Economics 101 - Capitalism

and is going to introduce the discussion this morning by giving us an overview of Marxist economics in relation to the couple ISM here this crisis that we're facing to almost with some materials that we can tackle some workshop this afternoon that are dealing with the so called alternatives that are being presented to us in welcome you here this morning as well I have to say it is extremely important so first all the memberships makes a point of getting up to speed on economics on philosophy and on all the basic aspects of Marxism when things hot up and they are hotting up pretty fast at the moment it's not beyond the possibilities that the entire Central Committee of the party will find itself in jail if not worse the party has to continue and it continues those basis sets the leadership goes but other leaders emerge but to be fit and capable of offering leadership to the working class you have to have something to offer you have to understand that sons of marxism you have to be able to just go out there happens work out problems for yourself on the hoof in very very difficult circumstances so the more that you can learn about Marxism as fast as you possibly can absolutely the better but in the meantime you know we're all busy trying to prepare the proletariat for revolution the revolution will only happen to the extent that working-class people are prepared to follow the party and the ladies follow the party's if a lot of work has been done to give them enough knowledge and understanding them to realize that they are suffering a correct leadership if we haven't done that work that which is a long patient heartbreaking work it takes a lot of time and a lot of repetition and a lot of personal experience before people will switch their prejudices in favour of silence and so all of us need to be very very well versed in Marxist theory in order to go and to be able to take it to the working class because it's the working class that picks it up and runs with it so these schools are very very important now I've got a logistical problem in the sense that there are some of you who for whom everything is new that I'm going to explain today and for some of you it's all time you already know it so I've sort of tried to pitch the presentation somewhere in the middle this is why I've said that if you come to a point where you feel that you're completely lost you're not going to be able to follow without getting clarification educates to stop us and ask okay so let me get started a little bit with me very basic stuff so why economics economics really is at the heart of everything that human society is about Marxism homes drives development in human society is the underlying changes in the way that humanity produces what it needs and as production methods become more sophisticated the old methods of organizing people from that production become inadequate and reorganization becomes necessary giving rise to revolution in society and I'd like to commend to you angles book socialism scientific and utopian or utopian scientific which is part of ante during and you see the language that angles use us to make this point it's a little bit difficult for modern readers because it's you know praised in common in in angles of steps so it's really very very rewarding to to get into reading it because it's really beautifully expressed on this particular point he senses the materialist conception of history that the production of the means to support human life and next the production the exchange of things produced is the basis of all social structure that in every society that's appeared in history the manner in which wealth is distributed and society divided into classes or orders is dependent upon what is produced how its produced and how the products are exchanged from this point of view the final causes of all social changes and political revolutions are to be sought not in men's branch lot of men's better instructors eternal truth and justice but in changes of the modes of production and exchange there's a restore not in the philosophy but in the economics of each particular epoch the great perception that existing social institutions are unreasonable and unjust that reasons become unreason and right wrong that in the modes of production and exchange changes have silently taken place with which the social River adopted earlier economic conditions is no longer in keeping from this it also follows that the means of getting rid of the imperatives that have been brought to light must also be present in a more or less developed condition within the changed modes of production themselves these means ought to be invented by deduction through fundamental principles but to be discovered in the stubborn facts of the existing system of production but we do encourage our members not to be put off hiring strange words but to just part of their vocabulary lips it makes life so much if we summarize some of the points here human development is linked to improvements in the means of production oh you get people coming along and say to you Oh Marxism that's economic determinism as if we are totally ruling out any kind of contribution from people's thought but in a sense while there's a dialectical relationship the economics gives rise to thought that and through it gives rise to action people are actually able to take control of the situation because they can think about it but if they do nothing but if people were persuaded by reactionary classes to just sit back and let things take their course this would be totally disastrous so I don't think we can really be called economic determinants but they do call us economic determinants but we do say that that fundamentally whatever we might think we are ruled by the way in which we produce things in the way we organize society in order to produce things if the organization of society doesn't fit the mode of production that we have a particular moment of time there's going to be dead wrong we must get our thinking hats on and we must take action to change things to bring what we call the relations of production in line with the human not just ecology was enough for a person to produce a surplus so from what was necessary to keep him alive this is way back this laid the basis for this society to the division of society into classes with the exploitin classes living off what was produced by the exploited plus so in the old primitive society where no surplus was produced you hope to be able to find a tree in which apples were growing in order to stay alive in those days there was no point in any one being a slave the slave would die if he didn't eat as much as he produce so it was no good so in those days you know in wars over territory because England's short things to eat and you other you killed your enemies you wanted and then maybe you at the end music yourselves with protein you know that made sense in that particular society but once technology develops so that each human being can produce more than they need themselves well you know why kill the person you become good it's far better to put me to work and then live off their labor so this is what happened this is how a slavery developed but in its time but that was the one of the big major changes in human society when society divided into classes you have one lizard class and living off the work that other people do and you might think well that's Antares you know go back to primitive Society but it wasn't so terrible because among the letters to study so corresponding to the medium and you know he was motivated incidence to learn about agricultural technique to learn about ways to improve production to improve its yield and all that kind of thing so it was a system of production which was much more suited that just more advanced production methods than had been the case under slavery but even that became backward and useless as compared to capitalism that were under capitalism the workers are motivated partly by the fact that if they don't work for capitalists they are deprived of any means of subsistence at all but secondly because they appeared apparently to be working for themselves in equal time the harder they work the more they earn and that is a great motivator and therefore that they can be asked to do extremely sophisticated things and they do do sophisticated things to such an extent that they really run the whole of society and there's no need for capitalists at all no everything the slave produces belongs to the master who gives some men to the slave to keep him alive the funeral serf produces part-time vislaud and part-time himself so the wage slave is seemingly paid wages for all the time he works but his wages actually on average only cover his own and his families perhaps subsistence and he he actually produces far more than he gets in wages and this surplus belongs to the capitalist he's free but birthda means a production so he has to sell his labour party someone who owns means of production if he wants to survive ah no some laws of capitalist production no it's a system which is governed by laws now these are not laws that have been written down in some butcher they're not like statutes and all the rest of it that their laws of nature there are laws that are imminent in the system itself they were basically discovered by various economists but in particular important discoveries made by Marx these rules that are inherent in the way this whole thing works and which aren't apparent at first sight it's not obvious and the genius of Marx and Engels Lenin subsequently is that they were able by studying things very carefully analysing them very carefully realized they were able to realize what was the underlying principles which actually explain how this whole thing works and we're lucky really that they were able to explain that because it would be very very hard for us to work it out for ourselves see yeah I think if we are here to just write some law in the sense of has a necessary stable and retirement relationship between objects or phenomena so it's something that defines the way in which things and purposes work together natural um so it's fairly obvious that capitalist production is for the market so people are producing as they do under slavery or under feudalism many third home consumption they under those societies then any surpluses were actually marketed but in the capitalism almost everything is marketed the capitalism happens production is for the market and goods which are produced not for consult for the consumption of the producer but for the market are called commodities okay in the market commodities are exchanged for each other through the medium of money the money was once itself a commodity ie fiber several gold well it can be other things but these were the most convenient instead the money commodity bits what we call in a universal equivalent because everybody's happy to exchange their various different types of commodity books and bananas and tables can all be exchanged for gold or silver whereas you know if you've got a book and you need a banana it doesn't follow that the banana producer particularly what's your book but he's happy to have your gold and he'll then girlfriend buy whatever he wants with it the precious metals well the reason that the precious metals became the universal equivalent because of their characteristics they incorporate high value in relatively little weight in volume they don't perish and they don't corrode they're infinitely divisible so that you couldn't exchange them for cheap things as well as expensive things and you know for all those reasons gold and silver were perfect now the proportion in which commodities exchange for each other depends on how much labor has gone into producing them this is the labor theory of value which you'll find that poor white communists through a sneer accent but nevertheless it's very difficult to get away from it it does actually rule and to the extent that you ignore it then it'll come and hit you on the head and it said nineteen for an ounce of gold it's more valuable than an answer to silver simply because it takes more labour to extract an ounce of gold than it does to extract an ounce of silver the amount of labour that's gone into producing a given commodity determines its value and on average all commodities sell or exchange at their value but the price as a person of value can be different and the price of any commodity will fluctuate above the value or below its value according to the balance of supply and demand so you know to labor the point so to speak if commodities of a certain type own short supply so this high demand the price goes up and this means that the capitalists making these commodities are making high profit serving capitalists is watching and this attracts all the capitalists that produce these commodities too before long the market spluttered and the supply exceeds at the mind and said the price drops below value and so it goes up and down up and down what we've done but it's all gyrating around value which is governing this whole thing now when the price drops below values as various capitalists say what we're not making any profit here we'll stop producing these unprofitable commodities and supply falls below demand price goes up again and the cycle repeats itself and infinitum a specific feature of capitalism is that labor park under that system is itself a commodity it's something that's forward result so this is one commodity that we all have we can go and sell our time to an explosion but and the exploiter might well be interested in buying it because our type has the unique characteristic of being able to lose value there's no other source of value other than labour and the value of labour-power is the same as the value of any other commodity it is the cost of producing it ie the means of subsistence that are as I need so my wages basically covers what I need in order to sister moving sort of normal conditions of bangle for the Fronteras and their countries to each other lot of catalyst is always trying to pay less than than that and we're always trying to get more than that but nevertheless in the end the value is so as we know that capital wouldn't work otherwise if the value is produced by the utilization of labour-power are much greater than the value of the means of subsistence needed by the worker and the family I mean in the bad old days maybe that when you went out to work in Victorian times feeling for your capitalist he probably took about half of what you actually made and you've got half but nowadays it would be a much much longer than that so like other commodities the price paid for Labor's only on average equivalent to its value if demand for labour Paris low then wages for below the value of the means of subsistence needed for the worker and his family but which what the workers have to fight back or sink into misery now on this first point it looks as if I'm repeating at the point I've made before but I want to emphasize the prevalent methods of production in society so the value of a commodity depends on the amount of labour it takes to produce it in accordance with the normal methods of production now if I make a table and I make a really nice table it'll probably take me weeks but that doesn't mean I can sell the table or the table as I make will have a value hugely in excess of the table produced in ten minutes on the machine yeah the value is going to you fix that what it normally takes to produce a table the amount of labour normally necessary to clean the table not the amount of labour as it takes a hugely incompetent person to don't make a table and if it's normal for machines to be used to produce the table then that is what's going to determine the value not what's normal you know some need to bash it on by hand so this being the case if you can actually produce more efficiently than what is normal if you can bring in the new machine that produces the commodity in question in half the time well then you're actually producing values greater than the time you spent producing the table and you can actually go to the market and generally sell it at a much higher price because its value is much greater than the labor that's actually incorporated them so you make a much larger profit then you can even sell out less than the other charging and still make a profit this is absolutely fantastic why don't we all do it but the problem is that the your competitors will find that they can't sell their tables are obliged to acquire the new machinery – how do I say guys in business so it's no long it's not long before the prevalent method of production presupposes the new machine and the value of the commodity in question from drops to half of what it was before so now the capitalist and the situation of having to sell twice as many commodities as before to make the same amount of profit plus they have to spend more on machinery than dinner previously so the rate of profit depends at the cost of setting up the production process is lower than before so they've got to have more machinery per worker than they had before that capital investment has to be greater than it was before and since they're only the workers produce value and therefore and the only source of profit relatively they're rated by the profit must pause so this drives the capitalist to look for human betterment to produce even more cheaply so that they can make more profits to bring their rate of profit up was before which in turn repeats the process okay so in order to keep ahead of the game the capitalists expand their capital from the profits they make they keep back some of that profits every year to buy bigger better and more productive machines and to buy larger quantities of raw materials to feed into them so as to be able to produce it what we call a reduced unit cost that means in particular commodity in this specific table or whatever is cost less and then they can win the battle of competition and the capitalists and fails to expand enough inevitably becomes uncompetitive and is forced out of business the capital remain in business are fewer in number than before but own and control more capital never often buying up any useful assets that their fair competitors may have and taking over their customers and I might add to that that you'll find that the banks start muscling in on the whole thing because they have got money that people have deposited at their disposal that they can offer the capitalists to help with expansion and so you begin to get one of the characteristic features of imperialism of the bank capital merging with and the industrial capital and in fact taking it over so that you'll find that most of the big firms that you associate nowadays with production are actually controlled by financial institutions of one sort or another and when this process occurs the cap is becoming richer and fewer it's called the concentration and centralization of capital it ends up creating monopolies and bringing capitalism to its imperialist stage where obviously we are now who where when Lenin was writing in 1900 that the imperialist state most of the important productive sectors have been monopolized and are under the control of only a very small number of mighty kings of Finance so this is Lenin writing in 1912 in Pravda and he says you know capitalist countries mr sztyc describing what's happening around him the number of small establishments is decreasing the petty bourgeoisie the small proprietors are ruined and go under they join the rights of office employees and sometimes in the pro terrace the number of very large undertakings is great fast their share in production as a whole is increasing still more from 1901 to 1910 the number of large factories employing over a thousand workers each increased almost 50% from the – for 243 to 324 in nineteen 191 they've had about half a million workers or less than the surface the total number whereas in 1910 the figure exceeded 700,000 which is more than 1/3 Matthewson motor oil this is Russian isn't so the bigger factories choked the small ones and concentrated production of more and concentrate production before ever greater numbers of workers are brought together in a few undertakings but the whole profit from the labor of the combined millions workers goes to a handful of millionaires so I've just added a comment later on that whether I shall give me the figures as to where we are now and you'll see that this is nothing but again the genius of Lenin that he was able to see where all this was was leaving which easily have been apparent now in order to maintain an acceptable rate of profit besides purchasing machinery by capitalists of course also reserve resorts and rationalizing production to get more work out of work workers and to reducing wages imperious monopolies the so powerful they can influence and do images I go as fast as say dictate government policies to help them maintain relatively high level of profits by recent slurring taxation generally an expense of social provision to the working class and they also use them an opposition to boost their profits at the expense of smaller capitalists especially those from oppressed countries many captives not for profit for our relation outside production especially in speculation which produces a fabulous profits in the short term but in the short term but Tim's point is productivity increases the value of the means of subsistence needed by workers gets less and less so you know your worker may have 45 inch screen television in his house which would have been unthinkable a few years ago but it doesn't mean that he isn't nevertheless relatively impoverished compared to his equivalent say 50 years ago but he may have a lot of what appeared to be luxury items but in terms of the value of these items it may well be very much less than people living more so more of a fewer and fewer workers are employed relative surplus deployed as capital the new machines enable the same quantity of commodities to privy to produced with relatively few workers all this means that the ability of the masses of people to buy there is vastly increased massive commodities that the capitalists are producing it doesn't keep up with expanding production as a result not all the capitalists are producing can be solved so the least efficient producers find that they can't sell they got a business they lay off their workers the unemployed increased the supply of available labor path in relation to the demand Florin and this depressants wages and as wages for demands of capitalist commodities forms the price of these commodities falls below their value and more and more capitalist enterprises fare more more workers and made redundant so these are the crisis of overproduction which beset the capitalist system and for which there's absolutely no cure within capitalism eventually production force to such a boat point that demand once more hot strip supply and the whole presence process goes into reverse building to a boom which have gained a few years later degenerates into another crisis will see that under imperialism even this process is distorted so that the crises are very very much more serious and are unlikely to end other than after some devastating war that has destroyed everything a miner's son asked his mother why didn't like fire zip code now answer because we've no cold your father's out of work we have no money to buy coal but what's the odds of work mother because it's too much cold and that is the quote logic and presence of the calculus system the present banking crisis in the credit crunch which had the effect of closing down lots of businesses in the real economy causing hundreds of thousands of job losses is a crisis of overproduction this crisis was delayed by some years by massive extension of credit including lending to impoverished workers money to buy the products of catalyst production but this solution to capitalist crisis was brought to an abrupt halt when it became apparent that huge numbers of these deaths would never been paid and embarrassing fearless governments tried to escape crisis by spending the vast amounts to prevent banks from failing and to pump money into the economy by way of stimulus more people spend these own things go back to normal but the effect of government spending however has been to impoverish those governments and even to threaten their solvency so fearful that they're not going to be able to roll over these deaths at an important rate of interest you know because when they had debts they've got to pay interest and they can only get the interest from taxation if the economy is stagnant it's very difficult to raise the money so today they are all cutting back drastically on their spending and this is also obviously exacerbating the crisis so the fundamental cause of this economic turbulence is the fact that there's a contradiction between social production in our society that matters and millions of workers are all brought in and organized by these massive monopolies to produce socially and the private appropriation of all this product by a few billionaires who use subject the whole of the economic production of human necessities to the criterion of whether they can make a profit or not the private owners of the wealth produced by society are only motivated by profit they're indifferent to the need of the producers of people who work if there's no profit to be made then huge quantities of commodities produced can't be distributed because these producers can't afford to buy them at a price which would produce a capitalist profit and as a result the capitalists made what would stop producing and may even cut his losses by not distributing unsaleable commodities at all there's massive destruction stuff that people need simply because people can't afford to buy now this obviously couldn't happen if the means of production were owned collectively by the producers all the products would then be distributed because profit would cease to be of any particular concern if you have stuff when you have people who need it you would simply directly distribute it and that would be the end of it and these crises as a result could never occur but as other said we're now living in the era of imperialism which has significantly distorted the way that capitalism works the laws are still there and the laws will still dictate what will happen but the crises that arise as a result are actually more severe and dreadful than would have been the case before the deep here this era but capitalism has reached its Infernus stages stage at which its rapidly decay imperialism is monopoly capitalism and that is capitalism which passed beyond the stage of a pre competition into an era where monopolies predominate now the word monopoly is a little bit difficult in English because monopoly literally speaking is suggest that one organization has the control of everything but that this is nowhere the case but what you do have is extremely large organizations controlling almost everything usually with two three four competitors in a particular field and we call them monopolies but you can call multinationals or whatever if you prefer so this monopoly stage occurs because of the process of concentration and centralization capital that we saw earlier which is inherent in the capitalist system so I've taken this quotation part of her pulse book on imperialism this is interesting book by the way which actually is based on Lenin's empiricism highest stage of capitalism and which updates the material in by showing that Lenin's thesis was 100% accurate but putting in the names of the modern companies and the modern figures to prove that the the theories are correct so by 1997 a tiny handful of 15 multinationals 15 multinationals control the market in 20 key commodities they control 90% of the world's meat trade 17% of the rice trade 80% of the tea and coffee trade of the world 90% of the timber the cotton and tobacco trade 80% of cotton 60% of oil 90 percent of iron ore and 92 percent two of the trading panels 15:15 enterprises can can you imagine the power controlling although the top five companies typically account for between 35 and 70% of total sales across a range of products five comments here's the percentage of wealth sales by sector of the top top five multinationals 1992 consumer durables 70% cars and trucks 58% airlines 58% aerospace 55% electronic components 53% oil personal computer and media 50% steel 50% so this is taken from page 8 well you can imagine you know the chief executive of these five companies can phone up any government Prime Minister I'm st. John I mean question will be how high follows so so palpable in the NACA has become that national governments are reduced to doing their bidding under capitalism the material well-being of a nation is intimately tied up with the success of its monopolist by capitalism heaps insecurity misery and war on working to us that's able to consult them that they're but really even worse if their masters were poor rather than rich and impute imposing a duty on the poor to make sacrifices to ensure that their masters remain rich and I should add that in imperialist countries where a part of the super profits extracted from the oppressed countries it's used to provide a cozy life for sections of the resident plus actually giving them a standard of living it to a petty boudoir person you know there are plenty of laborers stop aristocratic people who live with at least the quality of life of the schoolteacher say and those people can be persuaded to be extremely loyal to capitalism which is doing under which they're doing all right jack and those people impregnate ideologically the working-class movement and in the union movement and can make it very very difficult you know they never came together with the system part of which they're doing so well and they're always hold out hope that really by either by personally striving harder or by their own charitable acts where they distribute a few promises but as a Super's be reminding us left imperialism does have five well-known characteristics and because I've got it here on the other hand you know I knew it before when we looked at monopolization and I've mentioned the merging of Bank and industrial capital the banks financial institutions become the all-powerful kings of finance but another characteristic of imperialism is that surplus capital capital that you can Tablas public money from a home gets exported abroad where you can find some nice cheap workers to exploit and also team up dude I know competitors because we cut your costs of production by or to produce them that or you can sweep the markets so there's a huge export control and this needs to the world being divided among the International monopolies and there comes a point where the whole world has been divided up partitioned most of it is oppressed under the control of the of the appear in this part it's defined up in by the great powers in accordance with the relative strengths that means it's a great process at the time of the division but because of uneven development of this this relative strength changes and in demands real division like Germany coming up they decide when economically efficient than the older capitalist powers and say well where's our place in the Sun we want our share of these markets so unfairly hanging ones and then we're using your young monopoly power you know you've got to let us in and this contradiction is resolved by water in which millions and millions of working-class people yes it would be a minute but to the extent that the companies are ethical there comes a point where it becomes too expensive and they lose out to their competitors and they go under I've been trying there have been some very very decent calculus to really put built beautiful homes through all their employees made sure that they have the best of everything and then certain market conditions that works very well but then comes times if they stick to that they're just going to business so this is a quote from lens and pluralism highest stage of capitalism explaining the export of capital because people think we're elements have come along and said well you know we could easily solve this crisis and civic sporting capitalism we could distribute it among workers at home they'd be able to buy things and with all the new happiness but Lenin says well as long as capitalism remains what it is surplus capital will be utilized not for the purpose of raising the standard of living of the masses in a given country because this would mean a decline in profits for the captives but it will be used for the purpose of increasing profits by exporting capital abroad to backward countries in these backward countries property usually high for capitalists scarce the price of land is relatively low wages are low raw materials are cheap the export of captives made possible by a number of but countries having already been drawn into the world capitalist intercourse main railway survived them being or are being built in these countries and the mentioned conditions of industrial development has been created etc the need to export capital arises from the fact that in a few countries capitalism's become overripe and owing to the packet state of agriculture in the poverty of the masses capital can't find the film for profitable investment which drives our companies to imperiously but you know this export of capital in pursuit of greater product but can make the exporting countries parasitic exploiters of the countries to which capital is exported but depending on the terms on which it is exported and the us present time is a net important capital but still earns more from its exports export of capital then it has to pay out an interest or dividends in its imported capital and in the case of in the u.s. its capital imports are boosters parasitism it doesn't help it become strong another in any other way and to a considerable extent US imports of consumption or reproduction and to financing armaments and war with which they maintain their parasitic domination however when imperialistic sport capital to develop production in other countries which they do for purpose of getting more profits they also create highly efficient competitors for their home producers many industries including a good deal of industrial scale agricultural production have been wiped out in North America and the EU as a result of competition from countries where North America and the European imperialist exported capital in Japan China India Brazil South Korea for example and I think pork intended something like that lost his job in a car factory yes so in a sense it's a bit like the you the European traders in North America who sold guns to the Indians which were then used to fight the people trying to eventually succeeded in taking away their land but they actually are causing problems of themselves but still they do they have to do it they can't avoid doing so well decay in fairness countries come to a considerable extent use military power and influence to retard the impact on its home economies of this competition this can't be how and as the crisis develops the less efficient old enterprises based in the parasitic Imperius countries are disproportionately affected for instance the traditional American currencies have been decimated to a far greater extent than their Far Eastern competitors and the balance of power begins to shift as the economies of the imperialist countries decay while those of the later arrivals egv BRICS countries managed to thrive relatively well despite the crisis although even they do experience problems with these old paths unwilling to give up the world domination they had when they were economically stronger it's probable that sooner or later they will resort to war to try to keep their i horse done the u.s. is currently trying to limit China's access to a central raw materials and is militarily encircling China in the expectation of war as China's super efficiency and production is gradually reduced pushing Western imperialism as with sources of super profit in Africa Asia and Latin America in the past world wars we've thought about well I guess but except for the Soviet Union they do many rival contending groups of interior's for your second edition China the main investor this is not entirely captive production system history produces all kinds of weird combinations of things and we have to just take those in our stride but obviously China will be particularly later because of its social space with the crisis of overproduction the possibilities of profitable investment of capital in production diminished exponentially and this drives more more capital into usury which brings down interest rates and into speculation and with so much capital turning to speculation a spectacular Rises at carrying the price of the assets into which the speculators flee in turn attracting yet more speculators and raising prices still fire and that's the price sauce boy me above any in here in the value that the assets in question this creates a bubble which sooner or later is bound to burst and we've seen several bubbles bursting over the last 15 years from Far Eastern assets which burst with the currency crisis of 1997 the US stocks and shares which burst with the dr. calm crisis 92 are ignored it's a real property land which is now burst with a subprime crisis of 2008 and that moment the speculators have had an appetite for commodities minerals such as oil and and food staples which push up prices beyond what the majority people who need these commodities between faith and which has been a major factor in setting off the Arab Spring total prices and minimal crosses the most common explanation you hearing is China's expansion requires more raw materials and fuel to continue expanding that partly contribute so that it's also offset by the fact that America probably needs less because its industry is contracting but I haven't figures of my fingertips but I'm pretty I'm happy to say that we're happy to accept that there's possibly a speculation so when the bubbles burst those holding the assets in question lose their money to those who managed to get out in time and losers include financial institutions who may direct funky prices these speculators in the city they also have money today so they jump into that and accelerate the process of okay so when when the bubbles burst there's holding the assets in questions their money to those who managed to get out of time and the losers include financial institutions who made that directly lose on speculative investments that they've made or indirectly lose through the inability to collect debts owed by the speculators who lost so since banks at the beating heart of the capitalist system and any major failure cannot but cause total chaos destabilizing the whole of the capitalist system then the capitalist states rushing to rescue them by mortgaging national income especially that of the workers for decades into the future which adds a what we might call a further deflationary twists to the progress of the crisis things are so much worse than the crisis would have been before the imperialist era my favorite twist meaning there's less demand as prices are going up with basic as neither mister well yeah so imperialism sharpens and aggravates all the contradictions inherent in capitalism besides spreading contamination to every corners of globe more more the contradictions between a the blue jersey of the proletariat in peerless countries and those that they oppress the various competing imperialist past and the car countries still Milan destructed cabinets contradictions and socialist countries that are defeating all these contradictions become more more acute and lead to war of various kinds at different times in fact the world is constantly at war everywhere so the confusion imperialism is all these conditions are making more and more obvious that capitalism has to go our job is to organize to make sure that that process goes through as efficiently and as quickly as possible not an easy process because of the capitalists very powerful very rich very well organized and they are mobilizing to make sure it doesn't happen at all let alone as quickly and easily so the most acute class struggle is taking place so this is a rotating various partitions from the capital that I've taken from the possible with strict scientific accuracy Marx and Engels were able to show the action of the eminent that's the inherent north of capitalist production led not only to concentration but also a centralization of capital with the expropriation of many capitalists by few resulting in the constantly diminishing number of magnates of capital who user can monopolize all advantages of this process of transformation how long side the centralization grows the massive misery oppression slavery degradation exploitation how with this too grows the revolt of the working class which is this Flint United organized by the very mechanism of the process of capitalist production itself how the monopoly of capital becomes a fetter on the mode of production which is firm up and flourished along with and under it how the centralization of the means of production of the socialization of labour at last reach a point where they becoming incompatible where their captain with their capitalist integument clothing and how finally this capital integument is burst asunder the knell of capitalist properties sounded and expropriated expropriated through the seizure of power by the proletariat

  1. 35:39 disagree, if means of production were owned by workers, the goods would not be distributed equally – those in charge of the communist society would distribute the surplus goods as they see fit. Not hard to imagine communist leaders would favour themselves.

    Tell it like it happens in real life!

  2. I'm trying to learn about capitalism and create a sustainable business model and I find this shit. fuck off commie filth.

  3. I haven't watch it through because of the intermittent noises of the baby. Does it continue throughout? It seems really interesting and hope it isn't completely spoiled…

  4. That baby was extremely annoying. As the Serbians would say, “Remove baby from premises.”

  5. Marx saw the working-class revolution would follow on inevitably from the bourgeois revolution. However, he also warned about the dangers of the growing middle-class.

     "these middle-classes rest with all their weight upon the working-class and at the same time increase the social security and power of the upper-class."

    "The more a ruling-class is able to assimilate the most prominent men of the dominated classes the more stable and dangerous is its rule."

    Which of course happened in the 20th century and continues onto today, as both Labour and Conservative hand out loans for first time buyers, college education, start up businesses etc. All the while slashing subsidies for working-class industry, welfare and social programs. Which I think lies behind the Bailing out of the banking system in both America and the UK, in that the prime motive wasn't bailing out a few dozen banksters, but rather it saved the shirts of Middle-class depositors. The same middle-class depositors who now rest with all their weight upon the working class – i.e. petty bourgeois philistines calling for benefit cuts or Guardian reading hand-wringing Liberals who's discontent never seems to translate into votes for Left of centre parties.   

  6. Lol – apparently the Fascists who were the main force in the Maidan Revolution are now being bumped off one by one by the new pro-Western government. Such asinine fools never seem to learn.the lessons of history –  i.e, never trust the Liberal bourgeois. They are the classic wolf in sheeps clothing.   

  7. 80 percent of the world lives on less than 10 dollars a day. As debt increases globally, more and more people will be exploited.

  8. Talking about this is nice and improves my mood but were all fucked..if there was any chance of a Socialist world the Soviet Union would have had to destroy USA, Uk 50 years . You talk about the worker then go shopping whole foods for dinner. Have you ever actually tried to work for a living making 9$ a hour. It sucks .

Leave a Reply

Your email address will not be published. Required fields are marked *