Marx’s Social Capital Reproduction Model :  A Technical Supplement

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World Review of Political Economy

Volume 12, Issue 3

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Marx’s Social Capital Reproduction Model : A Technical Supplement

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Author(s): Xian Zhang ^* ^,

Publication date (Electronic preprint): 01 October 2021

Journal: World Review of Political Economy

Publisher: Pluto Journals

Keywords: department decomposition, technical supplement, reproduction crisis, social capital reproduction

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Abstract

The study on how Marx created the theory of social capital reproduction shows that this theory ranks among his original contributions to economics. In this theory, Marx’s analysis of Department II and the exchange relation reveals the conditions that capitalist reproduction must follow if it is to proceed smoothly. The fully indirect exchange process indicates that the capitalists’ individual consumption preferences, and changes in these preferences, are factors not only in determining capital accumulation but also in destroying the proportional relations of reproduction. Although Marx proposed the decomposition of Department II and made a theoretical analysis of the law of the simple reproduction of social capital after decomposition, he did not construct a complete model or make the same decomposition of the two major departments in the analysis of the reproduction of social capital on an extended scale. As a result, it is necessary to develop a technical supplement on the basis of Marx’s department decomposition principle, so as to cast light on the correctness of his theory of social capital reproduction and on the inevitability of capitalist reproduction crises.

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Journal

Journal ID (doi): 10.13169/worlrevipoliecon

Title: World Review of Political Economy

Abbreviated Title: WRPE

Publisher: Pluto Journals

ISSN (Electronic): 2042-8928

Publication date (Electronic preprint): 01 October 2021

Volume: 12

Issue: 3

Pages: 374-394

Author notes

[* ] Correspondence: Xian Zhang ( zxscu@ 123456126.com )

Article

DOI: 10.13169/worlrevipoliecon.12.3.0374

SO-VID: b52994dc-e055-4446-9e83-d460db1d89ac

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Pages: 21

References

K. Marx 1847a. The Poverty of Philosophy. Accessed November 17, 2021 . https://www.marxists.org/archive/marx/works/1847/poverty-philosophy/.
K. Marx 1847b. Wage Labor and Capital. Accessed November 17, 2021 . https://www.marxists.org/archive/marx/works/1847/wage-labour/index.htm.
K. Marx (1851)1977. “Reflections on Money.” Accessed November 17, 2021 . https://libcom.org/library/reflections-money.
K. Marx 1956. Capital, vol. 2. Moscow: Progress Publishers.
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K. Marx, and F. Engels. 1982. Marx and Engels Collected Works, vol. 44. [In Chinese.] Beijing: People’s Publishing House.
K. Marx, and F. Engels. 1979. Marx and Engels Collected Works, vol. 46I. [In Chinese.] Beijing: People’s Publishing House.
K. Marx, and F. Engels. 1985. Marx and Engels Collected Works, vol. 48. [In Chinese.] Beijing: People’s Publishing House.
K. Marx 2004. Capital, vol. 2. [In Chinese.] Beijing: People’s Publishing House.
L. Klein 1964. “The Role of Econometrics in Socialist Economics.” In Problems of Economic Dynamics and Planning: Essays in Honour of Michal Kalecki, edited by P. A. Baran, 181–191. Warsaw: PWN (Polish Scientific Publishers).

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[1] K. Marx 1847a. The Poverty of Philosophy. Accessed November 17, 2021 . https://www.marxists.org/archive/marx/works/1847/poverty-philosophy/.

[2] K. Marx 1847b. Wage Labor and Capital. Accessed November 17, 2021 . https://www.marxists.org/archive/marx/works/1847/wage-labour/index.htm.

[3] K. Marx (1851)1977. “Reflections on Money.” Accessed November 17, 2021 . https://libcom.org/library/reflections-money.

[4] K. Marx 1956. Capital, vol. 2. Moscow: Progress Publishers.

[5] K. Marx, and F. Engels. 1972. Marx and Engels Collected Works, vol. 26I. [In Chinese.] Beijing: People’s Publishing House.

[6] K. Marx, and F. Engels. 1982. Marx and Engels Collected Works, vol. 44. [In Chinese.] Beijing: People’s Publishing House.

[7] K. Marx, and F. Engels. 1979. Marx and Engels Collected Works, vol. 46I. [In Chinese.] Beijing: People’s Publishing House.

[8] K. Marx, and F. Engels. 1985. Marx and Engels Collected Works, vol. 48. [In Chinese.] Beijing: People’s Publishing House.

[9] K. Marx 2004. Capital, vol. 2. [In Chinese.] Beijing: People’s Publishing House.

[10] L. Klein 1964. “The Role of Econometrics in Socialist Economics.” In Problems of Economic Dynamics and Planning: Essays in Honour of Michal Kalecki, edited by P. A. Baran, 181–191. Warsaw: PWN (Polish Scientific Publishers).