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Destructive Creativity: Institutional Arrangements of Banking and the Logic of Capitalist Technical Change in the Perspective of Marx’s 1894 Law of Profit

In: Marxian Economics: A Reappraisal

Author

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  • Geert Reuten

Abstract

The theory on ‘the law of the tendential fall in the rate of profit’ (TFRP) is very much the centrepiece of volume III of Marx’s Capital. It is presented in part 3 of that volume, prior to the theory on the differentiation of capital into several functional forms — the division of surplus value into profit, interest and ground rent (parts 4–6). This indicates that there is a long way to go from the methodologically abstract level of that law to its actual concrete application. This indication is confirmed by Marx’s plans for the contents of the respective volumes of Capital, as laid down in several notes and letters.2

Suggested Citation

  • Geert Reuten, 1998. "Destructive Creativity: Institutional Arrangements of Banking and the Logic of Capitalist Technical Change in the Perspective of Marx’s 1894 Law of Profit," Palgrave Macmillan Books, in: Riccardo Bellofiore (ed.), Marxian Economics: A Reappraisal, chapter 12, pages 177-193, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26121-5_12
    DOI: 10.1007/978-1-349-26121-5_12
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