[Marxism] Eight Theses on the Economic Crisis

brad bauerly bbauerly at gmail.com
Sun Mar 1 07:10:20 MST 2009

>>>"Brother, if Leo and Sam don't think the root of this is in the
of production in manufacturing, mining, utilities, etc.  then they haven't
been paying attention to near-current, current, and future events."<<<

What do you mean by this?  Of course the root is in the drive for profits
through production.  That is obvious.  The question is what is behind the
decline in profitability of manufacturing, mining, utilities, etc.?  What
role did the rising financial sphere play in overcoming  declines in
profitability (through the coordination and disciplining that led to
increased profits by comparative advantage and increased labor
competition)? And what new contradictions did this successful overcoming of
declining profitability through financialization and the spreading of
production around the globe (which required finance to coordinate it, as it
always has) produce?

I don't buy the 40 year crisis analysis.  The profitability crisis of the
70's was overcome by financialization, neoliberal attacks on workers and
globalization, which then produced *new* contradictions (you know the
empirical data supports this).  We are in the middle of the resolution (or
more accurately the displacement) of those *new* contradictions (which are
related to the old ones, as capitalist history is the process of
displacement of contradictions leading to new ones).  Cheap credit was one
of the means to overcome the declining profitability, as was to displace
manufacturing from the capitalist core to the global south, but this lead to
new contradictions.  It is these new contradictions that need explication.
Not simply to say a decline in profitability of production has been with us
since the 1970's.



Brad A. Bauerly
PhD Candidate,
Political Science
York University
Toronto, Canada
bauerly at yorku.ca

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