Felton Shortall argues that in analysing capital in terms of constant and variable capital in order to bring out the inner nature of capitalist relations of production, Marx was forced to suppress the distinction between fixed and circulating capital. By means of an analysis of the circuits of capital, the significance of the concepts of fixed and circulating capital is established and the implications for Marxian theory of price formation, divisions within the capitalist class and the periodisation of capitalism discussed.
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