kapitalakkumulation

Kapitalakkumulation, or capital accumulation, refers to the growth of the capital stock—machinery, buildings, infrastructure, and financial assets—through reinvested savings and profits. It expands productive capacity and is a central component of many growth theories and development narratives.

It occurs via reinvestment, new equity or debt financing, depreciation and replacement, and the accumulation of financial assets that fund further investment. The rate and composition of accumulation depend on saving behavior, interest and credit conditions, expected returns, risk, and the quality of institutions such as property rights and financial development. Capital deepening adds more capital per worker; capital widening adds workers without increasing per‑worker capital.

Theoretical approaches differ. Classical and neoclassical models treat accumulation as the driver of long-run growth modulated by returns to capital. In Marxian analysis, accumulation is the expansion of capital through surplus value, associated with capital concentration and potential crises. Contemporary growth theories integrate financial markets, institutions, and technological change into this process.

Key measures include gross fixed capital formation and total gross capital formation, capital stock, and depreciation. These indicators assess how much resources are directed to creating or maintaining productive assets, including foreign investment.

Capital accumulation can promote development and productivity, but it can also amplify inequality and environmental pressures, depending on policy choices and economic conditions. Its dynamics are central to debates on growth, development, and financial stability.