Accumulation of what?

Written on August 6th, 2015 in politics Comments Off

Published on Real-World Economics Review Blog RWER, by Editor, Aug 4, 2015.

The answer depends on what we mean by capital accumulation. The common view of this process is deeply utilitarian. Capitalists, we are told, seek to maximize their so-called ‘real wealth’: they try to accumulate as many machines, structures, inventories and intellectual property rights as they can … //

… The accumulation of capital as power can be analyzed at many different levels. The most aggregate of these levels is the overall distribution of income between capitalists and other groups in society. In order to increase their power, approximated by their income share, capitalists have to strategically sabotage the rest of society. And one of their key weapons in this struggle is unemployment.

The effect of unemployment on distribution is not obvious, at least not at first sight. Rising unemployment, insofar as it lowers the absolute (‘real’) level of activity, tends to hurt capitalists and employees alike. But the impact on money prices and wages can be highly differential, and this differential can move either way. If unemployment causes the price/wage ratio to decline, capitalists will fall behind in the redistributional struggle, and this retreat is sure to make them impatient for recovery. But if the opposite turns out to be the case – that is, if unemployment helps raise the price/wage ratio – capitalists would have good reason to love crisis and indulge in stagnation.

So which of these two scenarios pans out in practice? Do stagnation and crisis increase capitalist power? Does unemployment help capitalists raise their distributive share? Or is it the other way around?

(full text).

[new book: The Scientist and the Church, by Shimshon Bichler and Jonathan Nitzan, published June 21, 2015 by WEA Books ... (this book) is a wide-ranging biography of research, showcasing Bichler and Nitzan’s attempts to break through the stifling dogmas of the academic church and chart a new scientific cosmology of capitalism ...;
Website: World Economics Association WEA.org; /WEA books;
(to be distinguished from Workers' Educational Association WEA.org.uk - part-time adult education for everyone)].

Links:

uploaded by South Front, Aug 4, 2015:

Financial avoidance of public taxes and duties, on RWER Blog, by Editor, Aug 3, 2015: From feudal barons keeping the land’s rent for themselves to modern corporate profits paid to bondholders, creditors have broken free of tax liability. Banks now receive most of the rental value of land as mortgage interest, mobilizing a populist argument against property taxes so as to leave more rent available to pay bankers. The situation is reminiscent of Babylonian lenders obtaining the land’s crop usufruct while leaving the customary holders liable for the labor duties associated with their land tenure …;

on en.wikipedia:

The US-China Standoff in the Indo-Asia-Pacific Region, on Global Research.ca (first on South Front/Website), by South Front/Global Research’s Archive, Aug 1, 2015 – (incl. a sea-map, a video report, 10.27 min on the South Front’s YouTube channel – the Following text is the transcript);

KenFM im Gespräch mit: von wwwKenFMde hochgeladen:

  • Hermann Ploppa, 100.48 min … am 28. Juli 2015: … zu den Machern hinter den Kulissen;
  • Peter König, 124.34 min … am 6. Juli 2015: … zum Recht auf freien, kostenlosen Zugang zu Trinkwasser;
  • Jean Ziegler, 79.57 min … am 28. Mai 2015: … zum Ziel, den entfesselten Raubtierkapitalismus endlich in die Mülltonne der Geschichte zu schicken – seine Bücher bei amazon.de;
  • Georg Zoche, 106.58 min … am 16. Jan 2015 … zur Geschichte der Leitwährung – sein Buch: Weltmacht Geld, Nov 2009, bei amazon.de;
  • Jürgen Roth, 96.39 min … am 24. Juli 2014: … zum stillen Putsch;
  • Jürgen Grässlin, Teil 1, 59.56 min; Teil 2, 46.19 min … am 4. Juni 2013: … zum Schwarzbuch Waffenhandel – sein Buch: Schwarzbuch Waffenhandel: Wie Deutschland am Krieg verdient, Mai 2013, bei amazon.de;

zur Rolle der Medien in der Griechenlandkrise, 11.45 min, von antikriegTV am 13. Juli 2015 hochgeladen;

Politsatire: Schuldenstaat Griechenland – Serdar Somuncu NEU, 45.44 min, von Serdar Somuncu – Neue Auftritte am 12. Juli 2015 hochgeladen;

2 audios mit Max Uthoff – von Kabarett Highlights im Juli 2015 hochgeladen:

Das Studio, Folge 100 – Teaser, 0.51 min, von Massengeschmack TV am 29. Juni 2015 hochgeladen;

Panel 10 Jahre IMK – hat die Makroökonomie versagt? 66.21 min, von Hans-Böckler-Stiftung am 5. Juni 2015 hochgeladen

Was ist und warum gibt es Arbeitslosigkeit? 11.48 min, von Plurale Oekonomik am 17. Sept 2014 hochgeladen – mit Heiner Flassbeck /Weblinks in wikipedia.

Comments are closed.