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 hand through stock companies. Centralisation, by thus accelerating and intensifying the effects of accumulation, extends and hastens at the same time the revolutions in the technical composition of capital, which increase its constant part at the expense of its variable part and thereby reduce the relative demand for labor.

The masses of capital amalgamated over night by centralisation reproduce and augment themselves like the others, only faster, and thus become new and powerful levers of social accumulation. Hence, if the progress of social accumulation is mentioned nowadays, it comprizescomprises [sic] as a matter of course the effects of centralisation. The additional capitals formed in the course of normal accumulation (see chapter XXIV, 1.) serve mainly as vehicles for the exploitation of new inventions and discoveries, or of industrial improvements in general. However, the old capital likewise arrives in due time at the moment when it must renew its head and limbs, when it casts off its old skin and is likewise born again in its perfected industrial form, in which a smaller quantity of labor suffices to set in motion a larger quantity of machinery and raw materials. The absolute decrease of the demand for labor necessarily following therefrom will naturally be so much greater, the more these capitals going through the process of rejuvenation have become accumulated in masses by means of the movement of centralisation.

On the one hand, therefore, the additional capital formed in the course of accumulation attracts fewer and fewer labourers in proportion to its magnitude. On the other hand, the old capital periodically reproduced with change of composition, repels more and more of the labourers formerly employed by it.

The accumulation of capital, though originally appearing as its quantitative extension only, is effected, as we have seen, under a progressive qualitative change in its composition,