Capital in General and Competition

Abstract

This chapter argues that capital in general and competition are the two main levels of abstraction in Marx’s theory in Capital and that they correspond to the theories of the production of surplus value in Capital I and II and the distribution of surplus value in Capital III. The main question addressed at the level of capital in general is the production of surplus value or the determination of the total surplus value produced in the economy as a whole. The main question addressed at the level of abstraction of competition is the distribution of surplus value, or the division of the total surplus value into individual parts (first the equalization of the rate of profit across industries and then the further division of the total surplus value into commercial profit, interest, and rent).