Realist Methodology and the Articulation of Modes of Production (ص 218)

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Realist Methodology and the Articulation of Modes of Production (ص 218)

المحتوى

this commodity is not sold but lent to be returned at some
future point in a financially augmented form. Money is
normally borrowed in order to consume. We previously noted
two forms of consumption (personal consumption and productive
consumption). The main reasons why peasant producers borrow
money is to purchase either goods for personal consumption or
goods for productive consumption or both.
The logic of the circuit of interest bearing capital can be
formally represented, thus:
M —- M',
where a sum of money, M, is forwarded in return for a
deferred payment of a greater sum of money, M'. The logic
entailed is one based on pure quantity. The profits obtained
by usurers' capital are based on a monetary deduction from
surplus product and is also based on the mechanism of unequal
exchange. The inequality in this monetised transaction is
open and translucent since one sum of money is exchanged for
a greater sum of money.
We can now set out formally the interaction of the three
circuits involved in the social reproduction of simple
commodity production, thus:
P...C - (M- C-M') ~— (M' -— M'') - C’...Cn
While I have discussed these three circuits in generally
abstract terms, they have very real specifications which have
to be brought out empirically. While we can analytically and
conceptually separate the circuits of commercial and interest
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Realist Methodology and the Articulation of Modes of Production

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المنشئ

Alex Pollock

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