Archive for September 27, 2009

UCSC Occupation Dance Dance Revolution

September 27, 2009 3 comments

From here

Be realistic: Demand the impossible!

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Other takes on why capitalism didn’t end in 1929

September 27, 2009 Leave a comment

Since the question of why capitalism didn’t end in 1929 has such obvious relevance to our present circumstances, it is no surprise some of the most important – or the most irritatingly ubiquitous – voices in economics have weighed in with their various theories. All of these theories consist, in one way or another, of a description of how Washington and its many subdivisions fixed the economy, and set it back on the road to ceaseless expansion.

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Why didn’t capitalism collapse in 1929? (Final)

September 27, 2009 Leave a comment

Continued from here

If we try to reconstruct the underlying events leading to the Great depression according to Marx’s theory, we arrive at this narrative:

At the beginning of the Great Depression the owners of businesses would have been  experiencing some definite fall in the profitability of their operations. They would have then began implementing the previously mentioned four options to deal with it: (1) Slowing the rate of new investment in plants and machinery; (2) closing existing plants, etc.; (3) reducing wages of their work force; and (4) aggressively seeking new markets for their products.

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Note from Tom Walker: The jobs are not coming back

September 27, 2009 Leave a comment

Tom Walker gives his short take n the jobs crisis:

… [T]he jobs aren’t coming back. At least they’re not coming back in the form they were previously. The raison d’etre of capital is to lower labor costs by using improved technology and embedded labor (capital) to reduce the current and total expenditure of labor time. It is, of course, possible to create “positions” and call them jobs. It is possible to divide up any given amount of work (whether or not that amount is “fixed”) into fewer or more jobs. And it is possible to generate an endless array of “new wants”.

One consideration must be borne in mind, however. Each of the three possibilities mentioned above is predicated on EITHER a huge shift of claims on future income streams away from returns to capital or a huge enlargement and perpetuation of debt that must, in principle (as well as in “principal”!), ultimately be unredeemable. Of course if the debt becomes explicitly “never-to-be-repaid”, what’s the advantage (in terms of jobs created) in maintaining the fiction of debt? More loan officers and tax collectors, I suppose. Overgrowth of the soulless bureaucracy.

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