Full text: Accumulation and Technology

operating in the labour market, but it sets the scene of 
action in the market of the product. I elaborated this 
theory in my "Maturity and Stagnation" although I was 
concerned there with the adaptation of distribution to 
a low rate of accumulation ( the situation of the 193o's ) 
while Marx, the image of early capitalism before him 
( although this was in fact already past ) was 
thinking of the effects of a high rate of accumulation. 
I discussed a mechanism ( largely impeded or put out of action 
in a world dominated by oligopoly ) by which profit maring 
or mark-up would be adjusted in the long run to the rate of 
growth of capital. The decisive mechanism would be here 
competition of capitalists in the market of the products. 
The shift of the distribution arguments from the labour 
market to the market of product is of a more general significance 
as has already been mentioned at the start of this paper. 
It is connected with the fact that in a modern industrial 
economy real wages are not as directly controlled by 
money wages as the clossics and with them also Marx were 
want to assume. 
Twe-Speeifie-geatapee-ef-Teehnieal Progress 
Technical progress, according to Marx, is linked inseparably 
to two characteristic features: The increase in capital 
in relation to labour, and the concentration of capital. 
It is a well known fact that technical progress in industrial 
capitalism always involves "mechanisation" in the sense 
that more and more machines, tolls, structures etc are 
needed for each worker. For example, more and more looms 
have been tended by each weaver, and the looms became

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