RE: [OPE] Video Lecture by Richard D. Wolff: When capitalism hits thefan

From: Paul Cockshott <>
Date: Fri Oct 17 2008 - 07:39:41 EDT

Lending is as old as prostitution! The current problem rests in the complexities of these mechanisms to let the lenders properly asses the feasibility of returning loans. These complexities aimed by lenders speculation totally overcome the capacity of the system to calculate future prices!!!

There is more to it than that. If there is a structural imbalance between saving and lending, which is generated both by the general
income structure of capitalism and by the falling rate of profit, that is something new. It also means that the lack of transparency
associated with recent debt instruments is also just an epiphenomenon. The level of borrowing is set by the level of saving
in China, Japan, Europe and the Oil states. This necessarily induces the equivalent borrowing.

But since in these circumstances debt grows faster than income, a collapse must occur in due course.
And the philosopher's stone! The solution: let the workers lead their own companies. What will happen when firms' workers start to go bankrupt? Wolf seems to be a sort of cooperative market socialist but it is irresponsible to present this alternative without pointing out the complexities of successfully managing a firm facing fellow workers competition.

Worker run companies is at best a transitional measure, like land distribution in 1917. If that is not realised, then raising it indicates naivety, if it is realised, then raising it represents realistic Leninist political calculation.

De: Dave Zachariah <>
Para: Outline on Political Economy mailing list <>
Enviado: jueves, 16 de octubre, 2008 23:33:40
Asunto: [OPE] Video Lecture by Richard D. Wolff: When capitalism hits the fan

Here is an excellent popularization by Richard D. Wolff on the general
capitalist crisis and a socialist alternative:

//Dave Z
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Received on Fri Oct 17 07:48:23 2008

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