If
we have a capital made up c 80 + v 20 + s 20, the rate of surplus value is 100%. However, if it turns over twice during the year, the
laid out capital is c 160 + v 40 = 200, and the output value is c 160
+ v 40 + s 40 = 240. But, the annual rate of surplus value and rate
of profit is calculated only on the capital advanced – c 80 + v 20
= 100, which gives a rate of surplus value of 200% and rate of profit
of 40%.
Another
capital with the same organic composition, which turns over just
once, is made up c 160 + v 40 + s 40. The total capital laid out is
200, the same, the total surplus value is 40, the same. But, its
advanced capital is twice that of the first. Its rate of surplus
value is only 100%, and its rate of profit only 20%.
In
short, the formula for the rate of profit has to be modified to take
account of the rate of turnover of the capital. Its assumed that the
turnover of capital is equal to the turnover of the variable capital,
as the circulating constant capital is processed by the variable
capital, both are reproduced at the same time, though as Marx points
out, to ensure continuous production, it may be necessary to hold a
sufficient productive supply of materials. The introduction of Just
In Time reduces that tie up of capital. Wear and tear is a function
of the labour process and so proceeds in tandem with the turnover of
the variable capital.
Engels
then gives a series of examples.
Capital
1 has £10,000 of fixed capital. Wear and tear is 10% = £1,000. It
has £500 of circulating constant capital, and £500 of variable
capital. It turns over ten times a year. In each turnover period:
(wear
and tear) d 100 + c 500 + v 500 + s 500 = 1,600
In
a year:
d
1000 + c 5000 + v 5000 + s 5000 = 16,000.
The
rate of profit is then calculated including the fixed capital, as the
rate of profit is measured against the total capital advanced.
Although the fixed capital does not give up all its value to the
commodity, it has to all be present for production to take place, and
for the capitalist, it is the total capital advanced that is the
relevant figure.
The
total capital advanced is £10,000 fixed capital + £500 circulating
constant capital + £500 variable capital = £11,000. The rate of
profit is 5000/11000 = 45.45%.
In
the next example, the capital turns over 5 times a year. The
advanced capital is £9,000 fixed capital, £1,000 circulating
constant capital, and £1,000 variable capital = £11,000. The wear
and tear is £1,000.
For
one turnover:
d
200 + c 1000 + v 1000 + s 1000 = 3200
For
one year:
d
1000 + c 5000 + v 5000 + s 5000 = 16000
The
rate of profit = 5000/11000 = 45.45%
In
the third example, there is no fixed capital, and the capital turns
over once.
c
6000 + v 5000 + s 5000 = 16000
The
advanced capital is £6000 + £5000 = £11,000. The rate of profit
is 5000/11000 = 45.45%.
Engels
then assumes that the first capital turned over five times instead of
10. The effect can then be seen. In one turnover:
d
200 + c 500 + v 500 + s 500 = 1700
The
annual product is then:
d
1000 + c 2500 + v 2500 +s 2500 = 8500
The
capital advanced is £11,000, and the rate of profit is, therefore,
2500/11000 = 22.73%.
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