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As Smith so brilliantly shows, capital in the North restored much of the fall in its profitability suffered in the 1970s on the back of the super exploitation of the South: “surplus-value extracted from these new legions of poorly paid workers helped to dig the capitalism system out of its hole in the 1970s”. Increased debt, as Smith notes, added to the final crisis so that it took a financial form. As Smith says,“Exponentially increasing indebtedness succeeded in containing the overproduction crisis, but it has brought the global financial system to the point of collapse.” For this sentence, take the word ‘overproduction’ out and replace with ‘profitability’. . . full at: https://rdln.wordpress.com/2016/03/09/imperialism-and-super-exploitation/ _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: http://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
