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

Andrew Pollack acpollack2 at gmail.com
Thu Jan 17 07:01:06 MST 2013


I went back and checked, and while Foster certainly does not say
finance is "all-determining," he DOES promote it to the rank of
dominant sector. See:

http://monthlyreview.org/2010/10/01/the-financialization-of-accumulation

By the way, the discussion on the Strike Debt list has gotten even
worse. Now people are quoting Christian Marazzi's latest (he's from
the Italian workerist school) on the new alleged dominant and
autonomous position of finance capital.

Unfortunately I haven't yet seen a good review or article to refer
folks to, will keep looking.

On Mon, Jan 7, 2013 at 12:07 AM, Angelus Novus
<fuerdenkommunismus at yahoo.com> wrote:
> > Andrew Pollack wrote:
>
>>  A couple years ago I thought the MR economists had gone overboard with
>> their promoting of finance to all-determining factor.
>
> 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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