[Marxism] James Petras

Carrol Cox cbcox at ilstu.edu
Thu Jul 20 12:05:34 MDT 2006

abu hartal wrote:
> An optimistic analysis. Perhaps Marxism is nothing at all as he suggests.
> But more to the Collapse Of Capitalism school than Petras recognizes. Profit
> numbers are inflated by accounting tricks. The rate at which the 
> rate of exploitation can be raised will soon find its limit (each further 
> rise in productivity raises s/v ever less--this is the basic mathematics 
> of the theory of surplus value).
> Moreover, profitability bolstered through  debt clearly has limits:
> houses can only be refinanced so many times, budget
> deficits cannot continue to grow as a percentage of GDP.

The following is tentative.

I think these arguments ignore the extent to which "capitalist collapse"
_resets_ the clock, and provides the basis for a resurgence of
capitalist srength. Capitalism certainly collapsed, 1929 to 1945 -- and
that very collapse was central to a half century of capitalist victories
(even the "defeat" in Vietnam was turned into a victory -- ask the
owners of Nike and other capitalist investors in Vietnam).


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