Les explications des cycles économiques dans « Le Capital » : un exemple de temporalités chez K. Marx

Abstract

There is not a single theory of cycles in Marx’s Capital, but three main explanations which can be studied according to three temporalities in relationship with the accumulation of capital: - a conjunctural temporality, depending on the cyclical evolution of the “industrial reserve army” and of the “relative surplus population” which determines the levels of surplus value, surplus labour and hence wages; - a financial temporality, focused on the dynamics of the rate of profit and of the interest rate. During expansionary periods the large amounts of credit foster a rise in accumulation and consumption. In a symmetrical way, during crises periods the decrease in profits and then credit enhance the economic downturn. - a technological temporality, based on the “cycles of turnover of fixed capital”. The periodicity of crises is then results from the dynamics of accumulation of capital caused by technical progress and machinery. These three articulated temporalities (the scheme of the three temporalities) allow to analyze the dynamics of Marx’s economic cycles, their durations and the evolution of the Capitalist mode of production.

Keywords

• Marx (Karl)
• Capital
• economic cycles
• reserve army
• accumulation of capital
• financial capitalism