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View Diary: Anti-Capitalist Meetup: Austerity, Triple Dip Recessions and Economic Crisis (79 comments)

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  •  I have to be honest, I don't know (8+ / 0-)

    which irritates me more, the "job creator" myth or the "wealth creator" lie ... the inversion of reality simply infuriates me; there is a similarity to Walras's treatment of land, labour and capital as land capital, labour capital and capital proper, where everything becomes capital as opposed to recognising that without labour there is no deliberate production, creation of surplus value (as in Smith, Ricardo and Marx) and creation of wealth. For an economist trained in classical theory, it is simply absurd. But most people do not remember that stuff and they have no idea about reality and the inter-relation between production, consumption and distribution in the capitalist economic system. I couldn't believe my ears when this dribbled out of David Cameron's mouth ... not only does he lie, he pushes dribble as well as hate.

    "Hegel noticed somewhere that all great world history facts and people so to speak twice occur. He forgot to add: the one time as tragedy, the other time as farce" Karl Marx, The Eighteenth Brumaire of Louis Bonaparte .

    by NY brit expat on Sun Jan 20, 2013 at 11:38:03 AM PST

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    •  Good point, but even Smith, Ricardo and Marx in (4+ / 0-)

      most cases were writing from within the confines of the capitalist system -- when they talk about production, they still talk about it in a market system dmoinated by exchange.

      •  in all cases (3+ / 0-)

        except where Smith, Ricardo and Marx were discussing the "early and rude state" or the "state of Nature" or simple comodity production, they were discussing the capitalist economic system. In the cases of the former, while they recognised the problems in the system (low incomes and demand in Smith; the impact of the introduction of machinery on wages and employment in Ricardo), they still maintained that the system in spite of crises would provide for all until it finally crashed. Marx in Capitaldescribed the laws of motion that led to constant economic crises and the long-run tendency towards a falling rate of profit (again, only a tendency). So while in the advanced capitalist world the rate of profits in manufacturing and industry is low, the cheaper raw materials, the low wages and the high rate of exploitation enables higher profitability in those sectors. That is why they moved to the capitalist periphery and the emergent economies.

        The destruction of incomes of the majority in the advanced capitalist world in a period of low growth is part of an attempt to keep up profitability while waiting for China, India and Brazil to take off. Meanwhile, wages (and the social welfare states) there are still low or only developing and in the advanced capitalist world they are destroying everything that people fought so long for and the majority while not necessarily buying into the argument are resigned and see no way out; the lie that bourgeois democracy provides representation for all in system are being rapidly disproved.

        "Hegel noticed somewhere that all great world history facts and people so to speak twice occur. He forgot to add: the one time as tragedy, the other time as farce" Karl Marx, The Eighteenth Brumaire of Louis Bonaparte .

        by NY brit expat on Sun Jan 20, 2013 at 01:01:20 PM PST

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