New Dialectics and Political Economy (Political Science & by Robert Albritton

By Robert Albritton

Show description

Read Online or Download New Dialectics and Political Economy (Political Science & International Relations) PDF

Best scientific-popular books

Living and Studying Abroad: Research and Practice

Michael Byram is Professor of schooling at Durham college the place he has taught trainee lecturers, and researched language instructing and the adventure of residing in a foreign country on language scholars in greater schooling. he's additionally Adviser to the Council of Europe Language coverage department. Anwei Feng lectures and supervises schooling doctoral scholars at Durham collage.

Extra resources for New Dialectics and Political Economy (Political Science & International Relations)

Sample text

The mere purchase and sale of paper or electronic tokens of value seems to generate value augmentation, M-M′ without the mediations of commodities, labour-power, or elements of the natural world. Capital seems to have achieved a purely virtual form; and this produces the speculative manias that accompany all credit-driven booms. 34 Financial speculation in fictitious capitals produces a capitalist dream-world in which capital infinitely produces itself out of itself. This is the substructure of the ‘irrational exuberance’ that characterizes speculative manias.

How exactly does money, an inert thing, beget money? Marx begins his answer by noting explicitly what had previously been merely implicit: in a society of generalized commodity exchange, labour power is itself a commodity. Marx assumes that wages are sufficient to purchase the commodities required for the reproduction of wage labourers. Once labour-power has been purchased, however, wage labourers are forced to produce an amount of economic value exceeding what they receive back in the form of wages.

The mere purchase and sale of paper or electronic tokens of value seems to generate value augmentation, M-M′ without the mediations of commodities, labour-power, or elements of the natural world. Capital seems to have achieved a purely virtual form; and this produces the speculative manias that accompany all credit-driven booms. 34 Financial speculation in fictitious capitals produces a capitalist dream-world in which capital infinitely produces itself out of itself. This is the substructure of the ‘irrational exuberance’ that characterizes speculative manias.

Download PDF sample

Rated 4.19 of 5 – based on 33 votes