simple reproduction of capital

simple reproduction of capital

(MARXISM) the process whereby material and social elements of production are reproduced. Wages paid to workers enable them to live, and to present themselves for further work. The SURPLUS VALUE produced in the production process is used by the capitalist to replace raw materials and other capital consumed. However, in this form of reproduction there is no expansion, merely replacement. The main aspect of capitalism is its expansion, thus this form is analytic and likely to exist empirically in some sectors of the economy but not in normal times for the capitalist economy as a whole.
Collins Dictionary of Sociology, 3rd ed. © HarperCollins Publishers 2000