INTRODUCTION TO PART 7 ( pp. 709-10)

This two-page introduction to Part 7 provides a good overview of all three volumes of Capital.

CHAPTER 24, SECTION 1

1. What is the primary source of the capitalists’ capital, according to Marx?

2. In what two senses is the relation between capitalists and workers not one of equal exchange, according to Marx?

CHAPTER 25, SECTION 1

1. How does Marx define the “composition of capital”? What are the three different but related aspects of the composition of capital?

2. Assuming a constant composition of capital, what are the effects of the accumulation of capital on employment and wages?

3. Summarize Marx’s critique of the “natural law of population” (i.e. Malthus' theory).

CHAPTER 25, SECTIONS 2 3

1. Summarize Marx’s argument that the composition of capital will tend to increase as a result of technological change.

2. What are the effects of an increase in the composition of capital on the demand for labor and the rate of unemployment? on wages? on the balance of power between capitalists and workers?

3. Summarize Marx’s critique of the theory (again Malthus’ theory) that wages depend primarily on the rate of population growth.

CHAPTER 25, SECTION 4

1. Summarize Marx's “general law of accumulation”. To what extent does Marx’s “general law” appear to be valid?