I want to emphasize two points about what the Endnotes collective is trying to accomplish with this essay, before moving on with the rest of this useless economic argument for communization. In this post and the next, I want to set up an argument that will be important for what follows.
That argument can be stated as follows:
The continuous intervention of the bourgeois state in the economy is now essential to the maintenance of the system of wage slavery.
This is what the Endnotes collective is trying to conceal with their blatant bastardization of Marx’s theory. This bastardization is premised on two essential arguments:
First, Benanev and Clegg, writing on behalf of the Endnotes collective, strip Marx’s theory of its fundamental categories, value and surplus value. This reduces Marx’s theory to a description of a technical process of production. In this technical description, worthy of a first year introduction to microeconomics textbook, technical changes in in methods of production lead inevitably to scarcity of wage employment. As Keynes puts it, technological development leads to technological unemployment; the means of economizing on the employment of wage labor in production outruns the pace at which capital can find new uses for wage labor.
Second, having throttled Marx’s theory with this purely technical description of the capitalist process of accumulation, Benanev and Clegg offer historical evidence that Marx has been refuted. Wage employment did not become scarce, say these two academics. Marx’s theory was an incomplete description of process of capitalist accumulation:
What Marx did not foresee, and what actually occurred in the 1890s, was the emergence of new industries that were simultaneously labour and capital absorbent, and which were able to put off the decline for more than half a century. The growth of these new industries, principally cars and consumer durables, depended on two 20th century developments: the increasing role of the state in economic management, and the transformation of consumer services into consumer goods.
In this post, I want to address these two allegations level by the Endnotes collective against Marx’s theory in reverse order. In the next post, I will provide supporting empirical data for my argument.
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