[Marxism] “Cast aside illusions!” Crisis dee =?win...
Waistline2 at aol.com
Waistline2 at aol.com
Fri Mar 6 19:15:15 MST 2009
"A new system of social control over finance, production and distribution is
already forming. Will the new system be shaped to the benefit of the
billionaire ruling class or to the benefit of the mass of people? "
If it benefits the few how will it be new?
& If the 'new" system benefits the few how will it solve the crisis?
1). New refers to a form of finance capital different from finance capital
outlined in Lenin's imperialism. Lenin speaks of a finance capital -
imperialism, that was the domination of banking capital over industrial capital and
the export of this capital to areas of productive investment; in
contradistinction from the export of commodities that Marx writes about.
During the time of Marx imperialism exported mass produced commodities that
battered down the barriers of the local market. Financial imperialism involved
the buying up of land and production units and investment in raw materials
No one today really speaks about finance capital as banking capital
dominating industrial capital. Some further feel that a sector of capital that can be
identified as industrial capital, no longer exists and most certainly not in
the industrially advanced countries. Finance capital today is dominated by a
form of capital that is valueless; living and breathing - expanding, off of
speculation. This is not the same kind of speculation on the price of physical
commodities and physical assets = production. Or gambling - speculation,
over paper assets expressing ownership claims over physical commodities and
In its outer appearance speculation is speculation is speculation. However,
in its internal logic what is being gambled over is mathematical equations.
The money made from this new type of speculation is wealth but this wealth
is not the result of surplus value extraction. Hence valueless wealth.
2). The government "bailout" redistributes wealth from public to private. It
shifts trillions of dollars, in the US alone, to those institutions that have
been accumulating wealth off of our credit/debt, and off of speculation on
commodity prices, currency valuations, and interest rates, or the new world of
financial instruments; rather than seeking areas for export of capital.into
areas of production. .
But this is also more than a bailout. Something new is taking shape. It is
the reorganization of the state to protect private property under new
conditions. The new condition is the increasing revolution in the productive forces
and the grow of valueless wealth. Although it may seem like the bailouts are
throwing good money after bad, there is some method to the madness. The
emerging motion is toward the government and the financial sector together
controlling and directing the whole economy, buying up the once powerful industrial
corporations, and putting an end to the good standard of living that was once
possible for, at least, a small section of the working
The new form of wealth and methods of control cannot end the crisis, only
A new system that benefits the mass of people is the call of support for
revolution; changing the property relations. In day to day living this means
preparing the fight for socially necessary means of life.
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