Capitalism will die whether or not the value of productivity changes, because tall and violent people will attack, and collect all value, good or bad.
Original tweet: https://twitter.com/ArhZer0/status/1141402436332150789
The weakening of the relative power of workers’ effective demand over the past forty years of neoliberalism has contributed to the secular stagnation now being experienced in many parts of the capitalist world.
Original tweet: https://twitter.com/HumansOfLate/status/1141328515519979521
This signals a point of contradiction and instability within the circulation of value in motion.
Original tweet: https://twitter.com/HumansOfLate/status/1141328412214255617
The pressure to reduce wages that animates Volume 1 undercuts the capacity of the workers’ effective demand to stabilise the economy in Volume 2.
Original tweet: https://twitter.com/HumansOfLate/status/1141328307063054336
But as in the case of Volume 1, this tentative conclusion is contingent on the assumptions. But however one parses it, the findings in Volume 2 on this matter contradict those of Volume 1.
Original tweet: https://twitter.com/HumansOfLate/status/1141328182425149440
But here we have an explanation of why the fate of the working classes is to get lost in compensatory consumerism because that is how capital keeps its market intact.
Original tweet: https://twitter.com/HumansOfLate/status/1141328031442771969
It is difficult to introduce this question into Marxist theorising because this was one of Keynes’s concerns also and in talking about it one immediately risks the accusation of importing Keynesianism into Marxism when, of course, the influence is the other way round.
Original tweet: https://twitter.com/HumansOfLate/status/1141327923321942016
The effective demand of the working classes is here implicated in keeping the market in balance and that effective demand is perpetually under threat given the analysis of Volume 1.
Original tweet: https://twitter.com/HumansOfLate/status/1141327800919625728
Capital, Volume 2, p. 391.
Original tweet: https://twitter.com/HumansOfLate/status/1141327622997196800
However the sale of commodities, the realization of commodity capital, and thus of surplus-value as well, is restricted not by the consumer needs of society in general but by the consumer needs of a society in which the great majority are always poor and must always remain poor.“
Original tweet: https://twitter.com/HumansOfLate/status/1141327150198480897
Further contradiction: the periods in which capitalist production exerts all its forces regularly show themselves to be periods of over-production; because the limit to the application of the productive powers is not simply the production of value, but also its realization.
Original tweet: https://twitter.com/HumansOfLate/status/1141327007726395392
„Contradiction in the capitalist mode of production. The workers are important for the market as buyers of commodities. But as sellers of their commodity – labour power – capitalist society has the tendency to restrict them to their minimum price.
Original tweet: https://twitter.com/HumansOfLate/status/1141326901711114240
But there is also a notable contrast to the conclusion of Volume 1:
Original tweet: https://twitter.com/HumansOfLate/status/1141326426177777664
If there is one idea that dominates from the substantive investigations it would be that of the powerful incentive towards speed-up and perpetual acceleration in the circulation of capital.
Original tweet: https://twitter.com/HumansOfLate/status/1141326347723317249
It is hard to identify any unifying conclusion to Volume 2.
Original tweet: https://twitter.com/HumansOfLate/status/1141326231205502976
Discussion of this is put off until Volume 3.
Original tweet: https://twitter.com/HumansOfLate/status/1141325266133880833
Here too the release of the hoarded money needed to build, maintain and replace long-lived and large fixed capital investments by resort to the credit system becomes critical.
Original tweet: https://twitter.com/HumansOfLate/status/1141325219501629440
A part of the turnover time of capital slows down in fixed capital and infrastructure form in order to facilitate speed-up in the motion of the rest.
Original tweet: https://twitter.com/HumansOfLate/status/1141324945127018496
At the same time, greater reliance on fixed capital investments to promote rising productivity slows down the turnover time of some investments. This is particularly true for investments in the built environment.
Original tweet: https://twitter.com/HumansOfLate/status/1141323990427938817
Speed-up in production at some point requires speed-up in consumption (hence the importance of fashion and planned obsolescence).
Original tweet: https://twitter.com/HumansOfLate/status/1141323316210352128
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