merits of this discussion
dmschanoes at earthlink.net
Mon Nov 10 17:25:13 MST 2003
Part of the problem of such formulations-- what if all the oil runs out in 7
days-- is that it assumes all the reverberations of this event can be
captured inside the category of price.
At one and the same time, the depletion is presented in apocolyptic terms,
but the apocolypse itself is part of the "normal" exchange in the spot
My previous illustration, intentionally simplistic, was meant to show that
the growth of the means of production, reducing the costs of production per
unit, leads to exactly what Brother Melvin describes-- the degradation of
value as integral to the expropriation of surplus value-- and the more
surplus value congeals in expanded reproduction, the smaller the real
exchange between labor and capital-- or, the more massive the capital
apparatus that exchanges itself with living labor, the less the apparatus
exchanges of itself with living labor.
What is the solution for capital? To repeat the process all over again,
harder, faster; to recreate it in expanded terms-- more means of production
expelling proportionately more labor from the process of aggrandizing
surplus labor. Thus, at some point the mass of surplus value is
proportionately less to the means of production and this is manifested in a
declining rate of profit and further diminishing of the values of the
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