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To answer S.Artesian.
SA: ‘Yes, it is competition—remember the law of value is mediated
through the markets.’
Me: In a regime of production of commodities the market brings private
labours into relation with each other, which means that, as value is
determined by labour-time, value finds a necessary extrinsic form on the
market as exchange-value (i.e. price). But competition itself doesn’t
explain accumulation: ‘Competition executes the inner laws of capital;
makes them into compulsory laws towards the individual capital, but it
does not invent them. It realizes them.’ (Grundrisse)
SA: ‘The capitalist thinks he or she is obtaining the “profit”
engendered in his or her individual production. In reality, the
capitalist claims a portion of the total social profit, the total
surplus value thrown into the markets for realization and reproduction.
‘The commodities exchange at their values, only be exchanging at their
prices of production. Thus increases in the productivity lower the value
of the product, increase the surplus value pushed into the markets, but
reduce the rate of profit for both the individual producers, deploying
more technically valuable, expensive means of production. By producing
at less than the socially necessary labor time, or the time of current
reproduction, the capitalist can claim a portion of the total surplus
value that can offset that reduced rate of profit and allow him or her
to approach, achieve an average rate of profit.’
Me: Capitalists introduce technical change because it allows them (the
innovators) to realise an above average rate of profit (at least for a
period of time). Other capitalists are forced to adopt new techniques
(through competition) to avoid being priced out of the market. My
question is: why are capitalists *necessarily* driven to pursue
surplus-profits? That they are is an observable fact; but why are they?
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