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date: 24 November 2020

Abstract and Keywords

This chapter explicates Marx’s concept of capital and highlights its centrality to his book Capital, arguing that Capital is specifically about capital, not all of capitalist society. In Marx’s conception, capital has two forms, money and means of production, but capital itself is the process of self-expansion of value, or valorization. The commodity fetish and subsumption of labor under capital are explored in relation to this. Employing Marx’s concept of the circuit of capital, the chapter considers his theory that value self-expands by extracting surplus labor and his understanding of the reproduction and accumulation of capital. It also argues that failure to rigorously respect the difference between constant capital and the value of means of production is one source of allegations that Marx’s value theory and falling-rate-of-profit theory are logically inconsistent or incorrect. Finally, his theory of surplus-value is compared to the view that interest is a “return to capital.”

Keywords: concept of capital, Karl Marx, self-expanding value, theory of surplus value, valorization

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