>Rakesh Bhandari wrote: > >>except that it illuminates what is plain for all to see--the >>importance not greater purchasing power as a 'solution' and/or >>solution but of the destruction and the devaluation of capital in >>the restoration of profitability, accumulation and therefore the >>realization of surplus value. > >Liquidate liquidate liquidate - this is Mellon and the prophets! > >Doug
But even Mellon here belies the optimistic faith, soon to be shattered, that society can master its own crises as long as there is no political interference with sharp and short downturns. Yet as Adolf Lowe remarked after the world war "the crises intrinsic to the capitalist system have lost their virulence; but if we consider an international destruction of value like the world war as the modern form of crisis in the age of imperialism, and there is much to be said for the view, there is little room for extravagant hopes of 'spontaneous stabilization.'" Quoted in Mattick, Economic Crisis and Crisis Theory, p. 120 Doug, as I understand value theory, there is a prediction of an inevitable dialectical proces of disturbances, contradictions, and crises--not an absolute, purely economic impossibility of accumulation, but a constant alternation between the overcoming of crisis and its reproduction at a higher level until the destruction of the underlying social relations by the working class or the self-emancipation of peanuts. rb
