Late Capitalism - Valorization of Capital

Valorization of Capital

Mandel also refined the concept of valorization of capital in late capitalism.

He states : " Volarization ( Verwertung ): The process whereby capital increases its own value by the production of surplus-value.

Marx presents the process of commodity production as a unity of TWO distinct process -- the labour process through which labour-power produces use-values, and the valorization process through which labour-power produces additional value over and above its own value. This surplus-value, although created during the process of production, has first to be realized through the sale of commodities before capital can appropriate it and therewith actually increase its own value."