exogeneous/endogenous accumulation

[Nancybrumback]

Re: the imperialism discussion of a few days ago, i was wondering if the list had any comments about my question about the lenin-luxemburg disagreement about the nature of imperialism. I recently studied up on this disagreement. as far as i could make out, while lenin believes that imperialism is the "highest stage" of capitalism," luxemburg believes that imperialism is innate in capitalism because accumulation of capital is impossible without inputs from non-capitalist sources.

She did point out that Marx considered his political economy to be taking place in a "closed system," and i looked up her reference which i can't put my fingers on just this instant but will look it up if anyone wants it. i thought it made a lot of sense from just considering the definition of capitalist exploitation -- being paid less than your labor is worth. She did point out that Marx considered his political economy to be taking place in a "closed system," and i looked up her reference which i can't put my fingers on just this instant but will look it up if anyone wants it.

In a closed system, the same people who work for the capitalists also buy the wares of the capitalists in order to live. If the workers are consistently paid less than their labor is worth, doesn't it follow that over time, their buying power will consistently decrease? Until the capitalists must break out of the closed system to keep from being killed by the shrinkage of their markets?

thanks a lot,

nancy brumback
professor of integrated ecological studies
new college of ca
766 valencia st
san francisco, ca 94110