Based on the theory of interest-bearing capital in Volume III of Das Kapital, this paper traces the three historical progressions of interest-bearing capital: from usurious capital and the interest-bearing component within commercial capital, to the independent interest-bearing capital in the circulation of industrial capital. It also analyzes the new characteristics and contemporary accumulation logic of interest-bearing capital in the digital era. The study finds that digital technologies have reshaped the operational patterns of interest-bearing capital, which exhibits typical features such as the globalization of lending scope, the diversification and digitalization of lending platforms, the virtualization of capital, and the expansion of its penetration into the field of labor reproduction. The evolution of interest-bearing capital is the result of the joint drive of the transformation of capitalist production methods and the profit-seeking nature of capital. Its contemporary accumulation logic is manifested in the formation of a self-circulating system that is decoupled from industrial capital, and its essence is capital alienation. Clarifying these characteristics and logic can provide theoretical and practical references for understanding the operational laws of capitalism and preventing systemic financial risks, as well as create opportunities for governing the logic of capital accumulation.

Zelong Yang. New Characteristics of Interest-Bearing Capital in the Digital Age: An Investigation Based on Volume III of Das Kapital. Academic Journal of Business & Management (2026), Vol. 8, Issue 6: 35-40. https://doi.org/10.25236/AJBM.2026.080605.

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