The Accumulation of Capital

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The Accumulation of Capital (full title: The Accumulation of Capital: A Contribution to an Economic Explanation of Imperialism, Die Akkumulation des Kapitals: Ein Beitrag zur ökonomischen Erklärung des Imperialismus) is the principal book-length work of Rosa Luxemburg, first published in 1913, and the only work Luxemburg published on economics during her lifetime.


It is in three sections as described below:[1]

  1. The Problem of Reproduction
  2. The Historical Exposition of the Problem
    1. Round I: Sismondi--Malthus vs. Say--Ricardo, MacCulloch
    2. Round II: The Controversy between Rodbertus and von Kirchmann
    3. Round III: Struve-Bulgakov-Tugan Baranovski vs. Vorontsov-Kikolayon
  3. The Historical Conditions of Accumulation


In the polemic, she argued that capitalism needs to constantly expand into noncapitalist areas in order to access new supply sources, markets for surplus value, and reservoirs of labor.[2] According to Luxemburg, Marx had made an error in Capital in that the proletariat could not afford to buy the commodities they produced, and therefore by his own criteria it was impossible for capitalists to make a profit in a closed-capitalist system since the demand for commodities would be too low, and therefore much of the value of commodities could not be transformed into money. Therefore, according to Luxemburg, capitalists sought to realize profits through offloading surplus commodities onto non-capitalist economies, hence the phenomenon of imperialism as capitalist states sought to dominate weaker economies. This however lead to the destruction of non-capitalist economies as they were increasingly absorbed into the capitalist system. With the destruction of non-capitalist economies however, there would be no more markets to offload surplus commodities onto, and capitalism would break down.[3]


The Accumulation of Capital was harshly criticized by both Marxist[4][5][6][7][8][9][10] and non-Marxist economists, on the grounds that her logic was circular in proclaiming the impossibility of realizing profits in a close-capitalist system, and that her "underconsumptionist" theory was too crude.[3] Her conclusion that the limits of the capitalist system drive it to imperialism and war led Luxemburg to a lifetime of campaigning against militarism and colonialism.[2]

See also[edit]


  1. ^ Luxemburg, Rosa (1951). The Accumulation of Capital. Monthly Review Press. LCCN 64-16176.
  2. ^ a b Scott, Helen (2008). "Introduction to Rosa Luxemburg". The Essential Rosa Luxemburg: Reform or Revolution and The Mass Strike. By Luxemburg, Rosa. Chicago, IL: Haymarket Books. p. 18.
  3. ^ a b Kolakowski, Leszek (2008). Main Currents of Marxism. W. W. Norton & Company. pp. 407–415.
  4. ^ "Sp" (21 Jan 1913). "Die Akkumulation des Kapitals (1)". Dresdner Volkszeitung [de] (in German). 24 (16): 1.
  5. ^ "Sp" (22 Jan 1913). "Die Akkumulation des Kapitals (2)". Dresdner Volkszeitung (in German). 24 (17): 1.
  6. ^ Max Schippel (13 Feb 1913). "Das Grundgeheimnis des Imperialismus". Sozialistische Monatshefte (in German). 19 (3): 147–152.
  7. ^ Gustav Eckstein (16 Feb 1913). "Rosa Luxemburg: Die Akkumulation des Kapitals – Ein Beitrag zur ökonomischen Erklärung des Imperialismus". Vorwärts (in German). 30 (40): 13–14.
  8. ^ Gustav Eckstein (23 Feb 1913). "Überflüssige Aufregung". Vorwärts (in German). 30 (46): 3.
  9. ^ Otto Bauer (7 Mar 1913). "Die Akkumulation des Kapitals (1)". Die neue Zeit – Wochenschrift der deutschen Sozialdemokratie (in German). 31 (23): 831–838.
  10. ^ Otto Bauer (14 Mar 1913). "Die Akkumulation des Kapitals (2)". Die neue Zeit – Wochenschrift der deutschen Sozialdemokratie (in German). 31 (24): 862–874.

External links[edit]

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