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The Fluidity of Capital and the Logic of the Concept

In: The Circulation of Capital

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  • Christopher J. Arthur

Abstract

Capital, Volume Two (Book II, ‘The Process of Circulation of Capital) is the site of a key feature of Marx’s method. For the importance of his introduction of the concept of ‘circuits of capital’ (outlined in Part One, chs 1–4) cannot be overestimated. Whereas neoclassicals explicitly, and the classicals for the most part (if implicitly), as well as many Marxists, all deploy as a key analytical construct the notion of equilibrium, for Marx it is the concept of a circuit that characterizes his grasp of capital. Furthermore, except in a special case, the circuit does not return to the beginning but is part of a spiral of accumulation, theoretically therefore much more appropriate to the study of the real world, which knows no equilibrium but is strongly marked by growth.

Suggested Citation

  • Christopher J. Arthur, 1998. "The Fluidity of Capital and the Logic of the Concept," Palgrave Macmillan Books, in: Christopher J. Arthur & Geert Reuten (ed.), The Circulation of Capital, chapter 5, pages 95-128, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14319-1_5
    DOI: 10.1007/978-1-349-14319-1_5
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