"What I've been wondering is whether neoliberalism reflects a conscious recognition of this need on the part of leading capitalists and their ideologues."
Wages-fund doctrine simplified (vulgar 19th century political economy): 1. Wages increase when the wages-fund increases. 2. The wages-fund increases when profits increase. 3. Profits increase when wages are kept low. Thus the way to increase wages is to lower them. Wages-fund doctrine updated (neoliberalism: 1. Full employment requires economic growth. 2. Sustained economic growth requires low inflation. 3. Controlling inflation requires limiting wage demands. 4. Limiting wage demands requires a non-accelerating inflation rate of unemployment (NAIRU). Thus the way to achieve full employment is to circumvent it. On Thu, Jul 2, 2015 at 2:19 PM, Carrol Cox <[email protected]> wrote: > Tom Walker: > > That is the "beauty" of capitalist production. > > "that it not only constantly reproduces the wage-worker as > wage-worker, but produces always, in proportion to the accumulation of > capital, a relative surplus population of wage-workers." > > ======== > > I believe capitalism is unique among all social systems in both creating > and depending on a large body of unemployed men and women. > > What I've been wondering is whether neoliberalism reflects a conscious > recognition of this need on the part of leading capitalists and their > ideologues. > > That would make sense of the determination of Germany to crush Greece, and > the support for this goal from other capitalist powers. > > Chapter 14 of WPP seems to see austerity as an effective form of > repressing revolutionary activity by reducing workers to one level mass of > wretches incapable of any higher struggle. > > Carrol > > > > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Cheers, Tom Walker (Sandwichman)
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