The Real Movement

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Tag: Henryk Grossman

Post-capitalism, Accelerationism, communism and the march of the job-eating killer robots

Two speculative views of what comes after capitalism for those without enough imagination to picture themselves on a beach having group sex.

The first offer some discussion of the so-called Left accelerationist writers Nick Srnicek and Alex Williams. Left accelerationism is a sort of awkward nerdy, pimple-faced techno-fetishism that seeks to make Nick Land palatable to Sanders supporters.

The second discusses the even less credible argument, put forward by Channel 4 News in-house radical Paul Mason. Mason is … well, the Channel 4 News’ idea of a radical, if a radical worked for Channel 4 News. Of course no radical actually works for Channel 4 News, but if a radical did work for Channel 4 News, they would likely be a radical just like Paul Mason.

The starting point of these conceptions of life after the class-war, is the now ubiquitous prediction that soon capitalism will no longer generate enough new jobs to go around owing to the replacement of human living labor by machines.

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Why Keynes predicted a 15 hour workweek, but Marx did not

One final question raised by John Milios’ paper on crisis theory remains to be addressed.

I have shown that Keynes’ explanation of the Great Depression was identical to that underlying Marx’s prediction that commodity production would collapse, namely the constant reduction of the socially necessary labor time required for production of commodities.

3026617I have also shown that the Great Depression took the form predicted by Marx: a collapse of production on the basis of exchange value. If, as Marx’s theory asserts, exchange value must take the form of commodity money, we should expect the collapse of production on the basis of exchange value to express itself as a crisis of commodity money. The minutes of the Federal Reserve from the outbreak of the Great Depression does indeed indicate that commodity money stopped circulating in the “economy” after 1929.

Keynes failed prediction

Moreover, Keynes initially argued this crisis made necessary both the reduction of hours of labor as well as existing “social customs and economic practices, affecting the distribution of wealth and of economic rewards and penalties”. In other words, Keynes thought the Great Depression established the immanent economic necessity for an end to a society founded on wage slavery. If the critical question debated by the classical Marxists was whether or not Marx had established the immanent economic necessity for socialism, Keynes appears to suggest he did — although he never mentions Marx in his essay.

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Reply to LK: Notes on the historical and monetary implications of the transformation problem

One of the big problems with a discussion of Marx’s formula for transformation of labor values into capitalistic prices of production is that no one, not Marxists nor bourgeois simpleton economists, seem to understand what he was doing. Now, I will admit this argument is pretty arrogant, because it implies that I, somehow, have figured out what everyone else didn’t, but bear with me and decide for yourself. If my argument doesn’t make sense at the end, please correct me.

As I stated in my last post, the transformation problem expresses an irreconcilable contradiction within the capitalist mode of production. Marxists will not be surprised at this assertion; digital_money_764bourgeois economists, on the other hand, deny the existence of this contradiction and have an ahistorical conception of capital. In their view, the bourgeoisie has invented the ideal state of man which, having been invented, can continue indefinitely unless interrupted by an exogenous event. So, when they look at the transformation formula, they see in it a contradiction and assume Marx has failed to make his case.

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Yaffe and Bullock on the ‘Contradictory’ Role of the State

Yaffe and Bullock’s paper sought to explain why 1970s stagflation could only be explained by the conditions of capitalist production:

“The crisis has to be located at the level of capitalist production. To show how the central tendency of the rate of profit to fall can express itself as inflation and eventually stagflation (stagnation and inflation), we need to examine how the capitalist experiences this tendency and attempts to maintain profitability by increasing prices. We then have to consider how these prices set by the individual capitalist can be realised – that is how commodities can be sold – exchanged for money – at these prices.”

2qixqxfHowever, in an attempt to refute the theory that inflation was caused by rising wages, they ignored the implications of their argument for the general state of the capitalist mode of production itself. When Yaffe and Bullock wrote the paper, they wanted to show how inflation was caused by the mode of production and attempts to maintain profitability in the face of chronic overproduction. Unfortunately their aim in the paper never actually directly addressed the implications of stagflation for the mode of production itself.

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There is likely no exit from Quantitative Easing

There is a lot of talk in policy circles and among speculators on Wall Street that the Federal Reserve will begin to ‘taper off’ its wholesale counterfeiting of fiat dollars before the end of the year. Whether or not this happens, I think any attempt to taper off counterfeiting dollars bernankespeech_2325210bwill have to be reversed in short order.

The reason why tapering will likely not happen is not to be explained by any lack of hyperinflationary risks associated with the insane counterfeiting of dollars Bernanke is engaged in — the risk of hyperinflation is actually quite high. But this risk of hyperinflation is dwarfed by the even greater risks associated with not insanely counterfeiting: outright deflation that threatens the very existence of the mode of production itself.

Christina and David Romer have declared that the argument from some policy quarters that Federal Reserve monetary policy doesn’t matter is “the most dangerous idea in Federal Reserve history”.

Let’s see why this might be true.

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