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."
Read more about this topic: Late Capitalism
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