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class="vector-toc-list"> <li id="toc-Measurement_of_accumulation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Measurement_of_accumulation"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Measurement of accumulation</span> </div> </a> <ul id="toc-Measurement_of_accumulation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Demand-led_growth_models" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Demand-led_growth_models"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Demand-led growth models</span> </div> </a> <ul id="toc-Demand-led_growth_models-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marxist_concept" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Marxist_concept"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Marxist concept</span> </div> </a> <button aria-controls="toc-Marxist_concept-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Marxist concept subsection</span> </button> <ul id="toc-Marxist_concept-sublist" class="vector-toc-list"> <li id="toc-Over-accumulation_and_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Over-accumulation_and_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Over-accumulation and crisis</span> </div> </a> <ul id="toc-Over-accumulation_and_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Concentration_and_centralization" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Concentration_and_centralization"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Concentration and centralization</span> </div> </a> <ul id="toc-Concentration_and_centralization-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Rate_of_accumulation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Rate_of_accumulation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Rate of accumulation</span> </div> </a> <ul id="toc-Rate_of_accumulation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Circuit_of_capital_accumulation_from_production" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Circuit_of_capital_accumulation_from_production"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Circuit of capital accumulation from production</span> </div> </a> <ul id="toc-Circuit_of_capital_accumulation_from_production-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Simple_and_expanded_reproduction" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Simple_and_expanded_reproduction"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Simple and expanded reproduction</span> </div> </a> <ul id="toc-Simple_and_expanded_reproduction-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Origins" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Origins"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.6</span> <span>Origins</span> </div> </a> <ul id="toc-Origins-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Capital_accumulation_as_social_relation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Capital_accumulation_as_social_relation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.7</span> <span>Capital accumulation as social relation</span> </div> </a> <ul id="toc-Capital_accumulation_as_social_relation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Markets_with_social_influence" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Markets_with_social_influence"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Markets with social influence</span> </div> </a> <ul id="toc-Markets_with_social_influence-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Notes</span> </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" 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accumulation</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 26 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-26" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">26 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D8%B1%D8%A7%D9%83%D9%85_%D8%B1%D8%A3%D8%B3_%D8%A7%D9%84%D9%85%D8%A7%D9%84" title="تراكم رأس المال – Arabic" lang="ar" hreflang="ar" data-title="تراكم رأس المال" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Kapital%C4%B1n_y%C4%B1%C4%9F%C4%B1lmas%C4%B1" title="Kapitalın yığılması – Azerbaijani" lang="az" hreflang="az" data-title="Kapitalın yığılması" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%9A%D0%B0%D0%BD%D1%86%D1%8D%D0%BD%D1%82%D1%80%D0%B0%D1%86%D1%8B%D1%8F_%D0%BA%D0%B0%D0%BF%D1%96%D1%82%D0%B0%D0%BB%D1%83" title="Канцэнтрацыя капіталу – Belarusian" lang="be" hreflang="be" data-title="Канцэнтрацыя капіталу" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Acumulaci%C3%B3_del_capital" title="Acumulació del capital – Catalan" lang="ca" hreflang="ca" data-title="Acumulació del capital" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Kapitalakkumulation" title="Kapitalakkumulation – Danish" lang="da" hreflang="da" data-title="Kapitalakkumulation" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Akkumulation_(Wirtschaft)" title="Akkumulation (Wirtschaft) – German" lang="de" hreflang="de" data-title="Akkumulation (Wirtschaft)" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Acumulaci%C3%B3n_del_capital" title="Acumulación del capital – Spanish" lang="es" hreflang="es" data-title="Acumulación del capital" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Akumulo_(ekonomio)" title="Akumulo (ekonomio) – Esperanto" lang="eo" hreflang="eo" data-title="Akumulo (ekonomio)" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Kapitalaren_metaketa" title="Kapitalaren metaketa – Basque" lang="eu" hreflang="eu" data-title="Kapitalaren metaketa" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D9%86%D8%A8%D8%A7%D8%B4%D8%AA_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87" title="انباشت سرمایه – Persian" lang="fa" hreflang="fa" data-title="انباشت سرمایه" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Accumulation_du_capital" title="Accumulation du capital – French" lang="fr" hreflang="fr" data-title="Accumulation du capital" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9E%90%EB%B3%B8_%EC%B6%95%EC%A0%81" title="자본 축적 – Korean" lang="ko" hreflang="ko" data-title="자본 축적" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-lrc mw-list-item"><a href="https://lrc.wikipedia.org/wiki/%D8%A7%D9%85%D8%A7%D8%B4%D8%AA_%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87" title="اماشت سرمایه – Northern Luri" lang="lrc" hreflang="lrc" data-title="اماشت سرمایه" data-language-autonym="لۊری شومالی" data-language-local-name="Northern Luri" class="interlanguage-link-target"><span>لۊری شومالی</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Accumulatio_capitalis" title="Accumulatio capitalis – Latin" lang="la" hreflang="la" data-title="Accumulatio capitalis" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Kapitaalaccumulatie" title="Kapitaalaccumulatie – Dutch" lang="nl" hreflang="nl" data-title="Kapitaalaccumulatie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E8%B3%87%E6%9C%AC%E8%93%84%E7%A9%8D" title="資本蓄積 – Japanese" lang="ja" hreflang="ja" data-title="資本蓄積" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D9%BE%D8%A7%D9%86%DA%AB%D8%B3%D8%A7%D8%AA%D9%86%D9%87" title="پانګساتنه – Pashto" lang="ps" hreflang="ps" data-title="پانګساتنه" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Akumulacja_(ekonomia)" title="Akumulacja (ekonomia) – Polish" lang="pl" hreflang="pl" data-title="Akumulacja (ekonomia)" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Acumula%C3%A7%C3%A3o_de_capital" title="Acumulação de capital – Portuguese" lang="pt" hreflang="pt" data-title="Acumulação de capital" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9D%D0%B0%D0%BA%D0%BE%D0%BF%D0%BB%D0%B5%D0%BD%D0%B8%D0%B5_%D0%BA%D0%B0%D0%BF%D0%B8%D1%82%D0%B0%D0%BB%D0%B0" title="Накопление капитала – Russian" lang="ru" hreflang="ru" data-title="Накопление капитала" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Capital_accumulation" title="Capital accumulation – Simple English" lang="en-simple" hreflang="en-simple" data-title="Capital accumulation" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Akumul%C3%A1cia_kapit%C3%A1lu" title="Akumulácia kapitálu – Slovak" lang="sk" hreflang="sk" data-title="Akumulácia kapitálu" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Sermaye_birikimi" title="Sermaye birikimi – Turkish" lang="tr" hreflang="tr" data-title="Sermaye birikimi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9A%D0%BE%D0%BD%D1%86%D0%B5%D0%BD%D1%82%D1%80%D0%B0%D1%86%D1%96%D1%8F_%D0%BA%D0%B0%D0%BF%D1%96%D1%82%D0%B0%D0%BB%D1%83" title="Концентрація капіталу – Ukrainian" lang="uk" hreflang="uk" data-title="Концентрація капіталу" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/T%C3%ADch_l%C5%A9y_t%C6%B0_b%E1%BA%A3n" title="Tích lũy tư bản – Vietnamese" lang="vi" hreflang="vi" data-title="Tích lũy tư bản" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a 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a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Branches and <a href="/wiki/JEL_classification_codes" title="JEL classification codes">classifications</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Capital accumulation</b> is the dynamic that motivates the <a href="/wiki/Profit_motive" title="Profit motive">pursuit of profit</a>, involving the <a href="/wiki/Investment" title="Investment">investment</a> of money or any <a href="/wiki/Financial_asset" title="Financial asset">financial asset</a> with the <a href="/wiki/Financial_goal" class="mw-redirect" title="Financial goal">goal</a> of increasing the initial monetary <a href="/wiki/Value_(economics)" title="Value (economics)">value</a> of said asset as a <a href="/wiki/Financial_return" class="mw-redirect" title="Financial return">financial return</a> whether in the form of <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profit</a>, <a href="/wiki/Economic_rent" title="Economic rent">rent</a>, <a href="/wiki/Interest" title="Interest">interest</a>, <a href="/wiki/Royalties" class="mw-redirect" title="Royalties">royalties</a> or <a href="/wiki/Capital_gains" class="mw-redirect" title="Capital gains">capital gains</a>. The aim of capital accumulation is to create new fixed and working capitals, broaden and modernize the existing ones, grow the material basis of social-cultural activities, as well as constituting the necessary resource for reserve and insurance.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The process of capital accumulation forms the basis of <a href="/wiki/Capitalism" title="Capitalism">capitalism</a>, and is one of the defining characteristics of a capitalist <a href="/wiki/Economic_system" title="Economic system">economic system</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Definition_of_Capital,_Marxist_Internet_Archive_Encyclopedia_3-0" class="reference"><a href="#cite_note-Definition_of_Capital,_Marxist_Internet_Archive_Encyclopedia-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Definition">Definition</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=1" title="Edit section: Definition"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Capitalism" title="Category:Capitalism">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="padding:0.2em;"><a href="/wiki/Capitalism" title="Capitalism">Capitalism</a></th></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Austerity" title="Austerity">Austerity</a></li> <li><a href="/wiki/Business" title="Business">Business</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Businessperson" title="Businessperson">Businessperson</a></li> <li><a href="/wiki/Capital_(economics)" title="Capital (economics)">Capital</a></li> <li><a class="mw-selflink selflink">Capital accumulation</a></li> <li><a href="/wiki/Capital_market" title="Capital market">Capital markets</a></li> <li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Competition_(economics)" title="Competition (economics)">Competitive markets</a></li> <li><a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">Economic interventionism</a></li> <li><a href="/wiki/Economic_liberalism" title="Economic liberalism">Economic liberalism</a></li> <li><a href="/wiki/Economic_surplus" title="Economic surplus">Economic surplus</a></li> <li><a href="/wiki/Entrepreneurship" title="Entrepreneurship">Entrepreneurship</a></li> <li><a href="/wiki/Fictitious_capital" title="Fictitious capital">Fictitious capital</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Free_price_system" title="Free price system">Free price system</a></li> <li><a href="/wiki/Free_market" title="Free market">Free market</a></li> <li><a href="/wiki/Goods_and_services" title="Goods and services">Goods and services</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Invisible_hand" title="Invisible hand">Invisible hand</a></li> <li><a href="/wiki/Visible_hand_(economics)" title="Visible hand (economics)">Visible hand</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Money" title="Money">Money</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Rent_seeking" class="mw-redirect" title="Rent seeking">Rent seeking</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a></li> <li><a href="/wiki/Surplus_value" title="Surplus value">Surplus value</a></li> <li><a href="/wiki/Value_(economics)" title="Value (economics)">Value</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic systems</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anglo-Saxon_capitalism" class="mw-redirect" title="Anglo-Saxon capitalism">Anglo-Saxon</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Free_market#General_principles" title="Free market">Free-market</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><i><a href="/wiki/Laissez-faire_capitalism" class="mw-redirect" title="Laissez-faire capitalism">Laissez-faire</a></i></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Market_capitalism" class="mw-redirect" title="Market capitalism">Market</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Mixed_capitalism" class="mw-redirect" title="Mixed capitalism">Mixed</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">Monopoly</a></li> <li><a href="/wiki/National_capitalism" class="mw-redirect" title="National capitalism">National</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Nordic_capitalism" class="mw-redirect" title="Nordic capitalism">Nordic</a></li> <li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Private</a></li> <li><a href="/wiki/Raw_capitalism" class="mw-redirect" title="Raw capitalism">Raw</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Regulatory_capitalism" title="Regulatory capitalism">Regulatory</a></li> <li><a href="/wiki/Rhine_capitalism" class="mw-redirect" title="Rhine capitalism">Rhine</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/State-sponsored_capitalism" class="mw-redirect" title="State-sponsored capitalism">State-sponsored</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic theories</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">MMT</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a></li></ul></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarist</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Origins</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Age_of_Enlightenment" title="Age of Enlightenment">Age of Enlightenment</a></li> <li><a href="/wiki/Capitalism_and_Islam" title="Capitalism and Islam">Capitalism and Islam</a></li> <li><a href="/wiki/Commercial_Revolution" class="mw-redirect" title="Commercial Revolution">Commercial Revolution</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Simple_commodity_production" title="Simple commodity production">Simple commodity production</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Development</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advanced_capitalism" title="Advanced capitalism">Advanced</a></li> <li><a href="/wiki/Consumer_capitalism" title="Consumer capitalism">Consumer</a></li> <li><a href="/wiki/Community_capitalism" title="Community capitalism">Community</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Crony_capitalism" title="Crony capitalism">Crony</a></li> <li><a href="/wiki/Finance_capitalism" title="Finance capitalism">Finance</a></li> <li><a href="/wiki/Global_capitalism" class="mw-redirect" title="Global capitalism">Global</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Illiberal</a></li> <li><a href="/wiki/Late_capitalism" title="Late capitalism">Late</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Marxist</a></li> <li><a href="/wiki/Merchant_capitalism" title="Merchant capitalism">Merchant</a></li> <li><a href="/wiki/Progressive_capitalism" title="Progressive capitalism">Progressive</a></li> <li><a href="/wiki/Rentier_capitalism" title="Rentier capitalism">Rentier</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">State monopoly</a></li> <li><a href="/wiki/Technocapitalism" title="Technocapitalism">Technological</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Intellectuals</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Ayn_Rand" title="Ayn Rand">Rand</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Richard_M._Weaver" title="Richard M. Weaver">Weaver</a></li> <li><a href="/wiki/Max_Weber" title="Max Weber">Weber</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Coase</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Capitalist_propaganda" title="Capitalist propaganda">Capitalist propaganda</a></li> <li><a href="/wiki/Capitalist_realism" title="Capitalist realism">Capitalist realism</a></li> <li><a href="/wiki/Capitalist_state" title="Capitalist state">Capitalist state</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism of capitalism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Cronyism" title="Cronyism">Cronyism</a></li> <li><a href="/wiki/Culture_of_capitalism" title="Culture of capitalism">Culture of capitalism</a></li> <li><a href="/wiki/Evergreening" title="Evergreening">Evergreening</a></li> <li><a href="/wiki/Exploitation_of_labour" title="Exploitation of labour">Exploitation of labour</a></li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/History_of_capitalism" title="History of capitalism">History</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of theory</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Periodizations_of_capitalism" title="Periodizations of capitalism">Periodizations of capitalism</a></li> <li><a href="/wiki/Perspectives_on_capitalism" class="mw-redirect" title="Perspectives on capitalism">Perspectives on capitalism</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalism</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li> <li><a href="/wiki/Venture_philanthropy" title="Venture philanthropy">Venture philanthropy</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Ideologies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Anarcho</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Classical_liberalism" title="Classical liberalism">Classical liberalism</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigisme</a></li> <li><a href="/wiki/Eco-capitalism" title="Eco-capitalism">Eco</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><a href="/wiki/Inclusive_capitalism" title="Inclusive capitalism">Inclusive</a></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Liberalism" title="Liberalism">Liberalism</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Neo-Capitalism" class="mw-redirect" title="Neo-Capitalism">Neo</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></li> <li><a href="/wiki/Objectivism" title="Objectivism">Objectivism</a></li> <li><a href="/wiki/Ordoliberalism" title="Ordoliberalism">Ordoliberalism</a></li> <li><a href="/wiki/Privatism" title="Privatism">Privatism</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Right-libertarianism</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Capitalismlogo.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/16px-Capitalismlogo.svg.png" decoding="async" width="16" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/24px-Capitalismlogo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/32px-Capitalismlogo.svg.png 2x" data-file-width="959" data-file-height="912" /></a></span> </span><a href="/wiki/Portal:Capitalism" title="Portal:Capitalism">Capitalism portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Capitalism_sidebar" title="Template:Capitalism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Capitalism_sidebar" title="Template talk:Capitalism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Capitalism_sidebar" title="Special:EditPage/Template:Capitalism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>The definition of capital accumulation is subject to controversy and ambiguities, because it could refer to: </p> <ul><li>A <i><a href="/wiki/Net_(economics)" title="Net (economics)">net</a> addition</i> to existing <a href="/wiki/Wealth#Economic_analysis" title="Wealth">wealth</a></li> <li>A <i>redistribution</i> of wealth.</li></ul> <p>Most often, capital accumulation involves both a net addition and a <a href="/wiki/Redistribution_of_wealth" class="mw-redirect" title="Redistribution of wealth">redistribution of wealth</a>, which may raise the question of who really benefits from it most. If more wealth is produced than there was before, a <a href="/wiki/Society" title="Society">society</a> becomes richer; the total <a href="/wiki/Stock_and_flow" title="Stock and flow">stock</a> of wealth increases. But if some accumulate <a href="/wiki/Capital_(economics)" title="Capital (economics)">capital</a> only at the expense of others, wealth is merely shifted from A to B. It is also possible that some accumulate capital much faster than others.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2017)">citation needed</span></a></i>]</sup> When one person is enriched at the expense of another in circumstances that the law sees as unjust it is called <a href="/wiki/Unjust_enrichment" class="mw-redirect" title="Unjust enrichment">unjust enrichment</a>.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> In principle, it is possible that a few people or organisations accumulate capital and grow richer, although the total stock of wealth of society <i>decreases</i>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2017)">citation needed</span></a></i>]</sup> </p><p>In <a href="/wiki/Economics" title="Economics">economics</a> and <a href="/wiki/Accounting" title="Accounting">accounting</a>, capital accumulation is often equated with investment of profit income or savings, especially in <a href="/wiki/Real_vs._nominal_in_economics" class="mw-redirect" title="Real vs. nominal in economics">real</a> <a href="/wiki/Capital_goods" class="mw-redirect" title="Capital goods">capital goods</a>. The concentration and <a href="/wiki/Centralisation" title="Centralisation">centralisation</a> of capital are two of the results of such accumulation (see below). </p><p><a href="/wiki/Capital_(economics)" title="Capital (economics)">Capital</a> accumulation refers ordinarily to: </p> <ul><li>Real investment in tangible means of production, such as acquisitions, research and development, etc. that can increase the capital flow.</li> <li>Investment in financial assets represented on paper, yielding profit, interest, rent, <a href="/wiki/Royalties" class="mw-redirect" title="Royalties">royalties</a>, fees or <a href="/wiki/Capital_gains" class="mw-redirect" title="Capital gains">capital gains</a>.</li> <li>Investment in <i>non-productive</i> physical assets such as residential real estate or works of art that appreciate in value.</li></ul> <p>and by extension to: </p> <ul><li><a href="/wiki/Human_capital" title="Human capital">Human capital</a>, i.e., new education and training increasing the <a href="/wiki/Skill_(labor)" title="Skill (labor)">skills</a> of the (potential) <a href="/wiki/Labour_force" class="mw-redirect" title="Labour force">labour force</a> which can increase earnings from work.</li> <li><a href="/wiki/Social_capital" title="Social capital">Social capital</a>, i.e. the wealth and <a href="/wiki/Productive_capacity" title="Productive capacity">productive capacity</a> that the people in a society hold in common, rather than as individuals or corporations.</li></ul> <p>Both non-financial and financial capital accumulation is usually needed for <a href="/wiki/Economic_growth" title="Economic growth">economic growth</a>, since additional <a href="/wiki/Production_(economics)" title="Production (economics)">production</a> usually requires additional funds to enlarge the scale of production. Smarter and more <a href="/wiki/Productivity" title="Productivity">productive</a> organization of production can also increase production without increased capital. Capital can be created without increased investment by inventions or improved organization that increase productivity, discoveries of new <a href="/wiki/Asset_(economics)" title="Asset (economics)">assets</a> (oil, gold, minerals, etc.), the sale of property, etc. </p><p>In modern <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomics</a> and <a href="/wiki/Econometrics" title="Econometrics">econometrics</a> the term <i><a href="/wiki/Capital_formation" title="Capital formation">capital formation</a></i> is often used in preference to "accumulation", though the <a href="/wiki/United_Nations_Conference_on_Trade_and_Development" class="mw-redirect" title="United Nations Conference on Trade and Development">United Nations Conference on Trade and Development</a> (UNCTAD) refers nowadays to "accumulation". The term is occasionally used in <a href="/wiki/National_accounts" title="National accounts">national accounts</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Measurement_of_accumulation">Measurement of accumulation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=2" title="Edit section: Measurement of accumulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Accumulation can be measured as the monetary value of investments, the amount of <a href="/wiki/Income" title="Income">income</a> that is reinvested, or as the change in the <a href="/wiki/Valuation_(finance)" title="Valuation (finance)">value of assets</a> owned (the increase in the value of the capital stock). Using company <a href="/wiki/Balance_sheet" title="Balance sheet">balance sheets</a>, <a href="/wiki/Tax" title="Tax">tax</a> data and direct <a href="/wiki/Statistical_survey" class="mw-redirect" title="Statistical survey">surveys</a> as a basis, government statisticians estimate total investments and assets for the purpose of <a href="/wiki/National_accounts" title="National accounts">national accounts</a>, national <a href="/wiki/Balance_of_payments" title="Balance of payments">balance of payments</a> and <a href="/wiki/Flow_of_funds" title="Flow of funds">flow of funds</a> statistics. Usually, the <a href="/wiki/Reserve_bank" class="mw-redirect" title="Reserve bank">reserve banks</a> and the <a href="/wiki/Treasury" title="Treasury">Treasury</a> provide interpretations and analysis of this <a href="/wiki/Economic_data" title="Economic data">data</a>. Standard <a href="/wiki/Economic_indicator" title="Economic indicator">indicators</a> include <a href="/wiki/Capital_formation" title="Capital formation">capital formation</a>, <a href="/wiki/Gross_fixed_capital_formation" title="Gross fixed capital formation">gross fixed capital formation</a>, <a href="/wiki/Fixed_capital" title="Fixed capital">fixed capital</a>, household asset wealth, and <a href="/wiki/Foreign_direct_investment" title="Foreign direct investment">foreign direct investment</a>. </p><p>Organisations such as the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>, UNCTAD, the <a href="/wiki/World_Bank_Group" title="World Bank Group">World Bank Group</a>, the <a href="/wiki/OECD" title="OECD">OECD</a>, and the <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a> used national investment data to estimate world trends. The <a href="/wiki/Bureau_of_Economic_Analysis" title="Bureau of Economic Analysis">Bureau of Economic Analysis</a>, <a href="/wiki/Eurostat" title="Eurostat">Eurostat</a> and the Japan Statistical Office provide data on the US, Europe and Japan respectively. </p><p>Other useful sources of investment information are business magazines such as <i><a href="/wiki/Fortune_(magazine)" title="Fortune (magazine)">Fortune</a>, <a href="/wiki/Forbes" title="Forbes">Forbes</a>, <a href="/wiki/The_Economist" title="The Economist">The Economist</a>, <a href="/wiki/Business_Week" class="mw-redirect" title="Business Week">Business Week</a></i>, etc., and various corporate "<a href="/wiki/Watchdog_journalism" title="Watchdog journalism">watchdog</a>" organisations and <a href="/wiki/Non-governmental_organization" title="Non-governmental organization">non-governmental organization</a> publications. A reputable <a href="/wiki/Scientific_journal" title="Scientific journal">scientific journal</a> is the <i><a href="/wiki/Review_of_Income_and_Wealth" title="Review of Income and Wealth">Review of Income and Wealth</a></i>. In the case of the US, the "Analytical Perspectives" document (an annex to the yearly budget) provides useful wealth and capital estimates applying to the whole country. </p> <div class="mw-heading mw-heading2"><h2 id="Demand-led_growth_models">Demand-led growth models</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=3" title="Edit section: Demand-led growth models"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomics</a>, following the <a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar model</a>, the <a href="/wiki/Savings_ratio" class="mw-redirect" title="Savings ratio">savings ratio</a> (<span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle s}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>s</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle s}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/01d131dfd7673938b947072a13a9744fe997e632" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.09ex; height:1.676ex;" alt="{\displaystyle s}"></span>) and the capital coefficient (<span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle k}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>k</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle k}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/c3c9a2c7b599b37105512c5d570edc034056dd40" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.211ex; height:2.176ex;" alt="{\displaystyle k}"></span>) are regarded as critical factors for accumulation and growth, assuming that all saving is used to finance <a href="/wiki/Fixed_investment" title="Fixed investment">fixed investment</a>. The rate of growth of the real stock of fixed capital (<span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle K}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>K</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle K}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/2b76fce82a62ed5461908f0dc8f037de4e3686b0" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:2.066ex; height:2.176ex;" alt="{\displaystyle K}"></span>) is: </p> <dl><dd><span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {{\Delta K} \over K}={{{\Delta K} \over Y} \over {K \over Y}}={s \over k}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow class="MJX-TeXAtom-ORD"> <mi mathvariant="normal">Δ</mi> <mi>K</mi> </mrow> <mi>K</mi> </mfrac> </mrow> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mrow class="MJX-TeXAtom-ORD"> <mi mathvariant="normal">Δ</mi> <mi>K</mi> </mrow> <mi>Y</mi> </mfrac> </mrow> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mi>K</mi> <mi>Y</mi> </mfrac> </mrow> </mfrac> </mrow> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mi>s</mi> <mi>k</mi> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {{\Delta K} \over K}={{{\Delta K} \over Y} \over {K \over Y}}={s \over k}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/2fcfd486d5ebb3f9720d9b41d01d96d69ffca604" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -3.505ex; width:17.584ex; height:8.176ex;" alt="{\displaystyle {{\Delta K} \over K}={{{\Delta K} \over Y} \over {K \over Y}}={s \over k}}"></span></dd></dl> <p>where <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>Y</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/961d67d6b454b4df2301ac571808a3538b3a6d3f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.171ex; width:1.773ex; height:2.009ex;" alt="{\displaystyle Y}"></span> is the real national income. If the capital-<a href="/wiki/Output_(economics)" title="Output (economics)">output</a> ratio or capital coefficient (<span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle k={K \over Y}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>k</mi> <mo>=</mo> <mrow class="MJX-TeXAtom-ORD"> <mfrac> <mi>K</mi> <mi>Y</mi> </mfrac> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle k={K \over Y}}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/2e3d6681ddcd8d636e4f19460a4662293e124f9e" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -1.838ex; width:7.212ex; height:5.176ex;" alt="{\displaystyle k={K \over Y}}"></span>) is constant, the rate of growth of <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>Y</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/961d67d6b454b4df2301ac571808a3538b3a6d3f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.171ex; width:1.773ex; height:2.009ex;" alt="{\displaystyle Y}"></span> is equal to the rate of growth of <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle K}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>K</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle K}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/2b76fce82a62ed5461908f0dc8f037de4e3686b0" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:2.066ex; height:2.176ex;" alt="{\displaystyle K}"></span>. This is determined by <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle s}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>s</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle s}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/01d131dfd7673938b947072a13a9744fe997e632" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.09ex; height:1.676ex;" alt="{\displaystyle s}"></span> (the ratio of net fixed investment or saving to <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle Y}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>Y</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle Y}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/961d67d6b454b4df2301ac571808a3538b3a6d3f" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.171ex; width:1.773ex; height:2.009ex;" alt="{\displaystyle Y}"></span>) and <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle k}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>k</mi> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle k}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/c3c9a2c7b599b37105512c5d570edc034056dd40" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.338ex; width:1.211ex; height:2.176ex;" alt="{\displaystyle k}"></span>. </p><p>A country might, for example, save and invest 12% of its <a href="/wiki/Gross_national_income" title="Gross national income">national income</a>, and then if the capital coefficient is 4:1 (i.e. $4 billion must be invested to increase the national income by 1 billion) the rate of growth of the national income might be 3% annually. However, as <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a> points out, <a href="/wiki/Saving" title="Saving">savings</a> do not automatically mean investment (as <a href="/wiki/Liquid_capital" title="Liquid capital">liquid funds</a> may be <a href="/wiki/Hoarding_(economics)" title="Hoarding (economics)">hoarded</a> for example). Investment may also not be investment in fixed capital (see above). </p><p>Assuming that the turnover of total production capital invested remains constant, the proportion of total investment which just maintains the stock of total capital, rather than enlarging it, will typically increase as the total stock increases. The growth rate of incomes and net new investments must then also increase, in order to accelerate the growth of the capital stock. Simply put, the bigger capital grows, the more capital it takes to keep it growing and the more <a href="/wiki/Market_(economics)" title="Market (economics)">markets</a> must expand. </p><p>The Harrodian model has a problem of unstable static equilibrium, since if the growth rate is not equal to the Harrodian warranted rate, the production will tend to extreme points (infinite or zero production).<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> The Neo-Kaleckians models do not suffer from the Harrodian instability but fails to deliver a convergence dynamic of the effective capacity utilization to the planned capacity utilization.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> For its turn, the model of the Sraffian Supermultiplier grants a static stable equilibrium and a convergence to the planned capacity utilization.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The Sraffian Supermultiplier model diverges from the Harrodian model since it takes the investment as induced and not as autonomous. The autonomous components in this model are the Autonomous Non-Capacity Creating Expenditures, such as exports, credit led consumption and public spending. The growth rate of these expenditures determines the long run rate of capital accumulation and product growth. </p> <div class="mw-heading mw-heading2"><h2 id="Marxist_concept">Marxist concept</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=4" title="Edit section: Marxist concept"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Marxism" title="Category:Marxism">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="font-size:175%;"><a href="/wiki/Marxism" title="Marxism">Marxism</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Marx_Engels_icon.svg" class="mw-file-description" title="Karl Marx and Friedrich Engels"><img alt="Karl Marx and Friedrich Engels" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Marx_Engels_icon.svg/75px-Marx_Engels_icon.svg.png" decoding="async" width="75" height="75" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Marx_Engels_icon.svg/113px-Marx_Engels_icon.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Marx_Engels_icon.svg/150px-Marx_Engels_icon.svg.png 2x" data-file-width="333" data-file-height="333" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed plainlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #b20000;;color: var(--color-base)"><a href="/wiki/Marxist_bibliography" title="Marxist bibliography">Theoretical works</a></div><div class="sidebar-list-content mw-collapsible-content" style="font-style:italic;"> <ul><li><a href="/wiki/Economic_and_Philosophic_Manuscripts_of_1844" title="Economic and Philosophic Manuscripts of 1844">Economic and Philosophic Manuscripts of 1844</a></li> <li><a href="/wiki/The_Condition_of_the_Working_Class_in_England" title="The Condition of the Working Class in England">The Condition of the Working Class in England</a></li> <li><a href="/wiki/The_German_Ideology" title="The German Ideology">The German Ideology</a></li> <li><a href="/wiki/The_Communist_Manifesto" title="The Communist Manifesto">The Communist Manifesto</a></li> <li><a href="/wiki/The_Eighteenth_Brumaire_of_Louis_Bonaparte" title="The Eighteenth Brumaire of Louis Bonaparte">The Eighteenth Brumaire of Louis Bonaparte</a></li> <li><a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a></li> <li><a href="/wiki/Das_Kapital" title="Das Kapital">Capital</a></li> <li><a href="/wiki/Critique_of_the_Gotha_Programme" title="Critique of the Gotha Programme">Critique of the Gotha Programme</a></li> <li><a href="/wiki/Dialectics_of_Nature" title="Dialectics of Nature">Dialectics of Nature</a></li> <li><a href="/wiki/The_Origin_of_the_Family,_Private_Property_and_the_State" title="The Origin of the Family, Private Property and the State">The Origin of the Family, Private Property and the State</a></li> <li><a href="/wiki/What_Is_to_Be_Done%3F" title="What Is to Be Done?">What Is to Be Done?</a></li> <li><a href="/wiki/The_Accumulation_of_Capital" title="The Accumulation of Capital">The Accumulation of Capital</a></li> <li><a href="/wiki/Philosophical_Notebooks" title="Philosophical Notebooks">Philosophical Notebooks</a></li> <li><a href="/wiki/Terrorism_and_Communism" title="Terrorism and Communism">Terrorism and Communism</a></li> <li><a href="/wiki/The_State_and_Revolution" title="The State and Revolution">The State and Revolution</a></li> <li><a href="/wiki/Essays_on_Marx%27s_Theory_of_Value" title="Essays on Marx's Theory of Value">Essays on Marx's Theory of Value</a></li> <li><a href="/wiki/History_and_Class_Consciousness" title="History and Class Consciousness">History and Class Consciousness</a></li> <li><a href="/wiki/Prison_Notebooks" title="Prison Notebooks">Prison Notebooks</a></li> <li><a href="/wiki/The_Black_Jacobins" title="The Black Jacobins">The Black Jacobins</a></li> <li><a href="/wiki/On_Practice" title="On Practice">On Practice</a></li> <li><a href="/wiki/Theses_on_the_Philosophy_of_History" title="Theses on the Philosophy of History">Theses on the Philosophy of History</a></li> <li><a href="/wiki/Dialectic_of_Enlightenment" title="Dialectic of Enlightenment">Dialectic of Enlightenment</a></li> <li><a href="/wiki/A_Critique_of_Soviet_Economics" title="A Critique of Soviet Economics">A Critique of Soviet Economics</a></li> <li><a href="/wiki/The_Long_Revolution" title="The Long Revolution">The Long Revolution</a></li> <li><a href="/wiki/Guerrilla_Warfare_(book)" class="mw-redirect" title="Guerrilla Warfare (book)">Guerrilla Warfare</a></li> <li><a href="/wiki/The_Wretched_of_the_Earth" title="The Wretched of the Earth">The Wretched of the Earth</a></li> <li><a href="/wiki/Reading_Capital" title="Reading Capital">Reading Capital</a></li> <li><a href="/wiki/The_Society_of_the_Spectacle" title="The Society of the Spectacle">The Society of the Spectacle</a></li> <li><a href="/wiki/Pedagogy_of_the_Oppressed" title="Pedagogy of the Oppressed">Pedagogy of the Oppressed</a></li> <li><a href="/wiki/Ideology_and_Ideological_State_Apparatuses" title="Ideology and Ideological State Apparatuses">Ideology and Ideological State Apparatuses</a></li> <li><a href="/wiki/Ways_of_Seeing" title="Ways of Seeing">Ways of Seeing</a></li> <li><a href="/wiki/How_Europe_Underdeveloped_Africa" title="How Europe Underdeveloped Africa">How Europe Underdeveloped Africa</a></li> <li><a href="/wiki/Social_Justice_and_the_City" title="Social Justice and the City">Social Justice and the City</a></li> <li><a href="/wiki/Women,_Race_and_Class" title="Women, Race and Class">Women, Race and Class</a></li> <li><a href="/wiki/Marxism_and_the_Oppression_of_Women" title="Marxism and the Oppression of Women">Marxism and the Oppression of Women</a></li> <li><a href="/wiki/Imagined_Communities" title="Imagined Communities">Imagined Communities</a></li> <li><a href="/wiki/Hegemony_and_Socialist_Strategy" title="Hegemony and Socialist Strategy">Hegemony and Socialist Strategy</a></li> <li><a href="/wiki/The_Sublime_Object_of_Ideology" title="The Sublime Object of Ideology">The Sublime Object of Ideology</a></li> <li><a href="/wiki/Time,_Labor_and_Social_Domination" title="Time, Labor and Social Domination">Time, Labor and Social Domination</a></li> <li><a href="/wiki/The_Age_of_Extremes" title="The Age of Extremes">The Age of Extremes</a></li> <li><a href="/wiki/The_Origin_of_Capitalism" title="The Origin of Capitalism">The Origin of Capitalism</a></li> <li><a href="/wiki/Empire_(Hardt_and_Negri_book)" title="Empire (Hardt and Negri book)">Empire</a></li> <li><a href="/wiki/Late_Victorian_Holocausts" title="Late Victorian Holocausts">Late Victorian Holocausts</a></li> <li><a href="/wiki/Change_the_World_Without_Taking_Power" title="Change the World Without Taking Power">Change the World Without Taking Power</a></li> <li><a href="/wiki/Caliban_and_the_Witch" title="Caliban and the Witch">Caliban and the Witch</a></li> <li><a href="/wiki/An_Introduction_to_the_Three_Volumes_of_Karl_Marx%27s_Capital" title="An Introduction to the Three Volumes of Karl Marx's Capital">An Introduction to the Three Volumes of Karl Marx's Capital</a></li> <li><a href="/wiki/Capitalist_Realism" title="Capitalist Realism">Capitalist Realism</a></li> <li><a href="/wiki/Capital_in_the_Anthropocene" title="Capital in the Anthropocene">Capital in the Anthropocene</a></li> <li><a href="/wiki/Towards_Socialism_or_Capitalism%3F" title="Towards Socialism or Capitalism?">Towards Socialism or Capitalism?</a></li> <li><a href="/wiki/The_Revolution_Betrayed" title="The Revolution Betrayed">The Revolution Betrayed</a></li> <li><a href="/wiki/Literature_and_Revolution" title="Literature and Revolution">Literature and Revolution</a></li> <li><a href="/wiki/The_Struggle_Against_Fascism_in_Germany" title="The Struggle Against Fascism in Germany">The Struggle Against Fascism in Germany</a></li> <li><a href="/wiki/Their_Morals_and_Ours:_The_class_foundations_of_moral_practice" title="Their Morals and Ours: The class foundations of moral practice">Their Morals and Ours: The class foundations of moral practice</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #b20000;;color: var(--color-base)"><a href="/wiki/Marxist_philosophy" title="Marxist philosophy">Philosophy</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Marx%27s_theory_of_alienation" title="Marx's theory of alienation">Alienation</a></li> <li><a href="/wiki/Dialectical_materialism" title="Dialectical materialism">Dialectical materialism</a></li> <li><a href="/wiki/Ideology#Marxist_interpretation" title="Ideology">Ideology</a></li> <li><a href="/wiki/Marxist_philosophy_of_nature" class="mw-redirect" title="Marxist philosophy of nature">Philosophy of nature</a></li> <li><a href="/wiki/Philosophy_in_the_Soviet_Union" title="Philosophy in the Soviet Union">Philosophy in the Soviet Union</a></li> <li><a href="/wiki/Reification_(Marxism)" title="Reification (Marxism)">Reification</a></li> <li><a href="/wiki/Marxist_ethics" title="Marxist ethics">Marxist ethics</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #b20000;;color: var(--color-base)"><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Capital_(Marxism)" title="Capital (Marxism)">Capital</a> (<a class="mw-selflink selflink">accumulation</a>)</li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Commodity_(Marxism)" title="Commodity (Marxism)">Commodity</a></li> <li><a href="/wiki/Abstract_labour_and_concrete_labour" title="Abstract labour and concrete labour">Concrete and abstract labor</a></li> <li><a href="/wiki/Factors_of_production#Marxism" title="Factors of production">Factors of production</a></li> <li><a href="/wiki/Tendency_of_the_rate_of_profit_to_fall" title="Tendency of the rate of profit to fall">Falling profit-rate tendency</a></li> <li><a href="/wiki/Means_of_production" title="Means of production">Means of production</a></li> <li><a href="/wiki/Mode_of_production" title="Mode of production">Mode of production</a> <ul><li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Capitalist</a></li> <li><a href="/wiki/Socialist_mode_of_production" title="Socialist mode of production">Socialist</a></li></ul></li> <li><a href="/wiki/Productive_forces" title="Productive forces">Productive forces</a></li> <li><a href="/wiki/Scientific_socialism" title="Scientific socialism">Scientific socialism</a></li> <li><a href="/wiki/Surplus_product" title="Surplus product">Surplus product</a></li> <li><a href="/wiki/Socially_necessary_labour_time" title="Socially necessary labour time">Socially necessary labour time</a></li> <li><a href="/wiki/Value-form" title="Value-form">Value-form</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #b20000;;color: var(--color-base)"><a href="/wiki/Marxist_sociology" title="Marxist sociology">Sociology</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Base_and_superstructure" title="Base and superstructure">Base and superstructure</a></li> <li><a href="/wiki/Bourgeoisie#Marxist_theory" title="Bourgeoisie">Bourgeoisie</a></li> <li><a href="/wiki/Marxian_class_theory" title="Marxian class theory">Class</a></li> <li><a href="/wiki/Class_consciousness" title="Class consciousness">Class consciousness</a></li> <li><a href="/wiki/Classless_society" title="Classless society">Classless society</a></li> <li><a href="/wiki/Commodity_fetishism" title="Commodity fetishism">Commodity fetishism</a></li> <li><a href="/wiki/Communist_society" title="Communist society">Communist society</a></li> <li><a href="/wiki/Critical_theory" title="Critical theory">Critical theory</a></li> <li><a href="/wiki/Cultural_hegemony" title="Cultural hegemony">Cultural hegemony</a></li> <li><a href="/wiki/Democracy_in_Marxism" title="Democracy in Marxism">Democracy</a> <ul><li><a href="/wiki/Dictatorship_of_the_proletariat" title="Dictatorship of the proletariat">Dictatorship of the proletariat</a></li> <li><a href="/wiki/Soviet_democracy" title="Soviet democracy">Soviet</a></li> <li><a href="/wiki/Radical_democracy" title="Radical democracy">Radical</a></li> <li><a href="/wiki/Democratic_centralism" title="Democratic centralism">Democratic centralism</a></li></ul></li> <li><a href="/wiki/Exploitation_of_labour#Marxist_theory" title="Exploitation of labour">Exploitation</a></li> <li><a href="/wiki/False_consciousness" title="False consciousness">False consciousness</a></li> <li><a href="/wiki/Marx%27s_theory_of_human_nature" title="Marx's theory of human nature">Human nature</a></li> <li><a href="/wiki/Immiseration_thesis" title="Immiseration thesis">Immiseration</a></li> <li><a href="/wiki/Theory_of_imperialism#Marx" class="mw-redirect" title="Theory of imperialism">Imperialism</a></li> <li><a href="/wiki/Lumpenproletariat" title="Lumpenproletariat">Lumpenproletariat</a></li> <li><a href="/wiki/Metabolic_rift" title="Metabolic rift">Metabolic rift</a></li> <li><a href="/wiki/Proletariat" title="Proletariat">Proletariat</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Relations_of_production" title="Relations of production">Relations of production</a></li> <li><a href="/wiki/Marx%27s_theory_of_the_state" title="Marx's theory of the state">State theory</a></li> <li><a href="/wiki/Working_class" title="Working class">Working class</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed plainlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #b20000;;color: var(--color-base)"><a href="/wiki/Historical_materialism" title="Historical materialism">History</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Class_conflict" title="Class conflict">Class struggle</a></li> <li><a href="/wiki/Historical_determinism" title="Historical determinism">Historical determinism</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Proletarian_revolution" title="Proletarian revolution">Proletarian revolution</a></li> <li><a href="/wiki/World_revolution" title="World revolution">World revolution</a></li> <li><a href="/wiki/Theory_of_historical_trajectory" title="Theory of historical trajectory">Theory of historical trajectory</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #b20000;;color: var(--color-base)">Aspects</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Marxist_aesthetics" title="Marxist aesthetics">Aesthetics</a></li> <li><a href="/wiki/Marxist_archaeology" title="Marxist archaeology">Archaeology</a></li> <li><a href="/wiki/Marxist_criminology" title="Marxist criminology">Criminology</a></li> <li><a href="/wiki/Marxist_cultural_analysis" title="Marxist cultural analysis">Cultural analysis</a></li> <li><a href="/wiki/Cultural_studies" title="Cultural studies">Cultural Studies</a></li> <li><a href="/wiki/Marxist_ethics" title="Marxist ethics">Ethics</a></li> <li><a href="/wiki/Marxist_film_theory" title="Marxist film theory">Film theory</a></li> <li><a href="/wiki/Marxist_geography" title="Marxist geography">Geography</a></li> <li><a href="/wiki/Marxist_historiography" title="Marxist historiography">Historiography</a></li> <li><a href="/wiki/Marxist_literary_criticism" title="Marxist literary criticism">Literary criticism</a></li> <li><a href="/wiki/Marxism_and_religion" title="Marxism and religion">Marxism and religion</a></li> <li><a href="/wiki/Marxist_sociology" title="Marxist sociology">Sociology</a></li> <li><a href="/wiki/Marxist_philosophy" title="Marxist philosophy">Philosophy</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #b20000;;color: var(--color-base)">Common variants</div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="padding-top:0.2em;font-style:italic;font-weight:normal;border-bottom:1px solid #ccc;"> <a href="/wiki/Structural_Marxism" title="Structural Marxism">Structural</a></th></tr><tr><td class="sidebar-content plainlist hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Autonomism" title="Autonomism">Autonomist</a></li> <li><a href="/wiki/Marxism%E2%80%93Leninism" title="Marxism–Leninism">Marxism–Leninism</a> <ul><li><a href="/wiki/Guevarism" title="Guevarism">Guevarism</a></li> <li><a href="/wiki/Maoism" title="Maoism">Maoism</a></li> <li><a href="/wiki/Titoism" title="Titoism">Titoism</a></li> <li><a href="/wiki/Trotskyism" title="Trotskyism">Trotskyism</a></li></ul></li> <li><a href="/wiki/Neo-Gramscianism" title="Neo-Gramscianism">Neo-Gramscianism</a></li> <li><a href="/wiki/Regulation_school" title="Regulation school">Regulation school</a></li> <li><a href="/wiki/Maoism%E2%80%93Third_Worldism" title="Maoism–Third Worldism">Third-worldist</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="padding-top:0.2em;font-style:italic;font-weight:normal;border-bottom:1px solid #ccc;"> <a href="/wiki/History_and_Class_Consciousness#Summary" title="History and Class Consciousness">Hegelian</a></th></tr><tr><td class="sidebar-content plainlist hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Budapest_School" title="Budapest School">Budapest School</a></li> <li><a href="/wiki/Frankfurt_School" title="Frankfurt School">Frankfurt School</a></li> <li><a href="/wiki/Marxist_humanism" title="Marxist humanism">Humanist</a></li> <li><a href="/wiki/Neue_Marx-Lekt%C3%BCre" title="Neue Marx-Lektüre">Neue Marx-Lektüre</a></li> <li><a href="/wiki/Open_Marxism" title="Open Marxism">Open</a></li> <li><a href="/wiki/Political_Marxism" title="Political Marxism">Political</a></li> <li><a href="/wiki/Praxis_School" title="Praxis School">Praxis School</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="padding-top:0.2em;font-style:italic;font-weight:normal;border-bottom:1px solid #ccc;"> Both</th></tr><tr><td class="sidebar-content plainlist hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Black_radical_tradition" title="Black radical tradition">Black</a></li> <li><a href="/wiki/Classical_Marxism" title="Classical Marxism">Classical</a></li> <li><a href="/wiki/Communization" title="Communization">Communization</a></li> <li><a href="/wiki/Marxist_feminism" title="Marxist feminism">Feminist</a></li> <li><a href="/wiki/Leninism" title="Leninism">Leninism</a></li> <li><a href="/wiki/Neo-Marxism" title="Neo-Marxism">Neo</a></li> <li><a href="/wiki/Post-Marxism" title="Post-Marxism">Post</a></li> <li><a href="/wiki/Western_Marxism" title="Western Marxism">Western</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #b20000;;color: var(--color-base)"><a href="/wiki/Marxist_schools_of_thought" title="Marxist schools of thought">Other variants</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Analytical_Marxism" title="Analytical Marxism">Analytical</a></li> <li><a href="/wiki/Austromarxism" title="Austromarxism">Austromarxism</a></li> <li><a href="/wiki/Centrist_Marxism" title="Centrist Marxism">Centrist</a></li> <li><a href="/wiki/Council_communism" title="Council communism">Council communism</a></li> <li><a href="/wiki/Eurocommunism" title="Eurocommunism">Eurocommunism</a></li> <li><a href="/wiki/Instrumental_Marxism" title="Instrumental Marxism">Instrumental</a></li> <li><a href="/wiki/Marxism%E2%80%93Leninism%E2%80%93Maoism" title="Marxism–Leninism–Maoism">Marxism–Leninism–Maoism</a></li> <li><a href="/wiki/Nkrumaism" title="Nkrumaism">Nkrumaism</a></li> <li><a href="/wiki/Orthodox_Marxism" title="Orthodox Marxism">Orthodox</a></li> <li><a href="/wiki/Revisionism_(Marxism)" title="Revisionism (Marxism)">Revisionist</a></li> <li><a href="/wiki/Situationist" class="mw-redirect" title="Situationist">Situationist</a></li> <li><a href="/wiki/Socialism_with_Chinese_characteristics" title="Socialism with Chinese characteristics">Socialism with Chinese characteristics</a></li> <li><a href="/wiki/Wertkritik" class="mw-redirect" title="Wertkritik">Wertkritik</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #b20000;;color: var(--color-base)"><a href="/wiki/List_of_contributors_to_Marxist_theory" title="List of contributors to Marxist theory">People</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><b><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></b></li> <li><b><a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Engels</a></b></li> <li><a href="/wiki/William_Morris" title="William Morris">Morris</a></li> <li><a href="/wiki/Paul_Lafargue" title="Paul Lafargue">Lafargue</a></li> <li><a href="/wiki/Isaak_Illich_Rubin" title="Isaak Illich Rubin">Rubin</a></li> <li><a href="/wiki/Karl_Kautsky" title="Karl Kautsky">Kautsky</a></li> <li><a href="/wiki/Georgi_Plekhanov" title="Georgi Plekhanov">Plekhanov</a></li> <li><a href="/wiki/W._E._B._Du_Bois" title="W. E. B. Du Bois">Du Bois</a></li> <li><a href="/wiki/James_Connolly" title="James Connolly">Connolly</a></li> <li><b><a href="/wiki/Vladimir_Lenin" title="Vladimir Lenin">Lenin</a></b></li> <li><a href="/wiki/Rosa_Luxemburg" title="Rosa Luxemburg">Luxemburg</a></li> <li><a href="/wiki/Karl_Liebknecht" title="Karl Liebknecht">Liebknecht</a></li> <li><a href="/wiki/Alexandra_Kollontai" title="Alexandra Kollontai">Kollontai</a></li> <li><a href="/wiki/Alexander_Bogdanov" title="Alexander Bogdanov">Bogdanov</a></li> <li><b><a href="/wiki/Joseph_Stalin" title="Joseph Stalin">Stalin</a></b></li> <li><a href="/wiki/Leon_Trotsky" title="Leon Trotsky">Trotsky</a></li> <li><a href="/wiki/Henryk_Grossman" title="Henryk Grossman">Grossman</a></li> <li><a href="/wiki/Grigory_Zinoviev" title="Grigory Zinoviev">Zinoviev</a></li> <li><a href="/wiki/Ernst_Bloch" title="Ernst Bloch">Bloch</a></li> <li><a href="/wiki/Gy%C3%B6rgy_Luk%C3%A1cs" title="György Lukács">Lukács</a></li> <li><a href="/wiki/Karl_Korsch" title="Karl Korsch">Korsch</a></li> <li><a href="/wiki/Nikolai_Bukharin" title="Nikolai Bukharin">Bukharin</a></li> <li><a href="/wiki/Ho_Chi_Minh" title="Ho Chi Minh">Ho</a></li> <li><a href="/wiki/Victor_Serge" title="Victor Serge">Serge</a></li> <li><a href="/wiki/Antonio_Gramsci" title="Antonio Gramsci">Gramsci</a></li> <li><a href="/wiki/Mirsaid_Sultan-Galiev" title="Mirsaid Sultan-Galiev">Galiev</a></li> <li><a href="/wiki/Evgeny_Pashukanis" title="Evgeny Pashukanis">Pashukanis</a></li> <li><a href="/wiki/Amadeo_Bordiga" title="Amadeo Bordiga">Bordiga</a></li> <li><a href="/wiki/Walter_Benjamin" title="Walter Benjamin">Benjamin</a></li> <li><b><a href="/wiki/Mao_Zedong" title="Mao Zedong">Mao</a></b></li> <li><a href="/wiki/Jyoti_Basu" title="Jyoti Basu">Basu</a></li> <li><a href="/wiki/Jos%C3%A9_Carlos_Mari%C3%A1tegui" title="José Carlos Mariátegui">Mariátegui</a></li> <li><a href="/wiki/Max_Horkheimer" title="Max Horkheimer">Horkheimer</a></li> <li><a href="/wiki/R._Palme_Dutt" title="R. Palme Dutt">Dutt</a></li> <li><a href="/wiki/Bertolt_Brecht" title="Bertolt Brecht">Brecht</a></li> <li><a href="/wiki/Herbert_Marcuse" title="Herbert Marcuse">Marcuse</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Erich_Fromm" title="Erich Fromm">Fromm</a></li> <li><a href="/wiki/Oliver_Cox" title="Oliver Cox">Cox</a></li> <li><a href="/wiki/Henri_Lefebvre" title="Henri Lefebvre">Lefebvre</a></li> <li><a href="/wiki/C._L._R._James" title="C. L. R. James">James</a></li> <li><a href="/wiki/Theodor_W._Adorno" title="Theodor W. Adorno">Adorno</a></li> <li><a href="/wiki/George_Padmore" title="George Padmore">Padmore</a></li> <li><a href="/wiki/Jean-Paul_Sartre" title="Jean-Paul Sartre">Sartre</a></li> <li><a href="/wiki/Isaac_Deutscher" title="Isaac Deutscher">Deutscher</a></li> <li><a href="/wiki/Enver_Hoxha" title="Enver Hoxha">Hoxha</a></li> <li><a href="/wiki/Simone_de_Beauvoir" title="Simone de Beauvoir">Beauvoir</a></li> <li><a href="/wiki/Werner_Sombart" title="Werner Sombart">Sombart</a></li> <li><a href="/wiki/Kwame_Nkrumah" title="Kwame Nkrumah">Nkrumah</a></li> <li><a href="/wiki/Paul_Sweezy" title="Paul Sweezy">Sweezy</a></li> <li><a href="/wiki/Arghiri_Emmanuel" title="Arghiri Emmanuel">Emmanuel</a></li> <li><a href="/wiki/Christopher_Hill_(historian)" title="Christopher Hill (historian)">Hill</a></li> <li><a href="/wiki/Charles_Bettelheim" title="Charles Bettelheim">Bettelheim</a></li> <li><a href="/wiki/Hal_Draper" title="Hal Draper">Draper</a></li> <li><a href="/wiki/Claudia_Jones" title="Claudia Jones">Jones</a></li> <li><a href="/wiki/Eric_Hobsbawm" title="Eric Hobsbawm">Hobsbawm</a></li> <li><a href="/wiki/Louis_Althusser" title="Louis Althusser">Althusser</a></li> <li><a href="/wiki/William_H._Hinton" title="William H. Hinton">Hinton</a></li> <li><a href="/wiki/Raymond_Williams" title="Raymond Williams">Williams</a></li> <li><a href="/wiki/Paulo_Freire" title="Paulo Freire">Freire</a></li> <li><a href="/wiki/Ernest_Mandel" title="Ernest Mandel">Mandel</a></li> <li><a href="/wiki/Ambalavaner_Sivanandan" title="Ambalavaner Sivanandan">Sivanandan</a></li> <li><a href="/wiki/Ralph_Miliband" title="Ralph Miliband">Miliband</a></li> <li><a href="/wiki/Am%C3%ADlcar_Cabral" title="Amílcar Cabral">Cabral</a></li> <li><a href="/wiki/E._P._Thompson" title="E. P. Thompson">Thompson</a></li> <li><a href="/wiki/Zygmunt_Bauman" title="Zygmunt Bauman">Bauman</a></li> <li><a href="/wiki/Frantz_Fanon" title="Frantz Fanon">Fanon</a></li> <li><a href="/wiki/Karel_Kos%C3%ADk" title="Karel Kosík">Kosik</a></li> <li><a href="/wiki/John_Berger" title="John Berger">Berger</a></li> <li><a href="/wiki/Fidel_Castro" title="Fidel Castro">Castro</a></li> <li><a href="/wiki/Che_Guevara" title="Che Guevara">Guevara</a></li> <li><a href="/wiki/Marcel_Liebman" title="Marcel Liebman">Liebman</a></li> <li><a href="/wiki/Agnes_Heller" class="mw-redirect" title="Agnes Heller">Heller</a></li> <li><a href="/wiki/F%C3%A9lix_Guattari" title="Félix Guattari">Guattari</a></li> <li><a href="/wiki/Istv%C3%A1n_M%C3%A9sz%C3%A1ros_(philosopher)" title="István Mészáros (philosopher)">Mészáros</a></li> <li><a href="/wiki/James_O%27Connor_(academic)" title="James O'Connor (academic)">O'Connor</a></li> <li><a href="/wiki/Immanuel_Wallerstein" title="Immanuel Wallerstein">Wallerstein</a></li> <li><a href="/wiki/Maria_Mies" title="Maria Mies">Mies</a></li> <li><a href="/wiki/Mario_Tronti" title="Mario Tronti">Tronti</a></li> <li><a href="/wiki/Guy_Debord" title="Guy Debord">Debord</a></li> <li><a href="/wiki/Samir_Amin" title="Samir Amin">Amin</a></li> <li><a href="/wiki/Stuart_Hall_(cultural_theorist)" title="Stuart Hall (cultural theorist)">Hall</a></li> <li><a href="/wiki/Tom_Nairn" title="Tom Nairn">Nairn</a></li> <li><a href="/wiki/Michael_Parenti" title="Michael Parenti">Parenti</a></li> <li><a href="/wiki/Antonio_Negri" title="Antonio Negri">Negri</a></li> <li><a href="/wiki/Fredric_Jameson" title="Fredric Jameson">Jameson</a></li> <li><a href="/wiki/Abimael_Guzm%C3%A1n" title="Abimael Guzmán">Gonzalo</a></li> <li><a href="/wiki/Enrique_Dussel" title="Enrique Dussel">Dussel</a></li> <li><a href="/wiki/David_Harvey" title="David Harvey">Harvey</a></li> <li><a href="/wiki/Ernesto_Laclau" title="Ernesto Laclau">Laclau</a></li> <li><a href="/wiki/Rudolf_Bahro" title="Rudolf Bahro">Bahro</a></li> <li><a href="/wiki/Nicos_Poulantzas" title="Nicos Poulantzas">Poulantzas</a></li> <li><a href="/wiki/Gianni_Vattimo" title="Gianni Vattimo">Vattimo</a></li> <li><a href="/wiki/Alain_Badiou" title="Alain Badiou">Badiou</a></li> <li><a href="/wiki/Marta_Harnecker" title="Marta Harnecker">Harnecker</a></li> <li><a href="/wiki/Elmar_Altvater" title="Elmar Altvater">Altvater</a></li> <li><a href="/wiki/Perry_Anderson" title="Perry Anderson">Anderson</a></li> <li><a href="/wiki/Michael_L%C3%B6wy" title="Michael Löwy">Löwy</a></li> <li><a href="/wiki/Lise_Vogel" title="Lise Vogel">Vogel</a></li> <li><a href="/wiki/Jose_Maria_Sison" title="Jose Maria Sison">Sison</a></li> <li><a href="/wiki/Antony_Easthope" title="Antony Easthope">Easthope</a></li> <li><a href="/wiki/Jacques_Ranci%C3%A8re" title="Jacques Rancière">Rancière</a></li> <li><a href="/wiki/Marshall_Berman" title="Marshall Berman">Berman</a></li> <li><a href="/wiki/Adam_Przeworski" title="Adam Przeworski">Przeworski</a></li> <li><a href="/wiki/G._A._Cohen" title="G. A. Cohen">Cohen</a></li> <li><a href="/wiki/G%C3%B6ran_Therborn" title="Göran Therborn">Therborn</a></li> <li><a href="/wiki/Domenico_Losurdo" title="Domenico Losurdo">Losurdo</a></li> <li><a href="/wiki/Stokely_Carmichael" title="Stokely Carmichael">Ture</a></li> <li><a href="/wiki/Moishe_Postone" title="Moishe Postone">Postone</a></li> <li><a href="/wiki/Walter_Rodney" title="Walter Rodney">Rodney</a></li> <li><a href="/wiki/Himani_Bannerji" title="Himani Bannerji">Bannerji</a></li> <li><a href="/wiki/Gayatri_Chakravorty_Spivak" title="Gayatri Chakravorty Spivak">Spivak</a></li> <li><a href="/wiki/Huey_P._Newton" title="Huey P. 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width="10" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Socrates.png/15px-Socrates.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Socrates.png/21px-Socrates.png 2x" data-file-width="326" data-file-height="500" /></span></span> </span><a href="/wiki/Portal:Philosophy" title="Portal:Philosophy">Philosophy portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Red_flag_II.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Red_flag_II.svg/16px-Red_flag_II.svg.png" decoding="async" width="16" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Red_flag_II.svg/24px-Red_flag_II.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/52/Red_flag_II.svg/32px-Red_flag_II.svg.png 2x" data-file-width="466" data-file-height="411" /></a></span> </span><a href="/wiki/Portal:Socialism" title="Portal:Socialism">Socialism portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Marxism_sidebar" title="Template:Marxism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Marxism_sidebar" title="Template talk:Marxism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Marxism_sidebar" title="Special:EditPage/Template:Marxism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>Marx borrowed the idea of capital accumulation or the concentration of capital from early socialist writers such as <a href="/wiki/Charles_Fourier" title="Charles Fourier">Charles Fourier</a>, <a href="/wiki/Louis_Blanc" title="Louis Blanc">Louis Blanc</a>, <a href="/wiki/Victor_Prosper_Considerant" title="Victor Prosper Considerant">Victor Considerant</a>, and <a href="/wiki/Constantin_Pecqueur" title="Constantin Pecqueur">Constantin Pecqueur</a>.<sup id="cite_ref-Blake1939_8-0" class="reference"><a href="#cite_note-Blake1939-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> In <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a>'s <a href="/wiki/Critique_of_political_economy" title="Critique of political economy">critique of political economy</a>, capital accumulation is the operation whereby profits are reinvested into the economy, increasing the total quantity of capital. Capital was understood by Marx to be expanding value, that is, in other terms, as a sum of capital, usually expressed in <a href="/wiki/Marxian_economics#Money" title="Marxian economics">money</a>, that is <a href="/wiki/Transformation_in_economics" title="Transformation in economics">transformed</a> through <a href="/wiki/Labor_theory_of_value" title="Labor theory of value">human labor into a larger value</a> and extracted as profits. Here, capital is defined essentially as economic or commercial asset <a href="/wiki/Value_(economics)" title="Value (economics)">value</a> that is used by capitalists to obtain additional value (<a href="/wiki/Surplus-value" class="mw-redirect" title="Surplus-value">surplus-value</a>). This requires property relations which enable objects of value to be appropriated and <a href="/wiki/Ownership" title="Ownership">owned</a>, and trading rights to be established. </p> <div class="mw-heading mw-heading3"><h3 id="Over-accumulation_and_crisis">Over-accumulation and crisis</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=5" title="Edit section: Over-accumulation and crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Marxist analysis of capital accumulation and the development of capitalism identifies systemic issues with the process that arise with expansion of the <a href="/wiki/Productive_forces" title="Productive forces">productive forces</a>. A crisis of <a href="/wiki/Overaccumulation" title="Overaccumulation">overaccumulation</a> of capital occurs when the <a href="/wiki/Rate_of_profit" title="Rate of profit">rate of profit</a> is greater than the rate of new profitable investment outlets in the economy, arising from increasing productivity from a rising <a href="/wiki/Organic_composition_of_capital" title="Organic composition of capital">organic composition of capital</a> (higher capital input to labor input ratio). This depresses the <a href="/wiki/Wage" title="Wage">wage</a> bill, leading to stagnant wages and high rates of <a href="/wiki/Unemployment" title="Unemployment">unemployment</a> for the <a href="/wiki/Working_class" title="Working class">working class</a> while excess profits search for new profitable investment opportunities. Marx believed that this cyclical process would be the fundamental cause for the <a href="/wiki/Post-capitalism" title="Post-capitalism">dissolution of capitalism</a> and its replacement by <a href="/wiki/Socialism" title="Socialism">socialism</a>, which would operate according to a different economic dynamic.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p><p>In Marxist thought, socialism would succeed capitalism as the <a href="/wiki/Socialist_mode_of_production" title="Socialist mode of production">dominant mode of production</a> when the accumulation of capital can no longer sustain itself due to <a href="/wiki/Tendency_of_the_rate_of_profit_to_fall" title="Tendency of the rate of profit to fall">falling rates of profit</a> in real production relative to increasing productivity. A <a href="/wiki/Socialist_economy" class="mw-redirect" title="Socialist economy">socialist economy</a> would not base production on the accumulation of capital, instead basing production on the criteria of satisfying human needs and directly producing <a href="/wiki/Use-values" class="mw-redirect" title="Use-values">use-values</a>. This concept is encapsulated in the principle of <a href="/wiki/Production_for_use" title="Production for use">production for use</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Concentration_and_centralization">Concentration and centralization</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=6" title="Edit section: Concentration and centralization"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to Marx, capital has the tendency for concentration and <a href="/wiki/Centralization" class="mw-redirect" title="Centralization">centralization</a> in the hands of richest capitalists. Marx explains: </p><p>"It is concentration of capitals already formed, destruction of their individual independence, expropriation of capitalist by capitalist, transformation of many small into few large capitals.... Capital grows in one place to a huge mass in a single hand, because it has in another place been lost by many.... The battle of competition is fought by cheapening of commodities. The cheapness of commodities demands, <i>ceteris paribus</i>, on the productiveness of labour, and this again on the scale of production. Therefore, the larger capitals beat the smaller. It will further be remembered that, with the development of the <a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">capitalist mode of production</a>, there is an increase in the minimum amount of individual capital necessary to carry on a business under its normal conditions. The smaller capitals, therefore, crowd into spheres of production which Modern Industry has only sporadically or incompletely got hold of. Here competition rages.... It always ends in the ruin of many small capitalists, whose capitals partly pass into the hands of their conquerors, partly vanish."<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Rate_of_accumulation">Rate of accumulation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=7" title="Edit section: Rate of accumulation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Marxian_economics" title="Marxian economics">Marxian economics</a>, the <i>rate of accumulation</i> is defined as (1) the value of the real net increase in the stock of capital in an accounting period, (2) the proportion of realized surplus-value or profit-income which is reinvested, rather than consumed. This rate can be expressed by means of various ratios between the original capital outlay, the realized turnover, surplus-value or profit and reinvestment's (see, e.g., the writings of the economist <a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a>). </p><p>Other things being equal, the greater the amount of profit-income that is <a href="/wiki/Disbursed" class="mw-redirect" title="Disbursed">disbursed</a> as <a href="/wiki/Personal_income" title="Personal income">personal earnings</a> and used for <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">consumption</a> purposes, the lower the savings rate and the lower the rate of accumulation is likely to be. However, earnings spent on consumption can also <a href="/wiki/Stimulus_(economics)" title="Stimulus (economics)">stimulate</a> market <a href="/wiki/Demand" title="Demand">demand</a> and higher investment. This is the cause of endless controversies in economic theory about "how much to spend, and how much to save". </p><p>In a boom period of capitalism, the growth of investments is <a href="/wiki/Cumulative_process" title="Cumulative process">cumulative</a>, i.e. one investment leads to another, leading to a constantly expanding market, an expanding <a href="/wiki/Labor_force" class="mw-redirect" title="Labor force">labor force</a>, and an increase in the <a href="/wiki/Standard_of_living" title="Standard of living">standard of living</a> for the majority of the people. </p><p>In a <a href="/wiki/Economic_stagnation" title="Economic stagnation">stagnating</a>, decadent capitalism, the accumulation process is increasingly oriented towards investment on <a href="/wiki/Military_budget" title="Military budget">military</a> and <a href="/wiki/Security_forces" title="Security forces">security forces</a>, <a href="/wiki/Real_estate_investing" title="Real estate investing">real estate</a>, financial <a href="/wiki/Speculation" title="Speculation">speculation</a>, and <a href="/wiki/Luxury_consumption" class="mw-redirect" title="Luxury consumption">luxury consumption</a>. In that case, income from <a href="/wiki/Value-adding" class="mw-redirect" title="Value-adding">value-adding</a> production will decline in favour of interest, rent and tax income, with as a <a href="/wiki/Corollary" title="Corollary">corollary</a> an increase in the level of permanent unemployment. </p><p>As a rule, the larger the total sum of capital invested, the higher the <a href="/wiki/Return_on_investment" title="Return on investment">return on investment</a> will be. The more capital one owns, the more capital one can also borrow and reinvest at a higher rate of profit or <a href="/wiki/Interest_rate" title="Interest rate">interest</a>. The inverse is also true, and this is one factor in the widening <a href="/wiki/Economic_inequality" title="Economic inequality">gap between the rich and the poor</a>. </p><p><a href="/wiki/Ernest_Mandel" title="Ernest Mandel">Ernest Mandel</a> emphasized that the rhythm of capital accumulation and growth depended critically on (1) the division of a society's social product between <a href="/wiki/Necessary_product" class="mw-redirect" title="Necessary product">necessary product</a> and <a href="/wiki/Surplus_product" title="Surplus product">surplus product</a>, and (2) the division of the surplus product between investment and consumption. In turn, this <a href="/wiki/Resource_allocation" title="Resource allocation">allocation</a> pattern reflected the outcome of <a href="/wiki/Competition_(economics)" title="Competition (economics)">competition</a> among capitalists, competition between capitalists and workers, and competition between workers. The pattern of capital accumulation can therefore never be simply explained by commercial factors, it also involved social factors and <a href="/wiki/Economic_power" title="Economic power">power</a> relationships. </p> <div class="mw-heading mw-heading3"><h3 id="Circuit_of_capital_accumulation_from_production">Circuit of capital accumulation from production</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=8" title="Edit section: Circuit of capital accumulation from production"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Strictly speaking, capital has accumulated only when realized <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profit</a> income has been <i>reinvested</i> in <a href="/wiki/Capital_assets" class="mw-redirect" title="Capital assets">capital assets</a>. But the process of capital accumulation in <a href="/w/index.php?title=Production,_costs,_and_pricing&action=edit&redlink=1" class="new" title="Production, costs, and pricing (page does not exist)">production</a> has, as suggested in <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">the first volume</a> of Marx's <i><a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a></i>, at least seven distinct but linked moments: </p> <ul><li>The initial investment of capital (which could be <a href="/wiki/Borrowed_capital" class="mw-redirect" title="Borrowed capital">borrowed capital</a>) in <a href="/wiki/Means_of_production" title="Means of production">means of production</a> and <a href="/wiki/Labor_power" class="mw-redirect" title="Labor power">labor power</a>.</li> <li>The command over <a href="/wiki/Surplus_labour" title="Surplus labour">surplus labour</a> and its appropriation.</li> <li>The <a href="/wiki/Valorisation" title="Valorisation">valorisation</a> (increase in value) of capital through production of new outputs.</li> <li>The appropriation of the new output produced by employees, containing the added value.</li> <li>The realisation of surplus-value through output sales.</li> <li>The appropriation of realised surplus-value as (profit) income after deduction of costs.</li> <li>The reinvestment of profit income in production.</li></ul> <p>All of these moments do not refer simply to an economic or <a href="/wiki/Commercial_process" class="mw-redirect" title="Commercial process">commercial process</a>. Rather, they assume the existence of legal, <a href="/wiki/Power_(social_and_political)" title="Power (social and political)">social</a>, cultural and economic power conditions, without which <a href="/wiki/Wealth_creation" class="mw-redirect" title="Wealth creation">creation</a>, <a href="/wiki/Distribution_of_wealth" title="Distribution of wealth">distribution</a> and circulation of the new wealth could not occur. This becomes especially clear when the attempt is made to create a market where none exists, or where people refuse to trade. </p><p>In fact Marx argues that the original or <a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">primitive accumulation of capital</a> often occurs through violence, plunder, slavery, robbery, extortion and theft. He argues that the capitalist mode of production requires that <a href="/wiki/Marx%27s_theory_of_alienation" title="Marx's theory of alienation">people be forced to work</a> in value-adding production for someone else, and for this purpose, they must be cut off from sources of income other than selling their labor power. </p> <div class="mw-heading mw-heading3"><h3 id="Simple_and_expanded_reproduction">Simple and expanded reproduction</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=9" title="Edit section: Simple and expanded reproduction"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In volume 2 of <i>Das Kapital</i>, Marx continues the story and shows that, with the aid of bank <a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">credit</a>, capital in search of growth can more or less smoothly mutate from one form to another, alternately taking the form of money capital (liquid deposits, securities, etc.), commodity capital (tradeable products, <a href="/wiki/Real_estate" title="Real estate">real estate</a> etc.), or production capital (means of production and labor power). </p><p>His discussion of the simple and expanded <a href="/wiki/Reproduction_(economics)" title="Reproduction (economics)">reproduction</a> of the conditions of production offers a more sophisticated model of the parameters of the accumulation process as a whole. At simple reproduction, a sufficient amount is produced to sustain society at the given <a href="/wiki/Living_standard" class="mw-redirect" title="Living standard">living standard</a>; the stock of capital stays constant. At expanded reproduction, <i>more</i> product-value is produced than is necessary to sustain society at a given living standard (a surplus product); the additional product-value is available for investments which enlarge the scale and variety of production. </p><p>The <a href="/wiki/Bourgeois" class="mw-redirect" title="Bourgeois">bourgeois</a> claim there is no <a href="/wiki/Economic_law" title="Economic law">economic law</a> according to which capital is necessarily re-invested in the expansion of production, that such depends on anticipated profitability, market expectations and perceptions of investment risk. Such statements only explain the subjective experiences of investors and ignore the objective realities which would influence such opinions. As Marx states in Vol.2, simple reproduction only exists if the variable and surplus capital realized by Dept. 1—producers of means of production—exactly equals that of the constant capital of Dept. 2, producers of articles of consumption (p. 524). Such equilibrium rests on various assumptions, such as a constant labor supply (no population growth). Accumulation does not imply a necessary change in total magnitude of value produced but can simply refer to a change in the composition of an industry (p. 514). </p><p><a href="/wiki/Ernest_Mandel" title="Ernest Mandel">Ernest Mandel</a> introduced the additional concept of <i>contracted economic reproduction</i>, i.e. reduced accumulation where business operating at a loss outnumbers growing business, or economic reproduction on a decreasing scale, for example due to wars, natural disasters or de<a href="/wiki/Valorisation" title="Valorisation">valorisation</a>. </p><p>Balanced <a href="/wiki/Economic_growth" title="Economic growth">economic growth</a> requires that different factors in the accumulation process expand in appropriate proportions. But markets themselves cannot spontaneously create that balance, in fact what drives business activity is precisely the imbalances between <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a>: inequality is the motor of growth. This partly explains why the worldwide pattern of economic growth is very uneven and unequal, even although markets have existed almost everywhere for a very long time. Some people argue that it also explains government regulation of market trade and <a href="/wiki/Protectionism" title="Protectionism">protectionism</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Origins">Origins</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=10" title="Edit section: Origins"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to Marx, capital accumulation has a double origin, namely in trade and in <a href="/wiki/Confiscation" title="Confiscation">expropriation</a>, both of a legal or illegal kind. The reason is that a stock of capital can be increased through a process of exchange or "trading up" but also through directly taking an asset or resource from someone else, without compensation. <a href="/wiki/David_Harvey_(geographer)" class="mw-redirect" title="David Harvey (geographer)">David Harvey</a> calls this <a href="/wiki/Accumulation_by_dispossession" title="Accumulation by dispossession">accumulation by dispossession</a>. Marx does not discuss gifts and <a href="/wiki/Grant_(money)" title="Grant (money)">grants</a> as a source of capital accumulation, nor does he analyze taxation in detail (he could not, as he died even before completing his major book, <i>Das Kapital</i>). </p><p>The continuation and progress of capital accumulation depends on the removal of obstacles to the expansion of trade, and this has historically often been a violent process. As markets expand, more and more new opportunities develop for accumulating capital, because more and more types of goods and services can be traded in. But capital accumulation may also confront resistance, when people refuse to sell, or refuse to buy (for example a <a href="/wiki/Strike_action" title="Strike action">strike</a> by investors or workers, or <a href="/wiki/Consumer_resistance" class="mw-redirect" title="Consumer resistance">consumer resistance</a>). </p> <div class="mw-heading mw-heading3"><h3 id="Capital_accumulation_as_social_relation">Capital accumulation as social relation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=11" title="Edit section: Capital accumulation as social relation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Over-quotation plainlinks metadata ambox ambox-style" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/40px-Edit-clear.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/60px-Edit-clear.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/80px-Edit-clear.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>contains <a href="/wiki/Wikipedia:Manual_of_Style#Quotations" title="Wikipedia:Manual of Style">too many or overly lengthy quotations</a></b>.<span class="hide-when-compact"> Please help <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Capital_accumulation&action=edit">summarize the quotations</a>. Consider transferring direct quotations to <a href="https://en.wikiquote.org/wiki/Special:Search/Capital_accumulation" class="extiw" title="q:Special:Search/Capital accumulation">Wikiquote</a> or excerpts to <a href="https://en.wikisource.org/wiki/Special:Search/Capital_accumulation" class="extiw" title="s:Special:Search/Capital accumulation">Wikisource</a>.</span> <span class="date-container"><i>(<span class="date">December 2017</span>)</i></span></div></td></tr></tbody></table> <p>"Accumulation of capital" sometimes also refers in Marxist writings to the reproduction of <a href="/wiki/Capitalism" title="Capitalism">capitalist</a> <a href="/wiki/Social_relations" class="mw-redirect" title="Social relations">social relations</a> (institutions) on a larger scale over time, i.e., the expansion of the size of the <a href="/wiki/Proletariat" title="Proletariat">proletariat</a> and of the wealth owned by the bourgeoisie. </p><p>This interpretation emphasizes that capital ownership, predicated on command over labor, is a social relation: the growth of capital implies the growth of the <a href="/wiki/Working_class" title="Working class">working class</a> (a "<a href="/wiki/Law_of_accumulation" class="mw-redirect" title="Law of accumulation">law of accumulation</a>"). In the first volume of <i>Das Kapital</i> Marx had illustrated this idea with reference to <a href="/wiki/Edward_Gibbon_Wakefield" title="Edward Gibbon Wakefield">Edward Gibbon Wakefield</a>'s theory of colonisation: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>...Wakefield discovered that in the Colonies, property in money, means of subsistence, machines, and other means of production, does not as yet stamp a man as a capitalist if there be wanting the correlative — the wage-worker, the other man who is compelled to sell himself of his own free-will. He discovered that capital is not a thing, but a social relation between persons, established by the instrumentality of things. <a href="/wiki/Thomas_Peel" title="Thomas Peel">Mr. Peel</a>, he moans, took with him from England to <a href="/wiki/Swan_River_Colony" title="Swan River Colony">Swan River</a>, West Australia, means of subsistence and of production to the amount of £50,000. Mr. Peel had the foresight to bring with him, besides, 3,000 persons of the working-class, men, women, and children. Once arrived at his destination, “Mr. Peel was left without a servant to make his bed or fetch him water from the river.” Unhappy Mr. Peel, who provided for everything except the export of English modes of production to Swan River!</p><div class="templatequotecite">— <cite><a rel="nofollow" class="external text" href="https://www.marxists.org/archive/marx/works/1867-c1/ch33.htm"><i>Das Kapital</i>, vol. 1, ch. 33</a></cite></div></blockquote> <p>In <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">the third volume</a> of <i>Das Kapital</i>, Marx refers to the "fetishism of capital" reaching its highest point with <i>interest-bearing capital</i>, because now capital seems to grow of its own accord without anybody doing anything. In this case, </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>The relations of capital assume their most externalised and most fetish-like form in interest-bearing capital. We have here <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle M-M'}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>M</mi> <mo>−</mo> <msup> <mi>M</mi> <mo>′</mo> </msup> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle M-M'}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/dcfcf2e999bb7fc9bd1e7a980ef514d1cfdeace6" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.505ex; width:8.466ex; height:2.676ex;" alt="{\displaystyle M-M'}"></span>, money creating more money, self-expanding value, without the process that effectuates these two extremes. In merchant's capital, <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle M-C-M'}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>M</mi> <mo>−</mo> <mi>C</mi> <mo>−</mo> <msup> <mi>M</mi> <mo>′</mo> </msup> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle M-C-M'}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/bccdeb7b1fd46646488056a0f633baba5aca7101" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.505ex; width:13.073ex; height:2.676ex;" alt="{\displaystyle M-C-M'}"></span>, there is at least the general form of the capitalistic movement, although it confines itself solely to the sphere of circulation, so that profit appears merely as profit derived from alienation; but it is at least seen to be the product of a social relation, not the product of a mere thing. (...) This is obliterated in <span class="mwe-math-element"><span class="mwe-math-mathml-inline mwe-math-mathml-a11y" style="display: none;"><math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle M-M'}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mi>M</mi> <mo>−</mo> <msup> <mi>M</mi> <mo>′</mo> </msup> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle M-M'}</annotation> </semantics> </math></span><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/dcfcf2e999bb7fc9bd1e7a980ef514d1cfdeace6" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.505ex; width:8.466ex; height:2.676ex;" alt="{\displaystyle M-M'}"></span>, the form of interest-bearing capital. (...) The thing (money, commodity, value) is now capital even as a mere thing, and capital appears as a mere thing. The result of the entire process of reproduction appears as a property inherent in the thing itself. It depends on the owner of the money, i.e., of the commodity in its continually exchangeable form, whether he wants to spend it as money or loan it out as capital. In interest-bearing capital, therefore, this automatic fetish, self-expanding value, money generating money, are brought out in their pure state and in this form it no longer bears the birth-marks of its origin. The <a href="/wiki/Social_relations" class="mw-redirect" title="Social relations">social relation</a> is consummated in the relation of a thing, of money, to itself.—Instead of the actual transformation of money into capital, we see here only form without content.</p><div class="templatequotecite">— <cite><a rel="nofollow" class="external text" href="https://www.marxists.org/archive/marx/works/1894-c3/ch24.htm">"Das Kapital", vol.3, ch. 24</a></cite></div></blockquote> <div class="mw-heading mw-heading2"><h2 id="Markets_with_social_influence">Markets with social influence</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=12" title="Edit section: Markets with social influence"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Product recommendations and information about past purchases have been shown to influence consumers choices significantly whether it is for music, movie, book, technological, and other type of products. Social influence often induces a rich-get-richer phenomenon (<a href="/wiki/Matthew_effect" title="Matthew effect">Matthew effect</a>) where popular products tend to become even more popular.<sup id="cite_ref-altszyler2017_11-0" class="reference"><a href="#cite_note-altszyler2017-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=13" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 25em;"> <ul><li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Capitalist mode of production (Marxist theory)</a></li> <li><a href="/wiki/Charity_(practice)" title="Charity (practice)">Charity (practice)</a></li> <li><a href="/wiki/Commodity_fetishism" title="Commodity fetishism">Commodity fetishism</a></li> <li><a href="/wiki/Constant_purchasing_power_accounting" title="Constant purchasing power accounting">Constant purchasing power accounting</a></li> <li><a href="/wiki/Culture_of_capitalism" title="Culture of capitalism">Culture of capitalism</a></li> <li><a href="/wiki/Dual-sector_model" title="Dual-sector model">Dual-sector model</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of capitalist theory</a></li> <li><a href="/wiki/Internal_contradictions_of_capital_accumulation" title="Internal contradictions of capital accumulation">Internal contradictions of capital accumulation</a></li> <li><a href="/wiki/Investment-specific_technological_progress" title="Investment-specific technological progress">Investment-specific technological progress</a></li> <li><a href="/wiki/Matthew_effect" title="Matthew effect">Matthew effect</a></li> <li><a href="/wiki/Organic_crisis" title="Organic crisis">Organic crisis</a></li> <li><a href="/wiki/Preferential_attachment" title="Preferential attachment">Preferential attachment</a></li> <li><a href="/wiki/Prices_of_production" title="Prices of production">Prices of production</a></li> <li><a href="/wiki/Primitive_socialist_accumulation" title="Primitive socialist accumulation">Primitive socialist accumulation</a></li> <li><a href="/wiki/Productive_and_unproductive_labour" title="Productive and unproductive labour">Productive and unproductive labour</a></li> <li><a href="/wiki/Proletarianization" title="Proletarianization">Proletarianization</a></li> <li><a href="/wiki/Property_income" title="Property income">Property income</a></li> <li><a href="/wiki/Relations_of_production" title="Relations of production">Relations of production</a></li> <li><a href="/wiki/Return_on_capital" title="Return on capital">Return on capital</a></li> <li><a href="/wiki/Simple_commodity_production" title="Simple commodity production">Simple commodity production</a></li> <li><a href="/wiki/Surplus_value" title="Surplus value">Surplus value</a></li> <li><a href="/wiki/The_rich_get_richer_and_the_poor_get_poorer" title="The rich get richer and the poor get poorer">The rich get richer and the poor get poorer</a></li> <li><a href="/wiki/Unearned_income" title="Unearned income">Unearned income</a></li> <li><a href="/wiki/Unequal_exchange" title="Unequal exchange">Unequal exchange</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=14" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFCaves2004" class="citation book cs1">Caves, R. W. (2004). <i>Encyclopedia of the City</i>. Routledge. p. 65.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Encyclopedia+of+the+City&rft.pages=65&rft.pub=Routledge&rft.date=2004&rft.aulast=Caves&rft.aufirst=R.+W.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+accumulation" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><i>Unbounded Organization and the Future of Socialism</i>, by Howard Richards. 2013. Education as Change, Vol. 17, No. 2, pp. 229-242: "Capital accumulation is both a dynamic and a logic. It is a dynamic that motivates human action, namely the pursuit of profit. It is a logic that defines rational decision-making, namely optimizing profits by maximizing revenue from sales while minimizing costs...The case is better understood if one takes into account that accumulation is the mainspring (according to Marx, the invariable accompaniment and virtually the definition) of capitalism."</span> </li> <li id="cite_note-Definition_of_Capital,_Marxist_Internet_Archive_Encyclopedia-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-Definition_of_Capital,_Marxist_Internet_Archive_Encyclopedia_3-0">^</a></b></span> <span class="reference-text"><i>Capital</i>, Encyclopedia on Marxists.org: <a rel="nofollow" class="external free" href="https://marxists.org/glossary/terms/c/a.htm#capital">http://marxists.org/glossary/terms/c/a.htm#capital</a></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">See generally: Mitchell et al, <i>Goff & Jones Law of Unjust Enrichment</i> (Sweet & Maxwell, 8th ed, 2011); Graham Virgo, <i>The Principles of the Law of Restitution</i> (3rd ed, 2015); Andrew Burrows, <i>The Law of Restitution</i> (3rd ed, 2011); Mason, Carter, and Tolhurst, <i>Mason & Carter's Restitution Law in Australia</i> (LexisNexis, 2nd ed, 2008). On unjust enrichment as a 'unifying legal concept', see the judgment of Deane J in <i>Pavey & Mathews v Paul</i> (1987) 162 CLR 221.</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Serrano, F., Freitas, F., & Bhering, G. The Trouble with Harrod: the fundamental instability of the warranted rate in the light of the Sraffian Supermultiplier.</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">Fagundes, L., & Freitas, F. (2017). The Role of Autonomous Non-Capacity Creating Expenditures in Recent Kaleckian Growth Models: An Assessment from the Perspective of the Sraffian Supermultiplier Model.</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSerrano1995" class="citation journal cs1">Serrano, F (1995). <a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Foxfordjournals.cpe.a035642">"Long period effective demand and the Sraffian supermultiplier"</a>. <i>Contributions to Political Economy</i>. <b>14</b> (1): 67–90. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Foxfordjournals.cpe.a035642">10.1093/oxfordjournals.cpe.a035642</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Contributions+to+Political+Economy&rft.atitle=Long+period+effective+demand+and+the+Sraffian+supermultiplier&rft.volume=14&rft.issue=1&rft.pages=67-90&rft.date=1995&rft_id=info%3Adoi%2F10.1093%2Foxfordjournals.cpe.a035642&rft.aulast=Serrano&rft.aufirst=F&rft_id=https%3A%2F%2Fdoi.org%2F10.1093%252Foxfordjournals.cpe.a035642&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+accumulation" class="Z3988"></span></span> </li> <li id="cite_note-Blake1939-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-Blake1939_8-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWilliam_James_Blake1939" class="citation book cs1">William James Blake (1939). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=iPnTAAAAMAAJ"><i>An American Looks at Karl Marx</i></a>. Cordon Company. p. 622.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+American+Looks+at+Karl+Marx&rft.pages=622&rft.pub=Cordon+Company&rft.date=1939&rft.au=William+James+Blake&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DiPnTAAAAMAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+accumulation" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFYunker1977" class="citation journal cs1">Yunker, James (1977). "The Social Dividend Under Market Socialism". <i>Annals of Public and Cooperative Economics</i>. <b>48</b> (1): 93–133. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1467-8292.1977.tb01728.x">10.1111/j.1467-8292.1977.tb01728.x</a>. <q>Nevertheless, while Marx employed the surplus labor value theory to undermine the moral foundations of capitalism, it was, in his view, neither to be the instrumentality of capitalist collapse, nor was it the primary reason for the desirability of the abrogation of capitalism...Surplus value was seen as providing the fuel for the cyclical engine and therefore as the fundamental cause of the impending dissolution of capitalism.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Annals+of+Public+and+Cooperative+Economics&rft.atitle=The+Social+Dividend+Under+Market+Socialism&rft.volume=48&rft.issue=1&rft.pages=93-133&rft.date=1977&rft_id=info%3Adoi%2F10.1111%2Fj.1467-8292.1977.tb01728.x&rft.aulast=Yunker&rft.aufirst=James&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+accumulation" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.marxists.org/archive/marx/works/1867-c1/ch25.htm"><i>Das Kapital</i>, vol. 1, ch. 25</a></span> </li> <li id="cite_note-altszyler2017-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-altszyler2017_11-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAltszyler,_EBerbeglia,_F.Berbeglia,_G.Van_Hentenryck,_P.2017" class="citation journal cs1">Altszyler, E; Berbeglia, F.; Berbeglia, G.; Van Hentenryck, P. (2017). <a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5528888">"Transient dynamics in trial-offer markets with social influence: Trade-offs between appeal and quality"</a>. <i>PLOS ONE</i>. <b>12</b> (7): e0180040. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2017PLoSO..1280040A">2017PLoSO..1280040A</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1371%2Fjournal.pone.0180040">10.1371/journal.pone.0180040</a></span>. <a href="/wiki/PMC_(identifier)" class="mw-redirect" title="PMC (identifier)">PMC</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5528888">5528888</a></span>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/28746334">28746334</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=PLOS+ONE&rft.atitle=Transient+dynamics+in+trial-offer+markets+with+social+influence%3A+Trade-offs+between+appeal+and+quality.&rft.volume=12&rft.issue=7&rft.pages=e0180040&rft.date=2017&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC5528888%23id-name%3DPMC&rft_id=info%3Apmid%2F28746334&rft_id=info%3Adoi%2F10.1371%2Fjournal.pone.0180040&rft_id=info%3Abibcode%2F2017PLoSO..1280040A&rft.au=Altszyler%2C+E&rft.au=Berbeglia%2C+F.&rft.au=Berbeglia%2C+G.&rft.au=Van+Hentenryck%2C+P.&rft_id=https%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpmc%2Farticles%2FPMC5528888&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACapital+accumulation" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=15" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239549316">.mw-parser-output .refbegin{margin-bottom:0.5em}.mw-parser-output .refbegin-hanging-indents>ul{margin-left:0}.mw-parser-output .refbegin-hanging-indents>ul>li{margin-left:0;padding-left:3.2em;text-indent:-3.2em}.mw-parser-output .refbegin-hanging-indents ul,.mw-parser-output .refbegin-hanging-indents ul li{list-style:none}@media(max-width:720px){.mw-parser-output .refbegin-hanging-indents>ul>li{padding-left:1.6em;text-indent:-1.6em}}.mw-parser-output .refbegin-columns{margin-top:0.3em}.mw-parser-output .refbegin-columns ul{margin-top:0}.mw-parser-output .refbegin-columns li{page-break-inside:avoid;break-inside:avoid-column}@media screen{.mw-parser-output .refbegin{font-size:90%}}</style><div class="refbegin refbegin-columns references-column-width" style="column-width: 60em"> <ul><li><a href="/wiki/Michel_Aglietta" title="Michel Aglietta">Michel Aglietta</a>, <i>A Theory of Capitalist Regulation</i>.</li> <li><a href="/wiki/Elmar_Altvater" title="Elmar Altvater">Elmar Altvater</a>, <i>Gesellschaftliche Produktion und ökonomische Rationalität; Externe Effekte und zentrale Planung im Wirtschaftssystem des Sozialismus</i>.</li> <li><a href="/wiki/Samir_Amin" title="Samir Amin">Samir Amin</a>, <i>Accumulation on a World Scale</i>.</li> <li>Philip Armstrong, Andrew Glyn and John Harrison, <i>Capitalism since World War II</i>. <i><a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a></i>: <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Vol. 1</a>, Part 7 and <a href="/wiki/Capital,_Volume_II" class="mw-redirect" title="Capital, Volume II">Vol. 2</a>, Part 3.'s Environmental Crisis: An Inquiry into the Limits of National Development<i>. Armonk: M.E. Sharpe, 1992.</i></li> <li><a href="/wiki/Hernando_de_Soto_(economist)" title="Hernando de Soto (economist)">Hernando de Soto</a>, <i>The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else</i>.</li> <li>Manuel G. Velasquez, <i>Business Ethics: Concepts and Cases.</i></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Capital_accumulation&action=edit&section=16" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/34px-Wikiquote-logo.svg.png" decoding="async" width="34" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/51px-Wikiquote-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/68px-Wikiquote-logo.svg.png 2x" data-file-width="300" data-file-height="355" /></span></span></div> <div class="side-box-text plainlist">Wikiquote has quotations related to <i><b><a href="https://en.wikiquote.org/wiki/Special:Search/Capital_accumulation" class="extiw" title="q:Special:Search/Capital accumulation">Capital accumulation</a></b></i>.</div></div> </div> <ul><li><a rel="nofollow" class="external text" href="http://su.diva-portal.org/smash/record.jsf?pid=diva2%3A193148&dswid=6935">Growth, Accumulation, Crisis: With New Macroeconomic Data for Sweden 1800-2000 by Rodney Edvinsson</a></li> <li><a href="/wiki/David_Harvey_(geographer)" class="mw-redirect" title="David Harvey (geographer)">David Harvey</a>, <a rel="nofollow" class="external text" href="http://davidharvey.org">Reading Marx's Capital</a>, <a rel="nofollow" class="external text" href="http://davidharvey.org/2008/08/capital-class-11/">Reading Marx’s Capital - Class 11, Chapter 25, The General Law of Capitalist Accumulation</a> (video lecture)</li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output 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<li><a href="/wiki/Anti-globalization_movement" title="Anti-globalization movement">Anti-globalization movement</a></li> <li><a href="/wiki/Cultural_globalization" title="Cultural globalization">Cultural globalization</a></li> <li><a href="/wiki/Deglobalization" title="Deglobalization">Deglobalization</a></li> <li><a href="/wiki/Democratic_globalization" title="Democratic globalization">Democratic globalization</a></li> <li><a href="/wiki/Economic_globalization" title="Economic globalization">Economic globalization</a></li> <li><a href="/wiki/Environmental_globalization" title="Environmental globalization">Environmental globalization</a></li> <li><a href="/wiki/Global_citizenship" title="Global citizenship">Global citizenship</a> <ul><li><a href="/wiki/Global_citizenship_education" title="Global citizenship education">education</a></li></ul></li> <li><a href="/wiki/Global_financial_system" title="Global financial system">Global financial system</a></li> <li><a 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globalization</a></li> <li><a href="/wiki/Trade_globalization" title="Trade globalization">Trade globalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Issues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Global</span></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Climate_change" title="Climate change">Climate change</a> <ul><li><a href="/wiki/Climate_justice" title="Climate justice">Climate justice</a></li></ul></li> <li><a href="/wiki/Globalization_and_disease" title="Globalization and disease">Disease</a> <ul><li><a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a></li></ul></li> <li><a href="/wiki/Global_digital_divide" title="Global digital divide">Digital divide</a></li> <li><a href="/wiki/Global_labor_arbitrage" title="Global labor arbitrage">Labor arbitrage</a></li> <li><a href="/wiki/Multilingualism_and_globalization" title="Multilingualism and globalization">Multilingualism</a></li> <li><a href="/wiki/World_population" title="World population">Population</a></li> <li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a> <ul><li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversions</a></li></ul></li> <li><a href="/wiki/Water_security" title="Water security">Water crisis</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Other</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Human_capital_flight" title="Human capital flight">Brain drain</a> <ul><li><a href="/wiki/Reverse_brain_drain" title="Reverse brain drain">reverse</a></li></ul></li> <li><a href="/wiki/Care_drain" title="Care drain">Care drain</a></li> <li><a href="/wiki/Development_aid" title="Development aid">Development aid</a></li> <li><a href="/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a></li> <li><a href="/wiki/Endangered_language" title="Endangered language">Endangered languages</a></li> <li><a href="/wiki/Fair_trade" title="Fair trade">Fair trade</a></li> <li><a href="/wiki/Forced_displacement" title="Forced displacement">Forced displacement</a></li> <li><a href="/wiki/Human_rights" title="Human rights">Human rights</a></li> <li><a href="/wiki/Illicit_financial_flows" title="Illicit financial flows">Illicit financial flows</a></li> <li><a href="/wiki/Imperialism" title="Imperialism">Imperialism</a> <ul><li><a href="/wiki/Academic_imperialism" title="Academic imperialism">academic</a></li> <li><a href="/wiki/Cultural_imperialism" title="Cultural imperialism">cultural</a></li> <li><a href="/wiki/Linguistic_imperialism" title="Linguistic imperialism">linguistic</a></li> <li><a href="/wiki/Media_imperialism" title="Media imperialism">media</a></li> <li><a href="/wiki/Scientific_imperialism" title="Scientific imperialism">scientific</a></li> <li><a href="/wiki/Social_imperialism" title="Social imperialism">social</a></li></ul></li> <li><a href="/wiki/Invasive_species" title="Invasive species">Invasive species</a></li> <li><a href="/wiki/Investor-state_dispute_settlement" class="mw-redirect" title="Investor-state dispute settlement">Investor-state disputes</a></li> <li><a href="/wiki/McDonaldization" title="McDonaldization">McDonaldization</a></li> <li><a href="/wiki/New_international_division_of_labour" title="New international division of labour">New international division of labour</a></li> <li><a href="/wiki/North%E2%80%93South_divide_in_the_World" class="mw-redirect" title="North–South divide in the World">North–South divide</a></li> <li><a href="/wiki/Offshoring" title="Offshoring">Offshoring</a></li> <li><a href="/wiki/Race_to_the_bottom" title="Race to the bottom">Race to the bottom</a> <ul><li><a href="/wiki/Pollution_haven_hypothesis" title="Pollution haven hypothesis">pollution havens</a></li></ul></li> <li><a href="/wiki/Transnational_organized_crime" title="Transnational organized crime">Transnational crime</a></li> <li><a href="/wiki/Westernization" title="Westernization">Westernization</a></li> <li><a href="/wiki/World_war" title="World war">World war</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Theories</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Capital accumulation</a></li> <li><a href="/wiki/Dependency_theory" title="Dependency theory">Dependency</a></li> <li><a href="/wiki/Development_theory" title="Development theory">Development</a></li> <li><a href="/wiki/Earth_system_science" title="Earth system science">Earth system</a></li> <li><a href="/wiki/Fiscal_localism" title="Fiscal localism">Fiscal localism</a></li> <li><a href="/wiki/Modernization_theory" title="Modernization theory">Modernization</a> <ul><li><a href="/wiki/Ecological_modernization" title="Ecological modernization">ecological</a></li> <li><a href="/wiki/History_of_modernisation_theory" title="History of modernisation theory">history of</a></li></ul></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Social_change" title="Social change">Social change</a></li> <li><a href="/wiki/World_history_(field)" title="World history (field)">World history</a></li> <li><a href="/wiki/World-systems_theory" title="World-systems theory">World-systems</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Notable<br />scholars</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Economics</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/David_Autor" title="David Autor">David Autor</a></li> <li><a href="/wiki/Richard_Baldwin_(economist)" title="Richard Baldwin (economist)">Richard Baldwin</a></li> <li><a href="/wiki/Ravi_Batra" title="Ravi Batra">Ravi Batra</a></li> <li><a href="/wiki/Jagdish_Bhagwati" title="Jagdish Bhagwati">Jagdish Bhagwati</a></li> <li><a href="/wiki/Robert_Brenner" title="Robert Brenner">Robert Brenner</a></li> <li><a href="/wiki/Jayati_Ghosh" title="Jayati Ghosh">Jayati Ghosh</a></li> <li><a href="/wiki/Michael_Hudson_(economist)" title="Michael Hudson (economist)">Michael Hudson</a></li> <li><a href="/wiki/Branko_Milanovi%C4%87" title="Branko Milanović">Branko Milanović</a></li> <li><a href="/wiki/Kevin_O%27Rourke" title="Kevin O'Rourke">Kevin O'Rourke</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Thomas Piketty</a></li> <li><a href="/wiki/Dani_Rodrik" title="Dani Rodrik">Dani Rodrik</a></li> <li><a href="/wiki/Jeffrey_Sachs" title="Jeffrey Sachs">Jeffrey Sachs</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Amartya Sen</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Political <br />economy</span></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Samir_Amin" title="Samir Amin">Samir Amin</a></li> <li><a href="/wiki/Giovanni_Arrighi" title="Giovanni Arrighi">Giovanni Arrighi</a></li> <li><a href="/wiki/Robert_W._Cox" title="Robert W. Cox">Robert W. Cox</a></li> <li><a href="/wiki/Andre_Gunder_Frank" title="Andre Gunder Frank">Andre Gunder Frank</a></li> <li><a href="/wiki/Stephen_Gill_(political_scientist)" title="Stephen Gill (political scientist)">Stephen Gill</a></li> <li><a href="/wiki/Peter_Gowan" title="Peter Gowan">Peter Gowan</a></li> <li><a href="/wiki/David_Harvey" title="David Harvey">David Harvey</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Susan_Strange" title="Susan Strange">Susan Strange</a></li> <li><a href="/wiki/Robert_Wade_(scholar)" title="Robert Wade (scholar)">Robert Wade</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Politics / <br /> sociology</span></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Arjun_Appadurai" title="Arjun Appadurai">Arjun Appadurai</a></li> <li><a href="/wiki/Daniele_Archibugi" title="Daniele Archibugi">Daniele Archibugi</a></li> <li><a href="/wiki/Kwame_Anthony_Appiah" title="Kwame Anthony Appiah">K. Anthony Appiah</a></li> <li><a href="/wiki/Ulrich_Beck" title="Ulrich Beck">Ulrich Beck</a></li> <li><a href="/wiki/Walden_Bello" title="Walden Bello">Walden Bello</a></li> <li><a href="/wiki/Jean_Baudrillard" title="Jean Baudrillard">Jean Baudrillard</a></li> <li><a href="/wiki/Zygmunt_Bauman" title="Zygmunt Bauman">Zygmunt Bauman</a></li> <li><a href="/wiki/Manuel_Castells" title="Manuel Castells">Manuel Castells</a></li> <li><a href="/wiki/Christopher_Chase-Dunn" title="Christopher Chase-Dunn">Christopher Chase-Dunn</a></li> <li><a href="/wiki/Alfred_W._Crosby" title="Alfred W. Crosby">Alfred Crosby</a></li> <li><a href="/wiki/Nancy_Fraser" title="Nancy Fraser">Nancy Fraser</a></li> <li><a href="/wiki/Susan_George_(political_scientist)" title="Susan George (political scientist)">Susan George</a></li> <li><a href="/wiki/Anthony_Giddens" title="Anthony Giddens">Anthony Giddens</a></li> <li><a href="/wiki/Michael_Hardt" title="Michael Hardt">Michael Hardt</a></li> <li><a href="/wiki/David_Held" title="David Held">David Held</a></li> <li><a href="/wiki/Paul_Hirst" title="Paul Hirst">Paul Hirst</a></li> <li><a href="/wiki/L._H._M._Ling" title="L. H. M. Ling">L. H. M. Ling</a></li> <li><a href="/wiki/Antonio_Negri" title="Antonio Negri">Antonio Negri</a></li> <li><a href="/wiki/George_Ritzer" title="George Ritzer">George Ritzer</a></li> <li><a href="/wiki/Saskia_Sassen" title="Saskia Sassen">Saskia Sassen</a></li> <li><a href="/wiki/John_Urry_(sociologist)" title="John Urry (sociologist)">John Urry</a></li> <li><a href="/wiki/Immanuel_Wallerstein" title="Immanuel Wallerstein">Immanuel Wallerstein</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span class="nobold">Non–academic</span></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Noam_Chomsky" title="Noam Chomsky">Noam Chomsky</a></li> <li><a href="/wiki/Thomas_Friedman" title="Thomas Friedman">Thomas Friedman</a></li> <li><a href="/wiki/Naomi_Klein" title="Naomi Klein">Naomi Klein</a></li> <li><a href="/wiki/John_Ralston_Saul" title="John Ralston Saul">John R. Saul</a></li> <li><a href="/wiki/Vandana_Shiva" title="Vandana Shiva">Vandana Shiva</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Globalization" title="Category:Globalization">Category</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" 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style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Wealth" title="Template:Wealth"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Wealth" title="Template talk:Wealth"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Wealth" title="Special:EditPage/Template:Wealth"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Extreme_wealth" style="font-size:114%;margin:0 4em">Extreme <a href="/wiki/Wealth" title="Wealth">wealth</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Capital accumulation</a> <ul><li><a href="/wiki/Overaccumulation" title="Overaccumulation">Overaccumulation</a></li></ul></li> <li><a href="/wiki/Economic_inequality" title="Economic inequality">Economic inequality</a> <ul><li><a href="/wiki/Wealth_distribution" class="mw-redirect" title="Wealth distribution">Wealth distribution</a></li> <li><a href="/wiki/Income_distribution" title="Income distribution">Income distribution</a></li> <li><a href="/wiki/Consumption_distribution" title="Consumption distribution">Consumption distribution</a></li> <li><a href="/wiki/History_of_economic_inequality" title="History of economic inequality">History of economic inequality</a></li></ul></li> <li><a href="/wiki/International_inequality" title="International inequality">International inequality</a></li> <li><a href="/wiki/Elite" title="Elite">Elite</a></li> <li><a href="/wiki/Oligarchy" title="Oligarchy">Oligarchy</a></li> <li><a href="/wiki/Overclass" title="Overclass">Overclass</a></li> <li><a href="/wiki/Plutocracy" title="Plutocracy">Plutocracy</a></li> <li><a href="/wiki/Plutonomy" title="Plutonomy">Plutonomy</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation of capital</a></li> <li><a href="/wiki/Upper_class" title="Upper class">Upper class</a> <ul><li><a href="/wiki/Nouveau_riche" title="Nouveau riche"><i>Nouveau riche</i> <wbr />(new money)</a></li> <li><a href="/wiki/Old_money" title="Old money"><i>Vieux riche</i> <wbr />(old money)</a></li></ul></li> <li><a href="/wiki/Luxury_goods" title="Luxury goods">Luxury goods</a> <ul><li><a href="/wiki/Veblen_good" title="Veblen good">Veblen goods</a> <ul><li><a href="/wiki/Conspicuous_consumption" title="Conspicuous consumption">Conspicuous consumption</a></li> <li><a href="/wiki/Conspicuous_leisure" title="Conspicuous leisure">Conspicuous leisure</a> <ul><li><a href="/wiki/Luxury_beliefs" class="mw-redirect" title="Luxury beliefs">Luxury beliefs</a></li></ul></li></ul></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">People</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Billionaire" title="Billionaire">Billionaire</a></li> <li><a href="/wiki/Captain_of_industry" title="Captain of industry">Captain of industry</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individual</a> <ul><li><a href="/wiki/Ultra_high-net-worth_individual" class="mw-redirect" title="Ultra high-net-worth individual">UHNWI</a></li></ul></li> <li><a href="/wiki/Magnate" title="Magnate">Magnate</a> <ul><li><a href="/wiki/Business_magnate" title="Business magnate">Business</a></li></ul></li> <li><a href="/wiki/Millionaire" title="Millionaire">Millionaire</a></li> <li><a href="/wiki/Oligarchy" title="Oligarchy">Oligarch</a> <ul><li><a href="/wiki/Business_oligarch" title="Business oligarch">Business</a></li> <li><a href="/wiki/Russian_oligarchs" title="Russian oligarchs">Russian</a></li> <li><a href="/wiki/Ukrainian_oligarchs" title="Ukrainian oligarchs">Ukrainian</a></li></ul></li> <li><a href="/wiki/Robber_baron_(industrialist)" title="Robber baron (industrialist)">Robber baron</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Wealth" title="Wealth">Wealth</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Wealth_concentration" class="mw-redirect" title="Wealth concentration">Concentration</a></li> <li><a href="/wiki/Distribution_of_wealth" title="Distribution of wealth">Distribution</a></li> <li><a href="/wiki/Dynastic_wealth" class="mw-redirect" title="Dynastic wealth">Dynastic</a></li> <li><a href="/wiki/Wealth_effect" title="Wealth effect">Effect</a></li> <li><a href="/wiki/Geography_and_wealth" title="Geography and wealth">Geography</a></li> <li><a href="/wiki/Inheritance" title="Inheritance">Inherited</a></li> <li><a href="/wiki/Wealth_management" title="Wealth management">Management</a></li> <li><a href="/wiki/National_wealth" class="mw-redirect" title="National wealth">National</a></li> <li><a href="/wiki/Paper_wealth" title="Paper wealth">Paper</a></li> <li><a href="/wiki/Wealth_and_religion" title="Wealth and religion">Religion</a></li> <li><a href="/wiki/Wealth_tax" title="Wealth tax">Tax</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Lists_of_people_by_net_worth" title="Lists of people by net worth">People</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/The_World%27s_Billionaires" title="The World's Billionaires"><i>Forbes</i> list of billionaires</a></li> <li><a href="/wiki/List_of_centibillionaires" title="List of centibillionaires">List of centibillionaires</a></li> <li><a href="/wiki/List_of_female_billionaires" title="List of female billionaires">Female billionaires</a></li> <li><a href="/wiki/List_of_royalty_by_net_worth" title="List of royalty by net worth">Richest royals</a></li> <li><a href="/wiki/List_of_richest_Americans_in_history" title="List of richest Americans in history">Wealthiest Americans</a></li> <li><a href="/wiki/List_of_wealthiest_families" title="List of wealthiest families">Wealthiest families</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_wealthiest_organizations" class="mw-redirect" title="List of wealthiest organizations">Organizations</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_largest_companies_by_revenue" title="List of largest companies by revenue">Largest companies by revenue</a></li> <li><a href="/wiki/List_of_largest_corporate_profits_and_losses" title="List of largest corporate profits and losses">Largest corporate profits and losses</a></li> <li><a href="/wiki/List_of_public_corporations_by_market_capitalization" title="List of public corporations by market capitalization">Largest corporations by market capitalization</a></li> <li><a href="/wiki/List_of_largest_financial_services_companies_by_revenue" title="List of largest financial services companies by revenue">Largest financial services companies by revenue</a></li> <li><a href="/wiki/List_of_largest_manufacturing_companies_by_revenue" title="List of largest manufacturing companies by revenue">Largest manufacturing companies by revenue</a></li> <li><a href="/wiki/List_of_the_largest_software_companies" title="List of the largest software companies">Largest software companies by revenue</a></li> <li><a href="/wiki/List_of_largest_technology_companies_by_revenue" title="List of largest technology companies by revenue">Largest technology companies by revenue</a></li> <li><a href="/wiki/List_of_wealthiest_charitable_foundations" title="List of wealthiest charitable foundations">Charities</a> <ul><li><a href="/wiki/List_of_philanthropists" title="List of philanthropists">Philanthropists</a></li></ul></li> <li>Universities <ul><li><a href="/wiki/Lists_of_institutions_of_higher_education_by_endowment_size" title="Lists of institutions of higher education by endowment size">Endowment size</a></li> <li><a href="/wiki/List_of_universities_by_number_of_billionaire_alumni" title="List of universities by number of billionaire alumni">Number of billionaire alumni</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_cities_by_number_of_billionaires" title="List of cities by number of billionaires">Cities by number of billionaires</a></li> <li><a href="/wiki/List_of_countries_by_the_number_of_billionaires" class="mw-redirect" title="List of countries by the number of billionaires">Countries by number of billionaires</a></li> <li><a href="/wiki/List_of_countries_by_total_wealth" title="List of countries by total wealth">Countries by total wealth</a></li> <li><a href="/wiki/List_of_sovereign_states_by_wealth_inequality" title="List of sovereign states by wealth inequality">Countries by wealth inequality</a></li> <li><a href="/wiki/Wealth_inequality_in_the_United_States" title="Wealth inequality in the United States">Wealth inequality in the United States</a></li> <li><a href="/wiki/Income_inequality_in_the_United_States" title="Income inequality in the United States">Income inequality in the United States</a></li> <li><a href="/wiki/Lists_of_most_expensive_items_by_category" title="Lists of most expensive items by category">Most expensive items</a> <ul><li><a href="/wiki/Category:Lists_of_most_expensive_things" title="Category:Lists of most expensive things">by category</a></li></ul></li> <li><a href="/wiki/List_of_wealthiest_animals" title="List of wealthiest animals">Wealthiest animals</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Diseases_of_affluence" title="Diseases of affluence">Diseases of affluence</a> <ul><li><a href="/wiki/Affluenza" title="Affluenza">Affluenza</a></li> <li><a href="/wiki/Narcissism#Celebrity_narcissism" title="Narcissism">Acquired situational narcissism</a></li></ul></li> <li><i><a href="/wiki/Argumentum_ad_crumenam" title="Argumentum ad crumenam">Argumentum ad crumenam</a></i></li> <li><a href="/wiki/Prosperity_theology" title="Prosperity theology">Prosperity theology</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Philanthropy" title="Philanthropy">Philanthropy</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/The_Gospel_of_Wealth" title="The Gospel of Wealth">Gospel of Wealth</a></li> <li><a href="/wiki/The_Giving_Pledge" title="The Giving Pledge">The Giving Pledge</a></li> <li><a href="/wiki/Philanthrocapitalism" title="Philanthrocapitalism">Philanthrocapitalism</a></li> <li><a href="/wiki/Venture_philanthropy" title="Venture philanthropy">Venture philanthropy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Sayings</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/The_rich_get_richer_and_the_poor_get_poorer" title="The rich get richer and the poor get poorer">The rich get richer and the poor get poorer</a></li> <li><a href="/wiki/Socialism_for_the_rich_and_capitalism_for_the_poor" title="Socialism for the rich and capitalism for the poor">Socialism for the rich and capitalism for the poor</a></li> <li><a href="/wiki/Too_big_to_fail" title="Too big to fail">Too big to fail</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Media</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><i><a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a></i></li> <li><a href="/wiki/Plutus_(play)" title="Plutus (play)"><i>Plutus</i></a> <ul><li><a href="/wiki/Plutus" title="Plutus">Greek god of wealth</a></li></ul></li> <li><a href="/wiki/Superclass_(book)" title="Superclass (book)"><i>Superclass</i></a> <ul><li><a href="/wiki/The_Superclass_List" title="The Superclass List">List</a></li></ul></li> <li><i><a href="/wiki/The_Theory_of_the_Leisure_Class" title="The Theory of the Leisure Class">The Theory of the Leisure Class</a></i></li> <li><a href="/wiki/Wealth_(film)" title="Wealth (film)"><i>Wealth</i></a></li> <li><i><a href="/wiki/The_Wealth_of_Nations" title="The Wealth of Nations">The Wealth of Nations</a></i></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Category:Wealth" title="Category:Wealth">Category</a> <ul><li><a href="/wiki/Category:Wealth_by_country" title="Category:Wealth by country">by country</a></li></ul></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"></div><div role="navigation" class="navbox authority-control" aria-label="Navbox" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a>: National <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q420062#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, 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