Marx argued, because capitalism is the apotheosis of class society, it must be the last class society: it must, therefore, be destroyed. And only the working class, said Marx, is capable of doing that.
...the great social revolution of that momentous period following the Civil War was surely the “reconstruction” of social relations in the former slave states. In his groundbreaking study (1935), W.E.B. DuBois reveals that this social revolution was both initiated by slaves in the midst of the war and carried through by the emancipated Black population during and after the period when federal troops occupied the former Confederate states.
Capital remains the fundamental text for understanding how capitalism works. By unraveling the commoditized forms of our interactions with nature and each other, it provides tools to understand capitalism’s astounding innovativeness and productivity, intertwined with growing inequality and misery, alienation, stunting of human potential, and ecological destruction all over the globe.
By unraveling the commoditized forms of our interactions with nature and each other, it provides tools to understand capitalism’s astounding innovativeness and productivity, intertwined with growing inequality and misery, alienation, stunting of human potential, and ecological destruction all over the globe. In this way, Capital offers the reader a methodology for doing our own analysis of current developments.
This reading group will undertake a close reading (over 10 weeks) of Costas Lapavitsas and Makoto Itoh’s book Political Economy of Money and Finance. The book attempts to offer a systematic theoretical examination of money and finance by re-examining the classical foundations of political economy and the creator of money and assessing all of the important theoretical schools since then, including Marxist, Keynesian, post-Keynesian and monetarist thinkers.
From the book: “...a potential tendency for capital in searching to maximise its monetary profit to be drawn to invest in areas that produce no value or surplus value at all. Taken to extremes, either of these tendencies [the first being the problem of technology reducing value creation] could be fatal to the reproduction of capital. In combination, and the contemporary evidence is that both trends are discernible, they could be catastrophic” (Marx, Capital, and the Madness of Economic Reason, David Harvey, Oxford University Press, p.105).
It is often said that Capital, Volume I is concerned with the enfoldment of the capital form, with many dialectical twists and turns, but not with revolution. However, such a picture severs Marx the revolutionary from Marx the social theorist. In fact, Capital I can be connected to five different notions of revolution.
Marx viewed all his economic laws as tendencies and it is hard to deny that those tendencies are becoming more and more the realities of today’s capitalism. However, to understand our society we need to do more than reading and accepting his concepts, we must critically analyze them and look for the way of thinking that produced them.
Correcting a longstanding misinterpretation, Moseley argues that there is no ‘transformation problem’ in Marx’s economic theory.
CAPITAL is the indispensable sourcebook on Marx’s method for analyzing the economy, politics and struggles. Many of us have less time to study it because, as Marx predicted, we have to work longer hours— and often more than one job—in order to survive. Fortunately, even a basic familiarity with the key concepts of Volume I offers many tools for understanding capitalism’s dynamics.