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The Rate of Profit Cycle and the Opposition between Managerial and Finance Capital

In: The Culmination of Capital

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  • Geert Reuten

Abstract

The third volume of Karl Marx’s Das Kapital (1894) was edited by Friedrich Engels from Marx’s manuscripts dating from 1863–7. In the third part of the book Marx sets out his views on ‘The law of the tendency of the rate of profit to fall’. In Marx’s day it was taken for granted amongst economists that there is such a law, both on empirical and theoretical grounds. Jevons (1871), for example, writes: ‘There are sufficient statistical facts, too, to confirm this conclusion historically. The only question that can arise is as to the actual cause of this tendency’ (243–4). In Marx’s hands, however, the law gets reshaped into what is more properly a ‘theory of the rate of profit cycle’. In the first section of this chapter it is argued - based on Marx’s manuscripts - that to speak of Marx’s ‘law of the tendency of the rate of profit to fall’ is misleading, and it is shown why this interpretation more likely expresses Engels’s view on the matter.

Suggested Citation

  • Geert Reuten, 2002. "The Rate of Profit Cycle and the Opposition between Managerial and Finance Capital," Palgrave Macmillan Books, in: Martha Campbell & Geert Reuten (ed.), The Culmination of Capital, chapter 8, pages 174-211, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59709-9_8
    DOI: 10.1057/9780230597099_8
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    Cited by:

    1. Howard Petith, 2003. "Marx's Analysis of the Falling Rate of Profit in the First Version of Volume III of Capital," Working Papers 25, Barcelona School of Economics.

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