IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this paper

Capital as a Social Process: A Marxian Perspective

Listed author(s):
  • Miguel D. Ramirez

    ()

    (Department of Economics, Trinity College)

This paper analyzes the very important notion of capital from a Marxian perspective as opposed to a neoclassical one. It is argued that when capital is viewed as a historically determined social process (relation), rather than as a thing or a collection of things, it tends to assume certain specific forms more often than others depending on the particular stage of economic history. Capital thus refers simultaneously to social relations and to things. Given this frame of reference, notions such as money and property capital are more easily accommodated and consequently are not written off as financial or fictitious capital—not real capital—because they “produce nothing.” The paper also focuses on Marx’s important analysis of the time of production and the turnover of capital in terms of the production of surplus-value (profit). It then examines Marx’s equally important and prescient analysis of how the turnover speed of capital is affected by the time of circulation of commodities (the realization of surplus-value) and the growing use of credit (in its various forms) in the capitalist system. Finally, the paper turns its attention to the economic role of time as it relates to interest-bearing (loan) capital and Adam Smith’s important distinction between productive and unproductive labor—one whose clear comprehension rests on viewing capital as a social construct.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://internet2.trincoll.edu/repec/WorkingPapers2017/WP17-05.pdf
File Function: First version, 2017
Download Restriction: no

Paper provided by Trinity College, Department of Economics in its series Working Papers with number 1705.

as
in new window

Length: 44 pages
Date of creation: Oct 2017
Date of revision: Oct 2017
Handle: RePEc:tri:wpaper:1705
Contact details of provider: Postal:
300 Summit Street, Hartford, CT 06106-3100

Phone: (860) 297 - 2485
Web page: http://www.trincoll.edu/Academics/MajorsAndMinors/Economics/Pages/default.aspx

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as
in new window


  1. Brewer,Anthony, 1984. "A Guide to Marx's 'Capital'," Cambridge Books, Cambridge University Press, number 9780521276764.
  2. Aldo Barba & Giancarlo de Vivo, 2012. "An 'unproductive labour' view of finance," Cambridge Journal of Economics, Oxford University Press, vol. 36(6), pages 1479-1496.
  3. Miguel D. Ramírez, 2014. "Credit, The Turnover of Capital, and the Law of the Falling Rate of Profit: A Critical Note," Contributions to Political Economy, Oxford University Press, vol. 33(1), pages 61-68.
  4. Miguel D. Ramirez, 2007. "Marx, Wages, and Cyclical Crises: A Critical Interpretation," Contributions to Political Economy, Oxford University Press, vol. 26(1), pages 27-41.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:tri:wpaper:1705. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joshua Stillwagon)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.