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Tag: political economy

State Capitalism: Its Possibilities and Limitations (Pollock, 1941)


by Friedrich Pollock (1941)


We start from the assumption that the hour of state capitalism approaches when the market economy becomes an utterly inadequate instrument for utilizing the available resources. The medium-sized private enterprise and free trade, the basis for the gigantic development of men’s productive forces in the 19th century, are being gradually destroyed by the offspring of liberalism, private monopolies and government interference. Concentration of economic activity in giant enterprises, with its consequences of rigid prices, self-financing and ever growing concentration, government control of the credit system and foreign trade, quasi-monopoly positions of trade unions with the ensuing rigidity of the labor market, large-scale unemployment of labor and capital and enormous government expenses to care for the unemployed, are as many symptoms for the decline of the market system. They became characteristic in various degrees for all industrialized countries after the first world war.

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The Political Economy of Anti-Racism

Jennifer Lopez Holds Get Out The Vote Concert For Hillary Clinton In Miami

by Walter Benn Michaels (2018)

This essay originated as a kind of stump speech, an effort to spell out and update an argument about the uses of anti-racism and anti-discrimination that I’ve been making for some time to audiences that might or might not be familiar with it. The idea of publishing some version of it in conjunction with Adolph Reed’s piece was Adolph’s, and the proposed venue was the left journal Jacobin; it would be, as Adolph endearingly put it, “a nicely affirmative statement about where the magazine stood on the left v. identitarianism debates.” But, although some Jacobin editors expressed interest, the idea came almost instantaneously to naught. A preliminary edit of Adolph’s piece—cutting it in half and leaving out material that he thought was crucial—made him decide to withdraw it. And, truthfully, I had been from the start skeptical. First, because—although we both respect Jacobin and have both published in it before—I was a little less sanguine about the magazine’s desire actually to make any kind of statement about where it stood on the left v. identitarian issue. And, second, because part of my argument (as suggested below in a photo taken at a talk I gave at U.C. Riverside) involves a critique of the role played by elite universities in (to borrow a phrase from Adolph’s and Willie Legette’s note on V.O. Key) “suppressing working-class politics in the service of both black and white political elites.” But, of course, both the students at schools like the ones on my list and the more-or-less recent graduates of such schools make up a significant portion of Jacobin’s readership; why would Jacobin want to publish an attack on its audience?

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The Rate of Return on Everything, 1870-2015


This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long-run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new and comprehensive dataset for all major asset classes, including—for the first time—total returns to the largest, but oft ignored, component of household wealth, housing. The annual data on total returns for equity, housing, bonds, and bills cover 16 advanced economies from 1870 to 2015, and our new evidence reveals many new insights and puzzles.


by Òscar JordàKatharina KnollDmitry KuvshinovMoritz SchularickAlan M. Taylor

NBER Working Paper No. 24112 / Issued in December 2017

Marx’s Capital after MEGA2 (Michael Heinrich)


Invaders from Marx

On the Uses of Marxian Theory, and the Difficulties of a Contemporary Reading

By Michael Heinrich, Berlin

(The following text is the slightly reworked version of an article which appeared on 21 September 2005 in “Jungle World”, a leftist German weekly newspaper. In a previous issue, Karl Heinz Roth, one of the main German representatives of Operaismo, had argued that some important Marxian categories are not able to grasp contemporary capitalism. The text at hand answers this critique, stressing the difference between Marxian theory and traditional Marxism, emphasizing the “new reading of Marx”, which developed through the last decades. The German text can be found at the website of the author)

In the past 120 years, Marx has been read and understood in widely varying ways. In the Social Democratic and Communist worker’s movement, Marx was viewed as the great Economist, who proved the exploitation of the workers, the unavoidable collapse of capitalism, and the inevitability of proletarian revolution. This sort of “Marxist political economy” was embedded in a Marxist worldview (Weltanschauung) which provided answers for all pre-existing historical, social, and philosophical questions.

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Terminal Showdown


by Joshua Clover

An airport is a funny thing, one that gives you access to other places but is not much of a place itself. But its underlying character has changed dramatically in the last few decades. If the glamour and hope of flying off for a visit or a new life still cling to the terminals, the airport has become a hub for the workaday circulation of goods at a global level.

This has been peculiarly true since the global downturn of manufacturing in the seventies. In April 1973, Federal Express delivered its first package; four decades later, FedEx has the fourth-largest fleet in existence. By freight it is the biggest airline in the world. At Oakland International, my local airport, the FedEx hangar and logistics hub crouches independent of the two modest passenger terminals, a behemoth with the gravity of a planet. It’s their world; we’re just living in it.

This transformation has happened behind the back of consciousness, and largely beyond our descriptions of the political situation. It would be hard to say it played a role in the protests of Saturday night. The narrative drama of airports — from Tom Hanks vehicle The Terminal to the flight of Edward Snowden — is about those who can’t leave or can’t arrive, and so end up trapped in this metaplace, separated out from life. It is funny or strange or exciting. Except of course behind all of these it is surely terrifying being seized by uniformed thugs, thrown in a room, at the mercy not of fate but arbitrary laws and state power.

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Cured Quail

With What Must a Journal That Will Not Be Read Begin?

A fundraising appeal

Cured Quail is a journal of critical theory that takes seriously the aesthetic, social and conceptual problems of literacy. By literacy we don’t mean simply the ability to read and write. Rather, Cured Quail poses the question of illiteracy as a historically specific hindrance to fully experiencing the words on a page, the patience of an idea, or the particulars of a work of art. Cured Quail is concerned with discussions on culture, philosophy, political economy and modern and contemporary art, featuring critical essays, reviews, polemics, interviews, and other formats.

However, as our commencing editorial describes, the redundancy of already existing publications devoted to the nomenclature society-art-culture presents us with a challenge; foremost derived from the experiential chasm nourished by the refreshing content of curated feeds that in its rapid-fire shots of interest prepares any but the most recondite reader for a diet of distraction.

We thereby ask ourselves: what does it take to be convincingly exceptional? While shouting toward a mural depicting a cave we’d like to assure the potential reader we haven’t expected an echo. This suits the editorial board of Cured Quail and the crux from which we will write and our writers will write, and from which we now entreat your support for the necessary funding to print our inaugural volume.

For the thought and readership of Cured Quail—like everything else today—money stands as the transcendental condition for the possibility of experience. Your support will help finance a first run of Cured Quail Volume 1.   Contribute here through KICKSTARTER

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