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(1) The conversion of surplus value into capital, that is, the utilization of surplus value for the expansion of capitalist production. The capitalized surplus value forms a fund of capital accumulation that, like capital, is divided in two parts: the additional constant capital, used for the acquisition of additional means of production, and the additional variable capital, used for buying additional labor power.

(2) The process of the formation of fictitious capital. In bourgeois society, each regularly recurrent income (such as ground rent or dividends) is capitalized: it is calculated at the average loan interest rate as if it were income from capital in the form of a loan at this interest rate. Each unearned income received by virtue of the ownership of securities is considered as interest from a certain capital, which in reality does not exist (imaginary capital). The securities issued (shares, bonds of corporations or the state) become capital and bear interest. The increase in the rates of the shares (capitalized dividends), particularly in the period of cyclic upsurge, leads to the accumulation of fictitious capital, which qualitatively and quantitatively differs from the accumulation of real capital and which is determined by its own laws. At the same time, the excessive expansion of fictitious capital and the subsequent stock exchange collapse may seriously affect the process of capital accumulation. Since the whole mass of fictional capital represents a capitalized income, the change of its value does not depend on the value movement of the actual (real) capital that it represents. Capitalization means the further development of the fetishist character of capitalist relations of production, that is, a further development of the treatment of money and things as if they had a kind of magic power over men.


Marx, K. Kapital, vol. 3. K. Marx and F. Engels, Soch, 2nd ed., vol. 25, chs. 1–2, sees. 5–7.
Novye iavleniia v nakopenii kapitala v imperialisticheskikh stranakh. Moscow, 1967.


References in periodicals archive ?
263(a)-4 essentially follows three steps: (a) what intangibles fall within its scope; (b) what activities with respect to those intangibles require capitalization; and (c) what costs relating to those activities must be capitalized.
Capitalizing internet reminds me of 18th-century writers who would sprinkle capitalized words throughout their work--such as Honor or Shame or the Four Humors so popular in medieval physiology.
20,000,000 class G ninth priority floating rate capitalized interest term notes 'BBB';
263A costs must be allocated to the specific items of property produced or property acquired for resale during the tax year and capitalized to the items that remain on hand at the end of the tax year; see Regs.
Instead it ruled these payments generally must be capitalized and in this case the taxpayer did not present facts to justify an exception.
79 (1992), whether a particular expense may be deducted currently or must be capitalized has become a particularly troublesome issue.
We at all times meet all FASB requirements, and are indeed conservative in our treatment of capitalized software costs.
20,425,000 class E floating rate capitalized interest notes due 2042 'A';
503 US 79 (1992), held that fees for professional services (including investment banking services) incurred to facilitate a corporate acquisition have to be capitalized, because they produce a long-term benefit.
One outstanding issue for taxpayers is whether a buyer should deduct or capitalize amounts it later pays on a liability in excess of the original amount capitalized.
Capitalizing intenet reminds me of 18th-century writers who would sprinkle capitalized words throughout their work--such as Honor or Shame or the Four Humors so popular in medieval physiology.
Training costs must be capitalized only in the unusual circumstances where the training is intended primarily to obtain future benefits significantly beyond those traditionally associated with the training provided in the ordinary course of a taxpayer's trade or business.