Marx Capital summary 401-481

Marx Capital summary 401-481 - Marx, Capital summary pp....

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Click to edit Master subtitle style 4/28/11 Marx, Capital summary pp. 401-481
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4/28/11 Surplus value becomes disguised as profit and thus obscures its origin (in the exploitation of labor). In calculating his own profit, the capitalist does not take into account the labor exploitation on which the aggregate of social capital is based.
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4/28/11 As capitalism develops a decreasing number of laborers is able to create more and more products thanks to greater use of machinery and fixed capital. The law of the decreasing rate of profit in capitalism could not be discovered by political economists because they did not theorize a
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4/28/11 Why does the general rate of profit fall? One reason is that fewer and fewer workers are needed to operate increasingly efficient and powerful machinery. But value comes precisely from the exploitation of labor, not from advances in technology or any other factor. The less workers being
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4/28/11 As profits fall, centralization increases. That is, big capitalists
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Marx Capital summary 401-481 - Marx, Capital summary pp....

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