[Marxism] More on why workers no longer strike, and why owners of capital act with virtual impunity

Andrew Pollack acpollack2 at gmail.com
Sun Jan 6 22:19:13 MST 2013

I completely agree on Marx's appreciation of finance and for that very
reason have been reading Volume III for some time.
I should have been more specific: I don't buy the permanent stagnation
thesis (I prefer Mandel's long wave schema). And while I agree totally
that capital attempts to use the financial sector for profits they
can't invest elsewhere, and I agree with the MR crowd that it's only a
short-term fix which leads inevitably to bubbles, that's different
from saying, as I think they do, that finance has superceded the
manufacturing sector as the system's driving force.
But I was due to go back and re-read their stuff anyway, so thanks.

On Mon, Jan 7, 2013 at 12:07 AM, Angelus Novus
<fuerdenkommunismus at yahoo.com> wrote:
> This is not even a caricature of the MR position.  It's a flat-out misrepresentation of their position.
> The MR position has been that as capital is unable to find satisfactory profit rates in the "real" sphere (which they refer to as stagnation), the FIRE sector has functioned in the past 40 years to absorb the profits of financial sector, but in the long-term, this does not serve to solve the underlying problem, as recurring bubble bursts have shown ('87 crash, '97 Asia Crisis, Dot-com crash in 2000 and subsequent Argentina crash, housing bubble and crash in 2006, etc.)  MR argues that as the capitalist mode of production matures, "stagnation" becomes the new normality, and periodic "upturns" are more an exception.
> How you somehow derive a notion of "finance as all-determining factor" of this, you'll have to elaborate.
> But FWIW, Marx regarded finance and money as rather central to his analysis of the capitalist mode of production, the problem is that most "Marxists" never read Vol. III, and they dismiss the chapters on money in Vol. I as Hegelian mysticism.

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