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Fictitious capital (German: fiktives Kapital) is a concept used by Karl Marx in his critique of political economy. It is introduced in chapter 25 of the third volume of Capital . [ 1 ] Fictitious capital contrasts with what Marx calls "real capital", which is capital actually invested in physical means of production and workers, and "money ...
Marxist scholar David Harvey explains Marx's primitive accumulation as a process which principally "entailed taking land, say, enclosing it, and expelling a resident population to create a landless proletariat, and then releasing the land into the privatized mainstream of capital accumulation". [5] Marx viewed the colonization of the Americas ...
For Polanyi, the effort by classical and neoclassical economics to make society subject to the free market was a utopian project and, as Polanyi scholars Fred Block and Margaret Somers claim, "When these public goods and social necessities (what Polanyi calls "fictitious commodities") are treated as if they are commodities produced for sale on the market, rather than protected rights, our ...
Capital. A Critique of Political Economy. Volume I: The Process of Production of Capital (German: Das Kapital.Kritik der politischen Ökonomie Erster Band. Buch I: Der Produktionsprocess des Kapitals) is the first of three treatises that make up Das Kapital, a critique of political economy by the German philosopher and economist Karl Marx.
In Das Kapital (1867), Marx proposes that the motivating force of capitalism is in the exploitation of labor, whose unpaid work is the ultimate source of surplus value.The owner of the means of production is able to claim the right to this surplus value because they are legally protected by the ruling regime through property rights and the legally established distribution of shares which are ...
The whole text appeared again also in the English Marx/Engels Collected Works, Volumes 30 (1988), 31 (1989), 32 (1989), 33 (1991) and 34 (1994). This English version is based on the 1977–1979 German MEGA II edition. It maintains the sequence of the text in the original manuscripts and therefore differs substantially from the 1963 Progress ...
Karl Marx borrowed the idea of capital accumulation or the concentration of capital from early socialist writers such as Charles Fourier, Louis Blanc, Victor Considerant, and Constantin Pecqueur. [7] In Marx's critique of political economy , capital accumulation is the operation whereby profits are reinvested into the economy, increasing the ...
In Capital Volume 3, which he drafted before Volume I, Marx shows he was well aware of this. He distinguished not only between "real capital" (physical, tangible capital assets) and "money capital", [106] but also noted the existence of "fictitious capital" [107] and pseudo-commodities that strictly speaking have only symbolic value. [108]