By Conference of Socialist Economists
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Additional info for Capital & Class. - 1978. - Issue 5
Prices of production) are sufficient information from which to calculate ratios . 10 Thus Mandel poses the following question : where, if the sum of profit IN DEFENCE OF VALUE 29 expressed in price of production terms differs from the sum of surplus value, can the difference have come from? 63) . This question is analogous to the following : where, if the distance between Paris and London expressed in kilometers differs from the distance expressed in miles, can the difference have come from? 11 An objection might be that the basic case of numerical equality is one in which all prices are directly proportional to values .
While a common interest is necessary to the definition of a fraction, it is not sufficient . A number of individuals may have an interest in common without their constituting a fraction of a class . To become a fraction it is necessary that the group in question has 'pertinent effects' at the political level, which will normally, but not always, mean that this interest group is politically organised in some way : "A fraction . . " (Davies 1977, p 28) Thus fractions are not identified by locating particular interests in some specified way, but are rather identified by locating their 'pertinent effects' at the political level .
He offers three explanations . 159) . He then argues that national capital's interests were in fact those of mining capital too : 46 CAPITAL AND CLASS "National capital's own development depended upon the appropriation through taxation, protection, etc . 159) . This argument completely undermines the fractionalist enterprise . If it is the case that the interests of particular capitals coincide with the interests of all other capitals in this neat way, then there is no reason for engaging in fractional struggles in the first place, and it does not matter which fraction of capital is hegemonic .