Realist Methodology and the Articulation of Modes of Production (ص 219)

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Realist Methodology and the Articulation of Modes of Production (ص 219)

المحتوى

bearing capital. when we actually look at their operations in
concrete situations we may discover that, particualrly in the
absence of institutionalised credit and banking facilities,
these circuits become unified in the hands of individual
merchants. This unification of commercial and interest
bearing capital can invest substantial levels of financial,
economic and political power in the hands of
merchants/userers. Both these circuits share a similar logic;
one based on the quantitative expansion of capital as money.
The merchant needs money to increase her/his supply of cheap
commodities which s/he then sells expensive ly. While the
usurer needs money to expand her/his money-lending
activities. The logic itself is of course subject to the
constraints of supply and demand and competition between
merchants and usurers.
When the circuit of interest bearing capital comes into
interaction with non-capitalist forms and modes of production
the interaction normally takes two distinct forms. Usurers
either extract a portion of the surplus product indirectly
through lending to landed elites who directly appropriate the
surplus product from peasant producers, or they may enter
directly into money-lending relationships with the direct
producers themselves, which results in money-lending itself
becoming the primary mechanism of extracting surplus product
from non-capitalist modes of production.
In this respect, usurers' capital is different from merchant
capital since, as William Roseberry argues, it is not limited
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Realist Methodology and the Articulation of Modes of Production

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Alex Pollock

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