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On 2018/11/10 16:17, Louis Proyect wrote:
...
There is no way for capitalism to resolve these contradictions. It
took WWII to create a new footing for the expanded accumulation of
capital. The underlying dynamic is toward a new world war that will
not lead to a new long wave in a new Kondratiev wave but a global heap
of radioactive rubble instead.
There is a tendency towards overaccumulation, as you describe, based on
the rising organic composition of capital - and then there is
devalorisation (including WWII's massive industrial destruction in
Europe and Japan), which occasionally keeps the system in check by
wiping out the least productive units. But the overall problem leaks
into the financial sector, generating much higher ratios of debt and
other forms of fictitious capital.
Usually there's some sort of fight-back against devalorisation, and
sometimes, as you point out in the U.S. steel industry in the 1930s,
that involves cross-class alliances.
But mainly the devaluation is visited upon poor and working people,
women, the environment and other sites where resistance has not been
well enough coordinated. (It took 3 years for Occupy to emerge from the
global heap of real estate and student-debt rubble, for instance.)
So has anyone in our circuits been researching - and most importantly,
organizing against - devaluation? (I'm writing about it now in the
context of the degrowth movement's surprising lack of engagement -
advice is welcome.)
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