,SECTION #b1 ,*APT] #bb 
,HI/ORICAL ,EXPOSITION ( ! ,PROBLEM3 ,BULGAKOV & ,HIS ,COMPLETION ( ,M>X'S ,ANALYSIS 

,PEOPLE 3 

,AU?OR 3 ,ROSA ,LUXEMBURG 

,TEXT 3 

,! SECOND CRITIC ( 'POPULI/' SKEPTICISM1 ,S4 ,BULGAKOV1 IS NO RESPECT] ( ,/RUVE'S '?IRD P]SONS' & AT ONCE D5IES ?AT !Y =M ! %EET-AN*OR = CAPITALI/ ACCUMULATION4 

',! MAJORITY ( ECONOMI/S BE=E ,M>X' HE DECL>ES1 'SOLV$ ! PROBLEM BY SAY+ ?AT SOME SORT ( '?IRD P]SON' IS NE$$1 AS A DEUS EX MA*9A1 TO CUT ! ,GORDIAN KNOT1 I4E4 TO CONSUME ! SURPLUS VALUE4 ,?IS P>T IS PLAY$ BY LUXURY-LOV+ L&[N]S 7AS ) ,MAL?US71 OR BY 9DULG5T CAPITALI/S1 OR YET BY-MILIT>ISM & ! LIKE4 ,!RE CAN BE NO DEM& = ! SURPLUS VALUE )\T SOME SU* EXTRAORD9>Y M$IATORS2 A DEADLOCK WILL BE REA*$ ON ! M>KETS & ! RESULT WILL BE OV]-PRODUCTION & CRISES4'7#a7 

',/RUVE ?US ASSUMES ?AT CAPITALI/ PRODUCTION 9 ITS DEVELOPM5T1 TOO1 MAY F9D ITS ULTIMATE MA9/AY 9 ! CONSUMPTION ( SOME FANTA/IC SORT ( '?IRD P]SON'4 ,BUT IF ?IS GREAT PUBLIC IS ESS5TIALLY *>ACT]IZ$ AS CONSUM+ ! SURPLUS VALUE1 :5CE DOES IT OBTA9 ! MEANS TO BUY8'7#b7 

,= HIS P>T1 ,BULGAKOV C5T]S ! :OLE PROBLEM FROM ! FIR/ 9 ! ANALYSIS ( ! SOCIAL AGGREGATE PRODUCT & ITS REPRODUCTION AS GIV5 BY ,M>X 9 ! SECOND VOLUME ( ,CAPITAL4 ,HE HAS A ?OR\< GRASP ( ! FACT ?AT HE MU/ />T ) SIMPLE REPRODUCTION & MU/ FULLY UND]/& ITS WORK+ 9 ORD] TO SOLVE ! QUE/ION ( ACCUMULATION4 ,9 ?IS CONTEXT1 HE SAYS1 IT IS ( P>TICUL> IMPORTANCE TO OBTA9 A CLE> PICTURE ( ! CONSUMPTION ( SURPLUS VALUE & WAGES 9 SU* BRAN*ES ( PRODUCTION AS DO NOT TURN \T GOODS = CONSUMPTION1 & FUR!R1 TO UND]/& FULLY ! CIRCULATION ( ?AT PORTION ( ! SOCIAL AGGREGATE PRODUCT :I* REPRES5TS US$-UP CON/ANT CAPITAL4 ,?IS1 HE >GUES1 IS A COMPLETELY NEW PROBLEM ( :I* ECONOMI/S HAD NOT EV5 BE5 AW>E BE=E ,M>X BR\<T IT UP4 

',9 ORD] TO SOLVE ?IS PROBLEM1 ,M>X DIVIDES ALL CAPITALI/ICALLY PRODUC$ COMMODITIES 9TO TWO GREAT & FUNDAM5TALLY DIFF]5T CATEGORIES3 ! PRODUCTION ( PRODUC] & CONSUM] GOODS4 ,!RE IS MORE !ORETICAL IMPORTANCE 9 ?IS DIVISION ?AN 9 ALL PREVI\S SQUABBLES ON ! !ORY ( M>KETS4'7#c7 

,BULGAKOV1 WE SEE1 IS AN \TSPOK5 & 5?USIA/IC SUPPORT] ( ,M>X'S !ORY4 ,! OBJECT ( HIS /UDY1 AS HE PUTS IT1 IS ?US A CRITIQUE ( ! DOCTR9E ?AT CAPITALISM CANNOT EXI/ )\T1 EXT]NAL M>KETS4 

',= ?IS PURPOSE1 ! AU?OR HAS MADE USE ( ! MO/ VALUABLE ANALYSIS ( SOCIAL REPRODUCTION GIV5 BY ,M>X 9 VOLUME II ( ,CAPITAL :I* = REASONS UNKN[N HAS SC>CELY BE5 UTILIZ$ 9 ECONOMIC !ORY4 ,?\< ?IS ANALYSIS CANNOT BE TAK5 AS FULLY COMPLET$1 WE >E YET ( OP9ION ?AT EV5 9 ITS PRES5T FRAGM5T>Y %APE IT (F]S AN ADEQUATE F\NDATION = A SOLUTION ( ! M>KET PROBLEM ?AT DIFF]S FROM ?AT ADOPT$ BY ,MESSRS4 ,NIKOLAYON1 ,V4,V4 & O!RS1 & :I* !Y CLAIM TO HAVE F\ND 9 ,M>X4'7#d7 

,BULGAKOV GIVES ! FOLL[+ =MULATION ( HIS SOLUTION :I* HE HAS D$UC$ FROM ,M>X HIMSELF3 

',9 C]TA9 CONDITIONS1 CAPITALISM MAY EXI/ SOLELY BY VIRTUE ( AN 9T]NAL M>KET4 ,IT IS NOT AN 9H]5T NECESSITY PECULI> TO ! CAPITALI/ MODE ( PRODUCTION ?AT ! \TSIDE M>KET BE ABLE TO ABSORB ! SURPLUS ( CAPITALI/ PRODUCTION4 ,! AU?OR HAS >RIV$ AT ?IS CONCLUSION 9 CONSEQU5CE ( HIS /UDY ( ! ABOVE-M5TION$ ANALYSIS ( SOCIAL REPRODUCTION4' 

,& N[ WE >E EAG] TO HE> ! >GUM5TS ,BULGAKOV HAS BAS$ ON ! ABOVE !SIS4 

,AT FIR/ SI<T1 !Y PROVE SURPRIS+LY SIMPLE3 ,BULGAKOV FAI?FULLY REPRODUCES ,M>X'S WELL-KN[N DIAGRAM ( SIMPLE REPRODUCTION1 ADD+ COMM5TS :I* DO CR$IT TO HIS 9SI<T4 ,HE FUR!R CITES ,M>X'S EQUALLY FAMILI> DIAGRAM ( 5L>G$ REPRODUCTION - & ?IS 9DE$ IS ! PRO( WE HAVE BE5 SO ANXI\S TO F9D4 

',CONSEQU5T UPON :AT WE HAVE SAID1 IT WILL NOT BE DIFFICULT N[ TO DET]M9E ! V]Y ESS5CE ( ACCUMULATION4 ,! MEANS-(-PRODUCTION DEP>TM5T ,I MU/ PRODUCE ADDITIONAL MEANS ( PRODUCTION NECESS>Y = 5L>G+ BO? ITS [N PRODUCTION & ?AT ( ,DEP>TM5T ,I,I4 ,I,I1 9 ITS TURN1 WILL HAVE TO SUPPLY ADDITIONAL CONSUMPTION GOODS TO 5L>GE ! V>IABLE CAPITAL 9 BO? DEP>TM5TS4 ,DISREG>D+ ! CIRCULATION ( MONEY1 ! EXPANSION ( PRODUCTION IS R$UC$ TO AN EX*ANGE ( ADDITIONAL PRODUCTS ( ,I NE$$ BY ,I,I AGA9/ ADDITIONAL PRODUCTS ( ,I,I NE$$ BY ,I4' 

,LOYALLY FOLL[+ ,M>X'S D$UCTIONS1 ,BULGAKOV DOES NOT NOTICE ?AT SO F> HIS 5TIRE !SIS IS NO?+ BUT WORDS4 ,HE BELIEVES ?AT !SE MA!MATICAL =MULAS SOLVE ! PROBLEM ( ACCUMULATION4 ,NO D\BT WE CAN EASILY IMAG9E PROPORTIONS SU* AS ?OSE HE HAS COPI$ FROM ,M>X1 & IF !RE IS EXP&+ PRODUCTION1 !SE =MULAS WILL APPLY4 ,YET ,BULGAKOV OV]LOOKS ! PR9CIPAL PROBLEM3 :O EXACTLY IS TO PR(IT BY AN EXPANSION SU* AS ?AT :OSE ME*ANISM HE EXAM9ES8 ,IS IT EXPLA9$ JU/ BECAUSE WE CAN PUT ! MA!MATICAL PROPORTIONS ( ACCUMULATION ON PAP]8 ,H>DLY1 BECAUSE JU/ AS SOON AS ,BULGAKOV HAS DECL>$ ! MATT] SETTL$ & GOES ON TO 9TRODUCE ! CIRCULATION ( MONEY 9TO ! ANALYSIS1 HE RI<T AWAY COMES UP AGA9/ ! QUE/ION3 :]E >E ,I & ,I,I TO GET ! MONEY = ! PUR*ASE ( ADDITIONAL PRODUCTS8 ,:5 WE DEALT ) ,M>X1 TIME & AGA9 ! WEAK PO9T 9 HIS ANALYSIS1 ! QUE/ION REALLY ( CONSUM]S 9 5L>G$ REPRODUCTION1 CROPP$ UP 9 A P]V]T$ =M AS ! QUE/ION ( ADDITIONAL MONEY S\RCES4 ,H]E ,BULGAKOV QUITE SLAVI%LY FOLL[S ,M>X'S APPROA*1 ACCEPT+ HIS MISLEAD+ =MULATION ( ! PROBLEM )\T NOTIC+ ?AT IT IS NOT /RAI<T=W>D1 AL?\< HE KN[S P]FECTLY WELL ?AT ',M>X HIMSELF DID NOT ANSW] ?IS QUE/ION 9 ! DRAFTS :I* W]E US$ TO COMPILE ! SECOND VOLUME ( ,CAPITAL'4 ,IT %\LD BE ALL ! MORE 9T]E/+ TO SEE :AT ANSW] ,M>X'S ,RUSSIAN PUPIL ATTEMPT$ TO WORK \T ON HIS [N4 

',! FOLL[+ SOLUTION'1 ,BULGAKOV SAYS1 'SEEMS TO US TO CORRESPOND BE/ TO ,M>X'S DOCTR9E AS A :OLE3 ,! NEW V>IABLE CAPITAL 9 MONEY-=M SUPPLI$ BY ,I,I = BO? DEP>TM5TS HAS ITS COMMODITY EQUIVAL5T 9 SURPLUS VALUE ,I,I4 ,) REF]5CE TO SIMPLE REPRODUCTION1 WE HAVE ALREADY SE5 ?AT ! CAPITALI/S !MSELVES MU/ ?R[ MONEY 9TO CIRCULATION TO REALIZE !IR SURPLUS VALUE1 MONEY :I* ULTIMATELY REV]TS TO ! POCKET ( ! V]Y CAPITALI/ IT CAME FROM4 ,! QUANTITY ( MONEY REQUIR$ = ! CIRCULATION ( ! SURPLUS VALUE IS DET]M9$ 9 ACCORDANCE ) ! G5]AL LAW ( COMMODITY CIRCULATION BY ! VALUE ( ! COMMODITIES ?AT CONTA9$ IF DIVID$ BY ! AV]AGE AM\NT ( MONEY TURNOV]4 ,?IS SAME LAW MU/ APPLY H]E2 ! CAPITALI/S ( ,DEP>TM5T ,I,I MU/ DISPOSE ( A C]TA9 AM\NT ( MONEY = ! CIRCULATION ( !IR SURPLUS VALUE1 & MU/ CONSEQU5TLY POSSESS C]TA9 MONEY RES]VES4 ,!SE RES]VES MU/ BE AMPLE 5\< = ! CIRCULATION BO? ( ?AT PORTION ( ! SURPLUS VALUE :I* REPRES5TS ! CONSUMPTION FUND & ( ?AT :I* IS TO BE ACCUMULAT$ AS CAPITAL4' 

,BULGAKOV FUR!R >GUES ?AT IT IS IMMAT]IAL TO ! QUE/ION H[ MU* MONEY IS REQUIR$ TO CIRCULATE A C]TA9 AM\NT ( COMMODITIES 9SIDE A C\NTRY1 :E!R OR NOT SOME ( !SE COMMODITIES CONTA9 ANY SURPLUS VALUE4 ',9 ANSW] TO ! G5]AL QUE/ION AS TO MONEY S\RCES 9SIDE ! C\NTRY1 H[EV]1 \R SOLUTION IS ?AT ! MONEY IS SUPPLI$ BY ! PRODUC] ( GOLD4'7#e7 

,IF A C\NTRY REQUIRES MORE MONEY CONSEQU5T UPON AN EXPANSION ( PRODUCTION1 ! PRODUCTION ( GOLD WILL HAVE TO BE 9CREAS$ ACCORD+LY4 ,SO H]E WE >E AGA93 ! PRODUC] ( GOLD IS AGA9 ! DEUS EX MA*9A1 JU/ AS HE HAD BE5 = ,M>X4 ,9 FACT1 ,BULGAKOV HAS SADLY DISAPPO9T$ US 9 ! HI< HOPES WE HAD ( HIS NEW SOLUTION4 ,HIS 'SOLUTION' ( ! PROBLEM DOES NOT GO A /EP BEYOND ,M>X'S [N ANALYSIS4 ,IT CAN BE R$UC$ TO ?REE EXTREMELY SIMPLE /ATEM5TS AS FOLL[S3 

,QUE/ION3 ,H[ MU* MONEY DO WE NE$ = ! REALIZATION ( CAPITALIZ$ SURPLUS VALUE8 ,ANSW]3 ,JU/ AS MU* AS IS REQUIR$ 9 ACCORDANCE ) ! G5]AL LAW ( COMMODITY CIRCULATION4 

,Q43 ,:]E DO ! CAPITALI/S GET ! MONEY = ! REALIZATION ( CAPITALIZ$ SURPLUS VALUE8 ,A43 ,!Y >E SUPPOS$ TO HAVE IT4 

,Q43 ,H[ DID ! MONEY COME 9TO ! C\NTRY 9 ! FIR/ PLACE8 ,A43 ,IT IS PROVID$ BY ! PRODUC] ( GOLD4 

,! EXTREME SIMPLICITY ( ?IS ME?OD ( EXPLANATION IS SUSPICI\S RA!R ?AN ATTRACTIVE4 

,WE NE$ NOT TR\BLE1 H[EV]1 TO REFUTE ?IS !ORY :I* MAKES ! GOLD PRODUC] ! DEUS EX MA*9A ( CAPITALI/ ACCUMULATION4 ,BULGAKOV HAS DONE IT HIMSELF QUITE ADEQUATELY4 ,EI<TY PAGES ON1 HE RETURNS TO ! GOLD PRODUC] 9 QUITE A DIFF]5T CONTEXT1 9 ! C\RSE ( A L5G?Y >GUM5T AGA9/ ! !ORY ( ! WAGES FUND 9 :I* HE GOT 9VOLV$ = SOME MY/]I\S REASON4 ,H]E HE SUDD5LY DISPLAYS A KE5 GRASP ( ! PROBLEM3 

',WE KN[ ALREADY ?AT !RE IS GOLD PRODUC] AMONG O!R PRODUC]S4 ,EV5 UND] CONDITIONS ( SIMPLE REPRODUCTION1 HE 9CREASES1 ON ! ONE H&1 ! ABSOLUTE QUANTITY ( MONEY CIRCULAT+ 9SIDE ! C\NTRY1 & ON ! O!R1 HE BUYS PRODUC] & CONSUM] GOODS )\T1 9 HIS TURN1 SELL+ COMMODITIES1 PAY+ ) HIS [N PRODUCT1 I4E4 ) ! G5]AL EX*ANGE EQUIVAL5T1 = ! GOODS HE BUYS4 ,! GOLD PRODUC] N[ MI<T P]HAPS R5D] ! S]VICE ( BUY+ ! :OLE ACCUMULAT$ SURPLUS VALUE FROM ,I,I & PAY = IT 9 GOLD :I* ,I,I CAN !N USE TO BUY MEANS ( PRODUCTION FROM ,I & TO 9CREASE ITS V>IABLE CAPITAL NE$$ TO PAY = ADDITIONAL LABOR P[] SO ?AT ! GOLD PRODUC] N[ APPE>S AS ! REAL EXT]NAL M>KET4 

',?IS ASSUMPTION1 H[EV]1 IS QUITE ABSURD4 ,TO ACCEPT IT W\LD MEAN TO MAKE ! EXPANSION ( SOCIAL PRODUCTION DEP5D5T UPON ! EXPANSION ( GOLD PRODUCTION4 7,HE>1 HE>67 ,?IS 9 TURN PRESUPPOSES AN 9CREASE 9 GOLD PRODUCTION :I* IS QUITE UNREAL4 ,IF ! GOLD PRODUC] W]E OBLIG$ TO BUY ALL ! ACCUMULAT$ SURPLUS VALUE FROM ,I,I = HIS [N WORK]S1 HIS [N V>IABLE CAPITAL W\LD HAVE TO GR[ BY ! DAY & 9DE$ BY ! H\R4 ,YET HIS CON/ANT CAPITAL AS WELL AS HIS SURPLUS VALUE %\LD ALSO GR[ 9 PROPORTION1 & GOLD PRODUCTION AS A :OLE W\LD CONSEQU5TLY HAVE TO TAKE ON IMM5SE DIM5SIONS4 7,HE>1 HE>67 ,9/EAD ( SUBMITT+ ?IS SOPHI/ICAL PRESUMPTION TO /ATI/ICAL TE/S - :I* 9 ANY CASE W\LD H>DLY BE POSSIBLE - A S+LE FACT CAN BE ADDUC$ :I* W\LD ALONE REFUTE ?IS PRESUPPOSITION3 IT IS ! DEVELOPM5T ( ! 9/ITUTION ( CR$IT :I* ACCOMPANIES ! DEVELOPM5T ( CAPITALI/ ECONOMY4 7,HE>1 HE>67 ,CR$IT HAS ! T5D5CY TO DIM9I% ! AM\NT ( MONEY 9 CIRCULATION 7?IS DECREASE BE+1 ( C\RSE1 ONLY RELATIVE1 NOT ABSOLUTE72 IT IS ! NECESS>Y COMPLEM5T ( A DEVELOP+ ECONOMY ( EX*ANGE :I* W\LD O!RWISE SOON F9D ITSELF HAMP]$ BY A LACK ( CO9$ MONEY4 ,I ?9K WE NE$ NOT GIVE FIGURES 9 ?IS CONTEXT TO PROVE ?AT ! ROLE ( MONEY 9 EX*ANGE-TRANSACTIONS IS N[ V]Y SMALL4 ,! HYPO!SIS IS ?US PROV$ 9 IMM$IATE & EVID5T DISAGREEM5T ) ! FACTS >ID MU/ BE CONFUT$4'7#f7 

,BRAVO6 ,BRAVISSIMO6 ,?IS IS REALLY EXCELL5T6 ,BULGAKOV1 H[EV]1 ?US 'CONFUTES' ALSO HIS =M] EXPLANATION ( ! QUE/ION 9 :AT WAY & BY :OM CAPITALIZ$ SURPLUS VALUE IS REALIZ$4 ,MOREOV]1 9 REFUT+ HIS [N /ATEM5TS1 ,BULGAKOV HAS ONLY EXPLA9$ 9 SOME:AT GREAT] DETAIL :AT ,M>X EXPRESS$ 9 A S+LE WORD :5 HE CALL$ ! HYPO!SIS ( A GOLD PRODUC] SWALL[+ UP ! 5TIRE SURPLUS VALUE ( SOCIETY - 'ABSURD'4 

,ADMITT$LY1 ,BULGAKOV'S REAL SOLUTION & ?AT ( ,RUSSIAN ,M>XI/S 9 G5]AL :O DEAL EXT5SIVELY ) ! PROBLEM MU/ BE S\<T ELSE:]E4 ,JU/ LIKE ,TUGAN-,B>ANOVSKI & ,ILY9 .<,L59.>1 ,BULGAKOV UND]L9ES ! FACT ?AT ! OPPOS+ SKEPTICS MADE A CAPITAL ]ROR ) RESPECT TO ! POSSIBILITY ( ACCUMULATION 9 ANALYZ+ ! VALUE ( ! AGGREGATE PRODUCT4 ,!Y1 ESPECIALLY ,VORONTSOV1 ASSUM$ ?AT ! AGGREGATE SOCIAL PRODUCT CONSI/S 9 CONSUM] GOODS1 & !Y ALL />T$ FROM ! FALSE PREMISE ?AT CONSUMPTION IS 9DE$ ! OBJECT ( CAPITALI/ PRODUCTION4 ,?IS1 AS ! ,M>XI/S N[ EXPLA91 IS ! S\RCE ( ! 5TIRE MISUND]/&+ - ( ALL ! IMAG9>Y DIFFICULTIES CONNECT$ ) ! REALIZATION ( ! SURPLUS VALUE1 ) :I* ! SKEPTICS RACK$ !IR BRA9S4 

',?IS S*OOL CREAT$ NON-EXI/5T DIFFICULTIES BECAUSE ( ?IS MI/AK5 CONCEPTION4 ,S9CE ! NORMAL CONDITIONS ( CAPITALI/ PRODUCTION PRESUPPOSE ?AT ! CAPITALI/S' CONSUMPTION FUND IS ONLY A P>T ( ! SURPLUS VALUE1 & ! SMALL] P>T AT ?AT1 ! L>G] BE+ SET ASIDE = ! EXPANSION ( PRODUCTION1 IT IS OBVI\S ?AT ! DIFFICULTIES IMAG9$ BY ?IS 7! POPULI/7 S*OOL DO NOT REALLY EXI/4'7#g7 

,! UNCONC]N ) :I* ,BULGAKOV H]E IGNORES ! REAL PROBLEM IS /RIK+4 ,APP>5TLY IT HAS NOT DAWN$ ON HIM ?AT ! QUE/ION AS TO ! ULTIMATE B5EFICI>IES1 QUITE IRRELEVANT SO LONG AS P]SONAL CONSUMPTION ( ! 5TIRE SURPLUS VALUE IS ASSUM$1 ONLY BECOMES ACUTE ON ! ASSUMPTION ( 5L>G$ REPRODUCTION4 

,ALL !SE 'IMAG9>Y DIFFICULTIES' VANI%1 ?ANKS TO TWO DISCOV]IES ( ,M>X'S :I* HIS ,RUSSIAN PUPILS UNTIR+LY QUOTE AGA9/ !IR OPPON5TS4 ,! FIR/ IS ! FACT ?AT1 9 T]MS ( VALUE1 ! SOCIAL PRODUCT IS COMPOS$1 NOT ( V "4 S1 BUT ( C "4 V "4 S4 ,SECONDLY1 ! RATIO ( C TO V 9 ?IS SUM CONT9UALLY 9CREASES ) ! PROGRESS ( CAPITALI/ PRODUCTION1 & AT ! SAME TIME1 ! CAPITALIZ$ P>T ( ! SURPLUS VALUE AS AGA9/ ?AT P>T ( IT ?AT IS CONSUM$1 IS EV] GR[+4 ,ON ?IS BASIS1 ,BULGAKOV E/ABLI%ES A COMPLETE !ORY ( ! RELATIONS BETWE5 PRODUCTION & CONSUMPTION 9 A CAPITALI/ SOCIETY4 ,AS ?IS !ORY PLAYS SU* AN IMPORTANT P>T = ! ,RUSSIAN ,M>XI/S 9 G5]AL1 & ,BULGAKOV 9 P>TICUL>1 IT WILL BE NECESS>Y TO GET BETT] ACQUA9T$ ) IT4 

',CONSUMPTION1' ,BULGAKOV SAYS1 '! SATISFACTION ( SOCIAL NE$S1 IS BUT AN 9CID5TAL MOM5T 9 ! CIRCULATION ( CAPITAL4 ,! VOLUME ( PRODUCTION IS DET]M9$ BY ! VOLUME ( CAPITAL1 & NOT BY ! AM\NT ( SOCIAL REQUIREM5TS4 ,NOT ALONE ?AT ! DEVELOPM5T (1 PRODUCTION IS UNACCOMPANI$ BY A GR[? 9 CONSUMPTION - ! TWO >E MUTUALLY ANTAGONI/IC4 ,CAPITALI/ PRODUCTION KN[S NO O!R ?AN EFFECTIVE CONSUMPTION1 BUT ONLY SU* P]SONS :O DRAW EI!R SURPLUS VALUE OR LABOR WAGES CAN BE EFFECTIVE CONSUM]S & !IR PUR*AS+ P[] /RICTLY CORRESPONDS TO ! AM\NT ( ?OSE REV5UES4 ,YET WE HAVE SE5 ?AT ! FUNDAM5TAL EVOLUTION>Y LAWS ( CAPITALI/ PRODUCTION T5D1 DESPITE ! ABSOLUTE 9CREASE1 TO DIM9I% ! RELATIVE SIZE ( V>IABLE CAPITAL AS WELL AS ( ! CAPITALI/S' CONSUMPTION FUND4 ,WE CAN SAY1 !N1 ?AT ! DEVELOPM5T ( PRODUCTION DIM9I%ES CONSUMPTION47#h7 ,! CONDITIONS ( PRODUCTION & ( CONSUMPTION >E ?US 9 CONFLICT4 ,PRODUCTION CANNOT & DOES NOT EXP& TO FUR!R CONSUMPTION4 ,EXPANSION1 H[EV]1 IS AN 9H]5T FUNDAM5TAL LAW ( CAPITALI/ PRODUCTION & CONFRONTS EV]Y 9DIVIDUAL CAPITALI/ 9 ! =M ( A /]N COMM& TO COMPETE4 ,?IS CONTRADICTION IS NEGLIGIBLE 9 VIEW ( ! FACT ?AT EXP&+ PRODUCTION AS SU* REPRES5TS A M>KET = ADDITIONAL PRODUCTS4 0,9H]5T CONTRADICTIONS >E RESOLV$ BY AN EXT5SION ( ! \TLY+ FIELDS ( PRODUCTION40'7#i7 7,BULGAKOV H]E QUOTES A SAY+ ( ,M>X :I* HE HAS ?OR\<LY MISUND]/OOD2 WE %ALL LAT] HAVE OCCASION TO DEAL ) IT ONCE MORE47 ',IT HAS JU/ BE5 %[N H[ ?IS IS POSSIBLE4' 7,A REF]5CE TO ! ANALYSIS ( ! DIAGRAM ( 5L>G$ REPRODUCTION47 ',EVID5TLY1 ! GREAT] %>E ( ! EXPANSION IS APPORTION$ TO ,DEP>TM5T ,I1 TO ! PRODUCTION1 ?AT IS TO SAY1 ( CON/ANT CAPITAL1 & ONLY A 7RELATIVELY7 SMALL] P>T TO ,DEP>TM5T ,I,I :I* PRODUCES COMMODITIES = IMM$IATE CONSUMPTION4 ,?IS *ANGE 9 ! RELATIONS ( ! TWO DEP>TM5TS %[S WELL 5\< :AT P>T IS PLAY$ BY CONSUMPTION 9 A CAPITALI/ SOCIETY1 & IT 9DICATES :]E WE %\LD EXPECT TO F9D ! MO/ IMPORTANT DEM& = CAPITALI/ COMMODITIES4'7#a7 

',EV5 )9 ! N>R[ LIMITS ( ! PR(IT MOTIVE & ! CRISES1 EV5 ON ?IS /RAIT & N>R[ PA?1 CAPITALI/ PRODUCTION IS CAPABLE ( UNLIMIT$ EXPANSION1 IRRESPECTIVE (1 & EV5 DESPITE1 A DECREASE 9 CONSUMPTION4 ,! ,RUSSIAN LIT]ATURE FREQU5TLY PO9TS \T ?AT 9 VIEW ( DIM9I%+ CONSUMPTION A CONSID]ABLE 9CREASE ( CAPITALI/ PRODUCTION IS IMPOSSIBLE )\T EXT]NAL M>KETS1 BUT ?IS IS DUE TO A WRONG EVALUATION ( ! P>T PLAY$ BY CONSUMPTION 9 A CAPITALI/ SOCIETY1 ! FAILURE TO APPRECIATE ?AT CONSUMPTION IS NOT ! ULTIMATE 5D ( CAPITALI/ PRODUCTION4 ,CAPITALI/ PRODUCTION DOES NOT EXI/ BY ! GRACE ( AN 9CREASE 9 CONSUMPTION BUT BECAUSE ( AN EXT5SION ( ! \TLY+ FIELDS ( PRODUCTION :I* 9 FACT CON/ITUTE ! M>KET = CAPITALI/ PRODUCTS4 ,A :OLE PROGRESSION ( ,MAL?USIAN 9VE/IGATORS1 DISCONT5T$ ) ! SUP]FICIAL H>MONY DOCTR9E ( ! S*OOL ( ,SAY & ,RIC>DO1 HAVE SLAV$ AWAY AT A SOLUTION ( ! HOPELESS UND]TAK+3 TO F9D MEANS ( 9CREAS+ CONSUMPTION :I* ! CAPITALI/ MODE ( PRODUCTION IS B\ND TO DECREASE4 ,M>X WAS ! ONLY ONE TO ANALYZE ! REAL CONNECTIONS3 HE HAS %[N ?AT ! GR[? ( CONSUMPTION IS FATALLY LAGG+ BEH9D ?AT ( PRODUCTION1 & MU/ DO SO :ATEV] '?IRD P]SONS' ONE MI<T 9V5T4 ,CONSUMPTION & ITS VOLUME !N %\LD BY NO MEANS BE CONSID]$ AS E/ABLI%+ ! IMM$IATE LIMITS TO ! EXPANSION ( PRODUCTION4 ,CAPITALI/ PRODUCTION ATONES BY ! CRISES = DEVIAT+ FROM ! TRUE PURPOSE ( PRODUCTION1 BUT IT IS 9DEP5D5T ( CONSUMPTION4 ,! EXPANSION ( PRODUCTION IS ALONE LIMIT$ BY1 & DEP5D5T UPON1 ! VOLUME ( CAPITAL4'7#a#a7 

,! !ORY ( ,BULGAKOV & ,TUGAN-,B>ANOVSKI IS H]E DIRECTLY ATTRIBUT$ TO ,M>X4 ,9 ! EYES ( ! ,RUSSIAN ,M>XI/S1 IT IS ON ! :OLE ! DIRECT CONSEQU5CE ( ,M>X'S DOCTR9E1 ( :I* IT =MS AN ORGANIC P>T4 ,ON ANO!R OCCASION ,BULGAKOV SAYS EV5 MORE CLE>LY ?AT IT IS A FAI?FUL 9T]PRETATION ( ,M>X'S DIAGRAM ( 5L>G$ REPRODUCTION4 ,ONCE A C\NTRY HAS EMBRAC$ CAPITALI/ PRODUCTION1 ITS 9T]NAL MOVEM5T DEVELOPS ALONG ! FOLL[+ L9ES3 

',! PRODUCTION ( CON/ANT CAPITAL MAKES UP ! ,DEP>TM5T ,I ( SOCIAL REPRODUCTION1 !REBY 9/ITUT+ AN 9DEP5D5T DEM& = CONSUMPTION GOODS TO ! EXT5T ( BO? ITS [N V>IABLE CAPITAL & ! CONSUMPTION FUND ( ITS CAPITALI/S4 ,DEP>TM5T ,I,I 9 ITS TURN />TS ! DEM& = ! PRODUCTS ( ,DEP>TM5T ,I4 ,?US1 A CLOS$ CIRCLE IS ALREADY =M$ AT ! 9ITIAL /AGE ( CAPITALI/ PRODUCTION11 9 :I* IT DEP5DS ON NO EXT]NAL M>KET BUT IS SELF-SUFFICI5T & CAN GR[1 ( ITSELF1 AS IT W]E1 BY MEANS ( ACCUMULATION4'7#a#b7 

,9 ! H&S ( ! ,RUSSIAN ,M>XI/S ?IS !ORY BECOMES ! FAVORITE /ICK ) :I* TO BEAT !IR OPPON5TS1 ! 'POPULI/' SKEPTICS1 9 ! QUE/ION ( M>KETS4 ,WE CAN ONLY APPRECIATE ITS D>+ TO ! FULL :5 WE LOOK AT ITS AMAZ+ DISCREPANCY ) EV]YDAY PRACTICE1 ) ALL ! KN[N FACTS ( CAPITALI/ ECONOMY4 ,A !SIS PRON\NC$ SO TRIUMPHANTLY AS ! PURE/ ,M>XI/ GOSPEL IS EV5 MORE DES]V+ ( \R ADMIRATION :5 WE CONSID] ?AT IT IS GR\ND$ 9 AN EXTREMELY SIMPLE CONFUSION4 ,WE %ALL HAVE FUR!R OCCASION TO DEAL ) ?IS CONFUSION :5 WE COME TO ! DOCTR9E ( ,TUGAN-,B>ANOVSKI4 

,BULGAKOV FUR!R DEVELOPS A COMPLETELY ]RONE\S !ORY ( =EIGN COMM]CE1 BAS$ UPON HIS MISAPPREH5SION ( ! RELATIONS BETWE5 CONSUMPTION & PRODUCTION 9 CAPITALI/ ECONOMY4 ,A PICTURE ( REPRODUCTION LIKE ! ABOVE 9 FACT HAS NO ROOM = =EIGN COMM]CE4 ,IF CAPITALISM =MS A 'CLOS$ CIRCLE' 9 EV]Y C\NTRY FROM ! V]Y BEG9N+1 IF1 *AS+ ITS TAIL LIKE A PUPPY & 9 COMPLETE 'SELF-SUFFICI5CY'1 IT IS ABLE ( ITSELF TO CREATE AN UNLIMIT$ M>KET = ITS PRODUCTS & CAN SPUR ITSELF ON TO EV] GREAT] EXPANSION1 !N EV]Y CAPITALI/ C\NTRY AS SU* MU/ ALSO BE A CLOS$ & SELF-SUFFICI5T ECONOMIC :OLE4 ,9 BUT A S+LE RESPECT W\LD =EIGN COMM]CE APPE> REASONABLE3 TO COMP5SATE1 BY IMPORTS FROM ABROAD1 = C]TA9 DEFICI5CIES DUE TO ! SOIL & ! CLIMATE1 I4E4 ! IMPORT ( RAW MAT]IALS OR FOOD/UFFS FROM %E] NECESSITY4 ,COMPLETELY UPSETT+ ! !SIS ( ! 'POPULI/S'1 ,BULGAKOV 9 FACT ADVANCES A !ORY ( 9T]NATIONAL COMM]CE AMONG CAPITALI/ /ATES :I* GIVES1 PRIDE ( PLACE TO '! IMPORT ( AGRICULTURAL PRODUCTS1 ) 9DU/RIAL EXPORTS M]ELY PROVID+ ! REQUISITE FUNDS4 

,9T]NATIONAL TRAFFIC 9 COMMODITIES DOES NOT H]E SEEM TO FL[ FROM ! *>ACT] ( ! MODE ( PRODUCTION BUT FROM ! NATURAL CONDITIONS ( ! C\NTRIES CONC]N$4 ,?IS !ORY AT ANY RATE HAS NOT BE5 BORR[$ FROM ,M>X BUT FROM3 ! ECONOMIC EXP]TS ( ! ,G]MAN B\RGEOISIE4 ,JU/ AS ,/RUVE TOOK OV] FROM ,WAGN] & ,S*AEFFLE HIS ,?REE ,EMPIRE ,!ORY1 SO ,BULGAKOV ADOPTS FROM ! LATE ,LI/ 7,R4,I4,P47 ! DIVISION ( /ATES ON ! BASIS ( 'AGRICULTURE' & 'MIX$ AGRICULTURE & MANUFACTURE'1 OR RA!R ADAPTS IT1 9 DEF]5CE TO ! TIMES1 TO ! CATEGORIES ( 'MANUFACTURE' & 'MIX$ MANUFACTURE & AGRICULTURE'4 ,NATURE HAS AFFLICT$ ! FIR/ CATEGORY ) A DEFICI5CY 9 RAW MAT]IALS & FOOD/UFFS1 MAK+ IT ?US DEP5D5T UPON =EIGN COMM]CE4 ,! SECOND CATEGORY HAS BE5 LIB]ALLY 5D[$ ) ALL IT NE$S2 H]E =EIGN TRADE IS ( NO ACC\NT4 ,! PROTOTYPE ( ! FIR/ CATEGORY IS ,5GL&1 ( ! SECOND - ! ,U,S,A4 ,! /OPPAGE ( =EIGN COMM]CE W\LD MEAN ! ECONOMIC DEA?-BL[ TO ,5GL&1 BUT ONLY A TEMPOR>Y CRISIS 9 ! ,U,S,A ) A GU>ANTEE ( FULL RECOV]Y4 

',PRODUCTION !RE IS CAPABLE ( UNLIMIT$ EXPANSION ON ! BASIS ( ! 9T]NAL M>KET4'7#a#c7 

,?IS !ORY1 A HO>Y RELIC ( ,G]MAN ECONOMICS EV5 N[1 HAS OBVI\SLY NOT ! LEA/ GRASP ( ! 9T]RELATIONS OBTA9+ 9 AN 9T]NATIONAL CAPITALI/ ECONOMY4 ,IT CONCEIVES ( MOD]N 9T]NATIONAL TRADE 9 T]MS ?AT MAY HAVE BE5 APPROPRIATE TO ! TIMES ( ! ,PHO5ICIANS4 ,JU/ LI/5 TO ! LECTURE ( ,PR(ESSOR ,BUE*]3 

',AL?\< ! LIB]ALI/ ]A HAS GREATLY FACILITAT$ 9T]NATIONAL TRAFFIC1 IT W\LD BE A MI/AKE TO 9F] FROM ?IS ?AT ! P]IOD ( A NATIONAL ECONOMY IS NE>+ ITS 5D1 TO BE REPLAC$ BY A P]IOD ( 9T]NATIONAL ECONOMY 444 ,GRANT$ ?AT WE SEE 9 ,EUROPE TO-DAY A NUMB] ( SMALL C\NTRIES ?AT >E NOT 9DEP5D5T NATIONS 9 RESPECT ( !IR COMMODITY SUPPLY1 BE+ COMPELL$ TO IMPORT SUB/ANTIAL AM\NTS ( !IR FOOD/UFFS & LUXURIES1 :ILE !IR 9DU/RIAL PRODUCTIVITY IS 9 EXCESS ( ! NATIONAL NE$S & CREATES A P]MAN5T SURPLUS = :I* EMPLOYM5T MU/ BE F\ND 9 ALI5 SPH]ES ( CONSUMPTION4 ,YET AL?\< C\NTRIES ( 9DU/RIAL PRODUCTION & ?OSE PRODUC+ RAW MAT]IALS EXI/ SIDE BY SIDE & DEP5D UPON ONE ANO!R1 SU* 09T]NATIONAL DIVISION ( LABOR0 %\LD NOT BE REG>D$ AS A SIGN ?AT MANK9D IS AB\T TO ATTA9 TO A HI<] /AGE ( DEVELOPM5T :I* IT W\LD BE PROP] TO CONTRA/1 UND] ! LABEL ( WORLD ECONOMY1 ) ! 444 PREVI\S /AGES4 ,NO /AGE ( ECONOMIC DEVELOPM5T HAS EV] P]MAN5TLY GU>ANTE$ FULL AUTONOMY 9 ! SATISFACTION ( WANTS4 ,EV]Y ONE ( !M HAS LEFT C]TA9 GAPS :I* HAD TO BE FILL$ 9 BY SOME MEANS OR1 O!R4 ,SO-CALL$ 09T]NATIONAL ECONOMY01 ON ! O!R H>D1 HAS NOT1 AT ANY RATE SO F>1 5G5D]$ ANY PH5OM5A :I* >E ESS5TIALLY DIFF]5T FROM ?OSE ( NATIONAL ECONOMY1 & WE V]Y MU* D\BT ?AT SU* PH5OM5A WILL APPE> 9 ! NE> FUTURE4'7#a#d7 

,AS F> AS ,BULGAKOV IS CONC]N$1 HIS CONCEPTION AT ANY RATE RESULTS 9 AN UNEXPECT$ CONCLUSION3 HIS !ORY ( ! UNLIMIT$ CAPACITY = DEVELOPM5T ( CAPITALISM IS CONF9$ TO C]TA9 C\NTRIES ) FAVORABLE NATURAL CONDITIONS4 ,CAPITALISM 9 ,5GL& IS =$OOM$ BECAUSE ! WORLD M>KET WILL BE EXHAU/$ BE=E LONG4 ,9 ! ,U,S,A1 ,9DIA & ,RUSSIA IT CAN LOOK =W>D TO AN UNLIMIT$ DEVELOPM5T BECAUSE !SE C\NTRIES >E 'SELF-SUFFICI5T'4 

,AP>T FROM !SE OBVI\S PECULI>ITIES1 ,BULGAKOV'S >GUM5TS AB\T =EIGN COMM]CE AGA9 IMPLY A FUNDAM5TAL MISCONCEPTION4 ,AGA9/ ! SKEPTICS1 FROM ,SISMONDI TO ,NIKOLAYON1 :O BELIEV$ ?AT !Y HAD TO TAKE REC\RSE TO \TSIDE M>KETS = ! REALIZATION ( CAPITALI/ SURPLUS VALUE1 HE *IEFLY >GUES AS FOLL[S3 

',!SE EXP]TS OBVI\SLY CONSID] EXT]NAL COMM]CE AS A 0BOTTOMLESS PIT0 TO SWALL[ UP 9 ALL ET]NITY ! SURPLUS VALUE :I* CANNOT BE GOT RID ( 9SIDE ! C\NTRY4' 

,BULGAKOV = HIS P>T TRIUMPHANTLY PO9TS \T ?AT =EIGN COMM]CE IS 9DE$ NOT A PIT & C]TA9LY NOT A BOTTOMLESS ONE1 BUT RA!R APPE>S AS A D\BLE-$G$ SWORD1 ?AT EXPORTS ALWAYS BELONG ) IMPORTS1 & ?AT ! TWO USUALLY C\NT]BALANCE ONE ANO!R4 ,?US1 :ATEV] IS PU%$ \T OV] ONE BORD]1 WILL BE BR\<T BACK1 9 A *ANG$ USE-=M1 OV] ANO!R4 

',WE MU/ F9D ROOM = ! COMMODITIES ?AT HAVE BE5 IMPORT$ AS AN EQUIVAL5T ( ?OSE EXPORT$1 )9 ! B\NDS ( ! GIV5 M>KET1 & AS ?IS IS IMPOSSIBLE1 EX HYPO!SI1 IT W\LD ONLY G5]ATE NEW DIFFICULTIES TO HAVE REC\RSE TO AN EXT]NAL DEM&4'7#a#e7 

,ON ANO!R OCCASION HE SAYS ?AT ! WAY TO REALIZE ! SURPLUS VALUE F\ND BY ! ,RUSSIAN 'POPULI/S'1 VIZ4 EXT]NAL M>KETS1 IS MU* LESS FAVORABLE ?AN ?AT DISCOV]$ BY ,MAL?US1 V4 ,KIR*MANN & ,VORONTSOV HIMSELF :5 HE WROTE ! ESSAY ,ON ,MILIT>ISM & ,CAPITALISM'47#a#f7 

,AL?\< ,BULGAKOV F]V5TLY COPIES ,M>X'S DIAGRAM ( REPRODUCTION1 HE H]E EXHIBITS NO GRASP :ATEV] ( ! REAL PROBLEM T[>DS :I* ! SKEPTICS FROM ,SISMONDI TO ,NIKOLAYON W]E GROP+ !IR WAY4 ,HE D5IES ?AT =EIGN COMM]CE SOLVES ! DIFFICULTY AS PRET5D$1 S9CE IT AGA9 BR+S ! SURPLUS VALUE ?AT HAS BE5 DISPOS$ ( 9TO ! C\NTRY1 AL?\< 9 A '*ANG$ =M'4 ,9 CON=MITY ) ! CRUDE PICTURE ( V4 ,KIR*MANN & ,VORONTSOV1 HE ?US BELIEVES ! PROBLEM TO BE ?AT ( DE/ROY+ A C]TA9 QUANTITY ( ! SURPLUS VALUE1 ( WIP+ IT FROM ! FACE ( ! E>?4 ,IT SIMPLY DOES NOT OCCUR TO HIM ?AT ! REAL PROBLEM IS ! REALIZATION ( ! SURPLUS VALUE1 ! METAMORPHOSIS ( COMMODITIES1 9 FACT ! '*ANG$ =M' ( ! SURPLUS VALUE4 

,BULGAKOV ?US F9ALLY >RIVES AT ! SAME GOAL AS ,/RUVE1 ?\< BY A DIFF]5T R\TE4 ,HE PREA*ES ! SELF-SUFFICI5CY ( CAPITALI/ ACCUMULATION :I* SWALL[S UP ITS [N PRODUCT AS ,KRONOS SWALL[S UP HIS *ILDR51 & BRE$S EV] MORE VIGOR\SLY )\T HELP FROM \TSIDE4 ,N[ ONLY ONE FUR!R /EP IS NE$$ = ,M>XISM TO REV]T TO B\RGEOIS ECONOMICS1 & ?IS1 AS LUCK W\LD HAVE IT1 WAS TAK5 BY ,TUGAN-,B>ANOVSKI4 

,FOOTNOTES 

7#a7 ,S4 ,BULGAKOV1 ,ON ! ,M>KETS ( ,CAPITALI/ ,PRODUCTION4 ,A /UDY 9 ,!ORY 7,MOSC[ #a#h#i#g71 P4#a#e4 

7#b7,IBID41 P4#c#b1 FOOTNOTE4 

7#c7,IBID41 P4#b#g4 

7#d7,IBID41 PP4#b-#c4 

7#e7,IBID41 PP4#e1 #e#e4 

7#f7,IBID41 PP4#a#c#bFF4 

7#g7,IBID41 P4#b4 

7#h7 ,BULGAKOV'S ITALICS4 

7#i7,CAPITAL1 VOL4II1 P4#c#h#g4 

7#a7 ,BULGAKOV1 OP4 CIT41 P4#a#f#a4 

7#a#a7,IBID41 P4#a#f#g4 

7#a#b7,IBID41 P4#b#a 7\R ITALICS74 

7#a#c7,IBID41 P4#a#i#i4 

7#a#d7 ,K4 ,BUE*]1 ,! ,RISE ( ,NATIONAL ,ECONOMY 7,DIE ,5T/EHUNG D] ,VOLKSWIRTS*AFT71 #e? $ITION1 P4#a#d#g4 ,PR(ESSOR ,SOMB>T'S !ORY IS ! MO/ REC5T CONTRIBUTION 9 ?IS FIELD4 ,HE >GUES ?AT WE >E NOT MOV+ T[>DS AN 9T]NATIONAL ECONOMY BUT RA!R F>!R & F>!R AWAY FROM IT4 ',I MA9TA91 ON ! CONTR>Y1 ?AT COMM]CIAL RELATIONS TO-DAY DO NOT =M A /RONG] BUT RA!R A WEAK] L9K BETWE5 ! CIVILIZ$ NATIONS1 9 RELATION TO !IR ECONOMY AS A :OLE4 ,9DIVIDUAL ECONOMY TAKES NOT MORE BUT RA!R LESS ACC\NT ( ! WORLD M>KET ?AN IT DID A HUNDR$ OR FIFTY YE>S AGO4 ,AT LEA/ 444 IT W\LD BE WRONG TO ASSUME ?AT ! RELATIVE IMPORTANCE ( 9T]NATIONAL RELATIONS ) REG>D TO MOD]N POLITICAL ECONOMY IS 9CREAS+4 ,! OPPOSITE IS ! CASE4' ,SOMB>T SCORNFULLY REJECTS ! ASSUMPTION ( A PROGRESSIVE 9T]NATIONAL DIVISION ( LABOR1 ( A GR[+ NE$ = \TSIDE M>KETS [+ TO AN 9ELA/IC HOME DEM&4 ,HE 9 HIS TURN IS CONV9C$ ?AT ! '9DIVIDUAL NATIONAL ECONOMIES WILL DEVELOP 9TO EV] MORE P]FECT MICROCOSMS & ?AT ! IMPORTANCE ( ! HOME M>KET WILL 9CREAS+LY SURPASS ?AT ( ! WORLD M>KET = ALL BRAN*ES ( 9DU/RY' 7,DIE ,DEUTS*E ,VOLKSWIRTS*AFT IM #a#i4 ,JAHRHUND]T1 #bND $ITION1 #a#i#i1 PP4#c#i#i-#d#b74 ,?IS DEVA/AT+ DISCOV]Y ADMITT$LY H+ES ON A FULL ACCEPTANCE ( ! ,PR(ESSOR'S PECULI> CONCEPTION :I*1 = SOME REASONS1 ONLY CONSID]S ?OSE AS 'EXPORT+ C\NTRIES' :O PAY = !IR IMPORTS ) A SURPLUS ( AGRICULTURAL PRODUCTS OV] & ABOVE !IR [N NE$S1 :O PAY ') ! SOIL'4 ,9 ?IS S*EME ,RUSSIA1 ,RUMANIA1 ! ,U,S,A & ! ,>G5T9E >E1 BUT ,G]MANY1 ,5GL& & ,BELGIUM >E NOT1 'EXPORT+ C\NTRIES'4 ,S9CE CAPITALI/ DEVELOPM5T WILL SOON] OR LAT] ALSO CLAIM ! SURPLUS ( AGRICULTURAL PRODUCTS = ! HOME DEM& 9 ,RUSSIA & ! ,U,S,A1 IT EVID5T ?AT !RE WILL BE FEW] & FEW] 'EXPORT+ C\NTRIES' 9 ! WORLD - 9T]NATIONAL ECONOMY WILL VANI%4 ,ANO!R ( ,SOMB>T'S DISCOV]IES IS ?AT GREAT CAPITALI/ 'NON-EXPORT+' C\NTRIES 9CREAS+LY OBTA9 'FREE' IMPORTS 9 =M ( 9T]E/ ON EXPORT$ CAPITAL - BUT ! CAPITAL EXPORTS AS WELL AS EXPORTS ( 9DU/RIAL COMMODITIES >E ( ABSOLUTELY NO ACC\NT TO ,PR(ESSOR ,SOMB>T4 ',9 ! C\RSE ( TIME WE %ALL PROBABLY GET TO A PO9T :]E WE IMPORT )\T EXPORT+' 7P4#d#b#b74 ,MOD]N1 S5SATIONAL1 & PRECI\S6 

7#a#e7 ,BULGAKOV1 OP4 CIT41 P4#a#c#b4 

7#a#f7,IBID41 P4#b#c#f4 ,A QUITE UNCOMPROMIS+ V]SION ( ! SAME VIEW IS GIV5 BY ,V4 ,ILY9 .<,L59.>2 ',! ROMANTICI/S 7AS HE CALLS ! SKEPTICS7 >GUE AS FOLL[S2 ! CAPITALI/S CANNOT CONSUME ! SURPLUS VALUE2 !RE=E !Y MU/ DISPOSE ( IT ABROAD4 ,I ASK3 ,DO ! CAPITALI/S P]HAPS GIVE AWAY !IR PRODUCTS TO =EIGN]S = NO?+1 ?R[ IT 9TO ! SEA1 MAYBE8 ,IF !Y SELL IT1 IT MEANS ?AT !Y OBTA9 AN EQUIVAL5T4 ,IF !Y EXPORT C]TA9 GOODS1 IT MEANS ?AT !Y IMPORT O!RS' 7,ECONOMIC ,/UDIES & ,ESSAYS1 P4#b74 ,AS A MATT] ( FACT1 HIS EXPLANATION ( ! P>T PLAY$ BY EXT]NAL COMM]CE 9 CAPITALI/ PRODUCTION IS F> MORE CORRECT ?AN ?AT ( ,/RUVE & ,BULGAKOV4 

,FROM 3 ,M>XI/S4ORG4 

,*RONOLOGY 3 
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