Profitability, Accumulation and Industrial Capital

  • Stavros Tombazos
Part of the Palgrave Insights into Apocalypse Economics book series (PIAE)


The very concept of capital refers to an articulation of three fundamental economic rhythms: the rhythm of valorisation, the rhythm of accumulation and the rhythm of realisation of value. Capitalist growth presupposes a relative compatibility between these three rhythms, while economic crises arise due to the excessive divergence of one of these rhythms in relation to the others. Every economic crisis can be described as an “organic arrhythmia” of the system. During the neoliberal period, the rate of profit (valorisation of value) recovers, but the rate of accumulation does not track the recovery in profitability: A divergence between the curve of the rate of profit and the curve of the rate of accumulation arises. The ratio Surplus Value (or Profit)/Accumulation grows.


Valorisation Accumulation Realisation Rate of profit Rate of accumulation Surplus Value/Accumulation ratio 


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© The Author(s) 2019

Authors and Affiliations

  • Stavros Tombazos
    • 1
  1. 1.University of CyprusNicosiaCyprus

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