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James Steuart, with his 1767 work, is considered by some scholars to be the greatest classical theorist of primitive accumulation. [9] In the most recent translation of Capital, Volume 1, translator Paul Reitter chose "original accumulation" instead of "primitive accumulation," arguing that the latter is "misleading lexically." [10]
For Marx, the process of proletarianization was the other side of capital accumulation.The growth of capital meant the growth of the working class.The expansion of capitalist markets involved processes of primitive accumulation and privatization, which transferred more and more assets into capitalist private property, and concentrated wealth in fewer and fewer hands.
Early capitalism (primitive accumulation) / colonialism / imperialism (Hobson, Lenin, Bukharin) Extensive stage / intensive stage / late capitalism ( Aglietta ) The Marxist periodization of capitalism into the stages: [ 1 ] agricultural capitalism, merchant capitalism , industrial capitalism and state capitalism .
Primitive socialist accumulation, sometimes referred to as the socialist accumulation, was a concept put forth in the early Soviet Union during the period of the New Economic Policy. It was developed as a counterpart to the process of the primitive accumulation of capital that took place during the early stages and development of capitalist ...
The capital "exists only in the latter form", while the stock or share "is merely a title of ownership to a corresponding portion of the surplus-value to be realised by it". [7] The formation of fictitious capital is, for Marx, linked to the wider contradiction between the financial system in capitalism and its monetary basis.
Extensive stage, or by its full name, the predominantly extensive stage of accumulation, pertains to one of the periodizations of capitalism, as proposed by Aglietta (1976). It is the first stage of capitalism. It is also known as the early stage.
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Thus, merchant capitalism preceded the capitalist mode of production as a form of capital accumulation. A process of primitive accumulation of capital, upon which commercial finance operations could be based and making application of mass wage labor and industrialization possible, was the necessary precondition for the transformation of ...