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Showing posts with the label "rate of profit"

Political Economy

A very illuminating interview. "The Fundamental Questions About Capitalism Seem to be Coming Back" An example from the US and UK that the effects are asymmetrical. The BBC here does not mention any socio-economic background (education, marginalisation, inequality, overlapping of race and class.) which is structural and precedes the current pandemic for a long time. Are minorities being hit harder by coronavirus
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This is a very interesting publication by Oxford. Michael Roberts has reviewed some chapters with a focus on profitability, crises and financialisation. The Oxford Handbook of Karl Marx
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"Twilight of capitalism"? I don't agree with that. It sounds a good book though. Invisible Leviathan by Murray Smith Marx's law of value
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"What gets dismissed or ignored here are Marx’s arguments that the people who happen to be running the system at any particular moment are not really in control of the situation. What are really in control are the “laws of capitalist production.” Individual personifications of capital––and this includes atypical personifications such as individual state capitals and worker-run enterprises––must submit to these laws or relinquish their “control.” The most important law is the “law of value,” the determination of value by labor-time. It compels a business, whoever owns or “controls” it, to minimize costs in order to remain competitive, and therefore to lay off inefficient or unnecessary workers, speed up production, have unsafe working conditions, produce for profit instead of producing for need, and so on." On the Relevance of Marx's Capital for Today
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In less than 10 minutes
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It would be interesting to read an analysis of the socio-political implications of this: ROP means rate of profit HC means historic cost CC means current cost
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