Subject: Re: Labor, Surplus value, catastrophism 
Date: Mon, 25 Jul 94 10:24:11 +0100
From: wpc-AT-cs.strath.ac.uk


The tendancy of the rate of profit to fall operates wherever the
rate of capital accumulation exceeds the rate of growth of the 
proletarian population.

I am familiar with the statistics for the UK, and this tendency was
clearly evident in the period from 1948 to about 1976. In more recent
years there has been no net accumulation of capital, and the organic
composition of capital has been more or less stationary.

The falling rate of profit operates during periods of relative economic
prosperity. During periods of slow accumulation and chronic mass
unemployment it ceases to operate. It may be argued that the falling
rate of profit is a factor causing the periods of prosperity to
come to an end.


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