Mainstream economics is adamant against looking at debt as something that can grow exclusive from a society’s ability to carry it. There have been few who have bothered to even conduct an investigation. Usually one has to look at socialists or lunatic fringe rightists to get any kind of questioning. Even then, the rightists tend…
As published in Critique, based on a presentation given at the China Academy of Sciences, School of Marxist Studies in Beijing in November 2009, and at the Left Forum in New York City, March 20, 2010. Classical economists developed the labor theory of value to isolate economic rent, which they defined as the excess of…
Ed. Note: Normally I wouldn’t find it necessary to respond to such an old post, but I felt it was important given the prevalence of the opinion that Harrison is giving. Many liberals feel Marx has some relevance to their criticisms of capitalism without realizing that they in fact do not. In a post made…
We can all see that money has power in society, but where exactly does it come from? More specifically, how do we Marxists see where the power of money comes from? There are many differing opinions on this, the most famous one being the religious idea that money is the root of all evil. But…
Section 1: Introduction Section 2: Milton Friedman’s View of the Cause of Inflation Section 3: John Harvey’s Response to Friedman and the Creation of Money Section 4: Additional Examples of Inflation Not Caused by Money Creation Section 5: My Response to Harvey’s Assumptions of Fractional Reserve Banking Section 6: A Bit of Marxist Perspective on…
Originally From: http://economicsofimperialism.blogspot.ca/2011/08/foxconn-organic-composition-of-capital.html “Foxconn, the world’s largest contract electronics manufacturer by revenue, plans to increase the use of robots in its factories 100-fold to 1m within three years, according to Terry Gou, chairman and chief executive.” (Financial Times, 1 August 2011) Taiwanese company Foxconn has already made an appearance on this blog. Last time it…
The other day I was looking through my book shelf and happened to find the first book I ever read on economics: Economics For Dummies. I felt nostalgic for a time before I had a YouTube account and was the target of every right wing nut job on it. I had a flip through for…
A response to a reactionary video by anarcho-capitalist Jacob Spinney, by Klaas Velija (a good friend and a great teacher of Marxism) http://crushcapital.wordpress.com/2012/10/28/critique-of-jacob-spinneys-video-on-exploitation/ “So what exactly do people mean when they say that workers are being exploited?” Exploitation is defined as “making use of some vulnerability in another person in order to use them to…
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