU/ BE L>GE 5\<1 H[EV]1 TO 5L>GE TOTAL CAPITAL BEYOND ! HIRIVAL & ! EXT5T ( ITS DEVA/ATION1 ! /ATE ( CRISIS CAN BE AWAIT$ AS ! C]TA9 RESULT ( AN 5HANC$ ACCUMULATION PROCESS UNABLE TO MA9TA9 ITS NECESS>Y PR(ITABILITY4 ,BECAUSE ! DECL9E ( PR(ITABILITY1 ASSOCIAT$ ) A SCALE ( PRODUCTION SIGNIFY+ AN OV]PRODUCTION ( CAPITAL1 BECOMES APP>5T 9 ! M>KET SPH]E1 IT APPE>S AS A M]E M>KET PROBLEM1 AS A TEMPOR>Y DISEQUILIBRIUM ( SUPPLY & DEM&4 ,NO CAPITALI/ CAN ADMIT MORE1 = TO TRACE ! CRISIS TO ! UND]LY+ VALUE RELATIONS ( CAPITAL PRODUCTION MEANS TO ACCEPT RESPONSIBILITY = ! CRISIS AS AN ECONOMIC EXPRESSION ( ! EXPLOITATIVE CAPITAL-LABOR RELATIONS4 #a4 ,CAPITAL1 ,VOL4 ,I,I,I1 P4 #b#i#b4 #b4 ,IBID41 P4 #c4 #c4 ,IBID41 P4 #c#c4 #d4 ,IBID41 P4 #i#f#d4 #e4 ,CAPITAL1 ,VOL4 ,I1 P4 #f#h#b4 ,FROM 3 ,M>XI/S4ORG4 ,*RONOLOGY 3 ,M>* #c1 #bba 3 ,*APT] #g -- ,ADD$4 FILE G5]AT$ FROM 3 HTTP3_/_/REVOLTLIB4COM_/