world monopoly

glevy at glevy at
Sat Sep 2 11:42:32 MDT 1995

> jerry
> -----
> Regarding unemployment, the state is limited in what it can do in the
> following way: it can influence unemployment and create jobs (through
> fiscal and monetary policy, for instance), but it can not *control* the
> capitalist accumulation process. Ensuring full employment isn't merely
> a question of passing laws but is a goal (if it is selected) which the
> state can not guarantee because they can not guarantee what will happen
> in the course of the international accumulation of capital.
> Paul
> ----
> Is this true.
> Might it not be more accurate to say that, because of the political
> dominance of the property owning classes the refrain from controling
> capital accumulation.
> There is nothing economically impossible about a modification to
> company law that allowed the government to specify the maximum
> permisible level of dividends as a percentage of net capital
> accumulation. This would give the state a very powerfull instrument
> over the level of accumulation.
  The capitalist state can not control the rate of accumulation any more
than individual capitalists can. The state can pass laws aimed at
increasing growth and employment but they have no way of knowing that
their ex ante projections will be met ex post. To believe that the state
can overcome the problems inherent in the accumulation process would be
tantamount to saying that they can overcome the factors of risk and
uncertainty that are an integral part of the operation of markets in the
context of the dynamic process of accumulation. Of course, they can make
plans and they can even make conditional promises. One of the lessons of
recent developments in Japan is that when some corporations promise
"lifetime employment" this is a conditional promise related to what will
happen in the future regarding profitability. If the state guarantees full
employment, what happens when the economy goes into a "recessionary"
period or depression where the state can't make good on its promises?

     --- from list marxism at ---


More information about the Marxism mailing list