“Accumulate, accumulate!”

Posted: 29 September 2011 in Uncategorized
Tags: , , , , ,

For all their complaining about onerous taxes and regulatory uncertainty, capitalists are accumulating capital.

And why not? With lots of free money—the unpaid labor of their employees plus virtually free loans from banks—capitalists are choosing to invest in new equipment and software. Their goal, of course, is to capture even more surplus.

The problem is, while they’re fulfilling the mission set for them by mainstream economics—to serve as “a machine for the conversion of this surplus-value into additional capital”—they’re not doing what society expects of them: to hire enough laborers to lower the unemployment rate.

Their legitimacy in the eyes of mainstream economists is thus satisfied. But their legitimacy in the eyes of workers and their families is increasingly being called into question.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s