Modern Economies flooded with Assets – Prof.Chandrasekhar, J N U.
Marx framed the elements of Das Capital from the traditions of French socialism, German philosophy, and English political economy. But it was in England that he saw the classical ground for capitalism.
Marx had weaved into his analysis three tendencies that made capitalism. The first was the logic of accumulation under capitalism that resulted in rapid development of the forces of production and brought it into conflict with the social relations of production. The second was the conflict between capital and labour, and the third was the inevitability of crisis under accumulation.
Classical political economy, in view of Marx, belonged to a period in which class struggle in capitalism was yet underdeveloped. The weakness of that struggle gave the still-nascent bourgeois political economy its scientific perspective.
Finance today is very different from times in which Marx wrote Das Capital with credit assets forming the main form of financial assets and banking the overwhelming dominant financial activity. Finance, insurance and real estate accounted for high shares of total value added n the U.K., U.S and Germany.