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from Part III - The Underdevelopment of the Capitalist Mode of Production
Published online by Cambridge University Press: 05 May 2013
Marx's short chapter ‘The Role of Credit in Capitalist Production’ (1977, 435–41 [1981, 566–73]) is probably one of the most neglected but also one of the most important things he ever wrote. In it, he not only gives us his views on the role of the credit system in the development and underdevelopment of the capitalist mode of production itself (something which has become even more important since the recent collapse of the credit system); he also outlines his views on the subject of ‘joint-stock companies’ and the development of shareholding, monopoly capitalism, state interference in the economy and gives us what is probably the best example in Capital of his use of the dialectical method.
Having briefly looked at Marx's discussion of the circulation of merchant's capital in the previous chapter, we are now going on to consider the related issue of what he has to say about the development of the credit system and in particular the claim that the development of the credit system is one of the main factors helping to bring about the destruction of the CMP from within.
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