[Marxism] "Well, economics is definitely my weak point"

Rakesh Bhandari bhandari at berkeley.edu
Mon Nov 7 21:43:17 MST 2005

"M. Junaid Alam" <alam1 at lefthook.org> wrote:

As Patrick Bond would tell you, it's not a big leap from
the overaccumulation of capital to the speculative 'investment' of 
capital in securities', currency and real estate speculation. The 
overaccumulation of capital, crudely the capitalization of additional 
increments of surplus value failing to yield a greater mass of 
profits, can be explained on the basis of the theory of value. 
Grossmann did it, David Harvey does it. On the Marxist theory of 
finance generally, I think Alain Lipietz's work is a very good 
introduction. As smart as you are, you could doubtless finish all 
three books in a matter of weeks. 
I am also surprised that you think exploitation has so little to do 
with contemporary capitalism. Perhaps you want to check out Pietro 
Basso's book on the working day?
A proletarian is defined in terms of alienation from the means of 
production and consequent dependence for his very subsistence on 
others' advancing of capital for the purposes of valorization. I 
hardly think the proletariat has become a minority class.

>  What needs to be addressed in my opinion
>is the social and psychological factor: the way workers reach for other
>heirarchies way before they reach for class consciousness - like race,
>sex, and nationalism.

Well how do you point to this problem without contributing to it if 
you think class is just a nineteenth century myth?

>The political events of the last few months should make us think really
>hard about how to actually apply and expand class analysis, instead of
>repeating the same trope about class as the ultimate marker,

Is it only a trope? Are the health consequences of class inequality a 
trope? And why are you so bothered by tropes as you seem a critic of 
crude materialist reductionism?


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