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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 ...
Marx never provided a complete definition of the capitalist mode of production as a short summary, although in his manuscripts he sometimes attempted one. In a sense, it is Marx's three-volume work Capital (1867–1894; sometimes known by its German title, Das Kapital), as a whole that provides his "definition" of the capitalist mode of ...
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 ...
Elliot Goodell Ugalde, in 2024, [5] extends this analysis through Marxian economics by emphasizing that the significant divergence between market price and exchange value, as seen in housing and other forms of fixed capital, is a hallmark indicator of fictitious capital. This distortion not only inflates asset values beyond their productive ...
Capital is a central concept in Marxian critique of political economy, and in Marxian thought more generally. Marxists view capital as a social relation reproduced by the continuous expenditure of wage labour. Labour and capital are viewed as historically specific [clarification needed] forms of social relations. [1] [2] [3] [4]
Accumulation of fictitious capital (bubble economies). Dumping of surplus goods at dumping prices. [note 14] Wars and disasters which create abnormal scarcities and demands for goods and services. Illegal (criminal) or "grey" transactions (including pirated and counterfeited goods). All of these phenomena occur to some degree or other in any ...
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.
However, Marx uses the term Mehrwert to describe the yield, profit or return on production capital invested, i.e. the amount of the increase in the value of capital. Hence, Marx's use of Mehrwert has always been translated as "surplus value", distinguishing it from "value-added". According to Marx's theory, surplus value is equal to the new ...