ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Money Supply Analysis Shadow Boxing

ECNOMIC AND POLITICAL WEEKLY non of underdevelopment or backwardness and the solution of the problem cannot result from an analysis which disregards the whole of Marx's scientific achievement, and proposes solutions which run counter to the laws of development of human society. Rather, it is necessary to extend and concretise Marx's analysis using his own scientific method; to analyse the relations of production and laws of motion in societies which are either making the transition to capitalism or have stagnated in transition; to examine the precise way in which they are related to capital though the circulation process; to de- termine how the reproduction of capital on a world scale reproduces, creates, exaggerates or diminishes unevenness in the geographical distribution of the productive forces through such mechanisms as, for example, the effect of national boundaries on the equalisation of the rate of profit; and so on. It is only by extending Marx's analysis of capital in this way that we can arrive at an understanding of accumulation on a world scale which is not pure fantasy, in the sense that it is confined to the sphere of superficial appearances which Marx referred to as "fantastic".24 Between Amines conception of accumulation on a world scale and a Marxist conception based on an analysis which "touches the true relation of things, the same difference holds that holds in respect to all phenomena and their hidden .substratum. The former appear directly and spontaneously as current modes of thought; the latter must first be discovered by science.,,2ft And discovery by science presupposes a patient and thorough study of Marx's work, a firm grasp of Marxist categories, an understanding of the method by which he arrived at those categories, and an application of the same method to derive the new categories which are required for an analysis of social reality today.

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