29 de Junio de 2010

Supposing that a problem of capitalistic accumulation really exists, it is not conceivable that imperialistic expansion into the undeveloped regions of the globe can ease the pressure of over-accumulation. To realize this, one has only to examine how the capitalistic countries dispose of their "surplus production" by exporting to undeveloped countries. We have then to contemplate the following possibilities: 1. The additional export may be paid for immediately in cash so that the exporting country comes into possession of more gold or foreign exchange. These may be used: (a) For augmenting the volume of currency, i.e., other things being equal, for inflation. Besides the fact that this—via the production and exportation of goods and the fight for foreign markets—is a rather cumbersome and roundabout way to start inflation, it is difficult to see how the problem of over-accumulation can be solved in this way. On the contrary, inflation is, as we shall see later, sure to lead to a real and not merely imaginary over-accumulation, so that imperialism would be apt to intensify over-accumulation rather than to ease it. (b) To pay for additional imports, with the sole result that home goods are now replaced by foreign goods, without the problem of surplus production being brought any nearer to solution. 2. The additional export may be made on credit. So long as nothing is paid for interest or amortization, the exporting country has, indeed, got rid of the surplus production, but in no other sense than as if it had given it away or destroyed it. If this is the end of the matter, it becomes again legitimate to ask whether such a dangerous and roundabout way, with its political entanglements, is necessary in order to get rid of embarrassing goods without anything to show for it. But as soon as payments are being made for interest and amortization, this case differs in no way from the first case where the additional exports were paid for immediately. It has to be remarked, moreover, that if additional exports on credit (foreign investments) really offer a way out of the plight of overaccumulation, there is no reason why the same should not be done, and with less trouble, inside the country.

We may conclude then, that imperialism offers no solution of the problem of overaccumulation, whatever this may mean.

Wilhelm Röpke, Crisis & Cycles, 1936, p. 87-88