The enigma of capital pdf
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What, if any, switching crisis does this presage?
The crisis, after all, is that of a capitalist system, and no account of it, however searching, can be truly systematic if it neglects to consider property relations: that is, the preponderant ownership of capital by one class, and of little or nothing but its.Credit can co-ordinate the flow of economic value, but cant create it ex nihilo: There is no substitute for the actual transformation of nature through the concrete production of use values.In the LRB of, Joseph Stiglitz observed that the savings glut could equally well be described as an investment dearth, reflecting a scarcity of attractive investment opportunities.So what then are the limits to capital?But it is the broader and more systematic Marxist perspective that ultimately and properly contains Keynesianism within it, and a crude Marxist catechism may be in order.
On the score of comprehensiveness there can be little doubt that Harveys work and that of other Marxists goes beyond the alternatives.In the same way, Rosa Luxemburg, Marxs first great legatee in the theory of crisis, insisted in the Accumulation of Capital (1913) that imperial expansion across space must accompany capital accumulation over time.So, as The Limits to Capital implies without quite stating, the special allure and danger of an elaborate credit system lie in its relationship to class society.What happens if and when this property bubble bursts is a matter for serious concern.Persistent wage repression therefore poses the problem of lack of demand for the expanding output of capitalist corporations.Using his unrivalled knowledge of the subject, Harvey lays bare the follies of the international financial system, looking closely at the nature of capitalism, how it works and why sometimes it doesn't.Ground rent, in other words, is a form of fictitious capital, or value created in anticipation of future commodity production: Like all such forms of fictitious capital, what is traded is a claim on future revenues, which means a claim on future profits from the.
If there exists a theoretical possibility of attaining an ideal proportion, from the standpoint of balanced growth, between the amount of total social income to be reinvested in production and the amount to be spent on consumption, and if at the same time the credit.
A portion of the overaccumulated capital will then be devalued, until what survives can seek a satisfactory profitability again.