On Tue, Jan 21, 2025 at 03:33 AM, Michael Meeropol wrote: > > the new phase of capitalism produced a great increase in profits that seek > additional outlets for re-investment --- hence the interest in overseas > operations.
Profits concentrated, but I don't think they were greater. The cause of the drive to export capital is different. In the phase before monopoly capitalism, there were periodic and severe busts, which destroyed those capitals caught short, less competitive, etc. In the monopoly phase (actually, oligopolies in most industries), the oligopolists restrict output to keep prices and profits up given the demand for their products. Therefore they cannot reinvest profits in their industry as they used to. And when nearly all the big industries are oligopolies, the capitals of one industry generally stay away from each other. The solution: capital export, as well as production of their commodity for export. China is a monopoly capitalist country today, and it exports capital on a huge scale. The clash that capitals avoid within their home industries moves to a global level. The US-China contradiction is the main contradiction today at the global level. "None of this benefits the workers of China or the U.S. The solution for them and the world is socialist-communist revolution. The only contest here, a friendly one, is: who will break through first!" (From my brief commentary on Greenland at https://newworker.us/international/heading-for-war-the-china-u-s-rivalry-over-greenland/) -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#34795): https://groups.io/g/marxmail/message/34795 Mute This Topic: https://groups.io/mt/110699138/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: marxmail+ow...@groups.io Unsubscribe: https://groups.io/g/marxmail/leave/13617172/21656/1316126222/xyzzy [arch...@mail-archive.com] -=-=-=-=-=-=-=-=-=-=-=-
