The following text is a reply to Mcl (Controverses) who criticized what IP wrote on the trajectory of capitalism. His main points were:
-how can you claim that capitalism’s decadence, or social retrogression, began in 1914 when, overall, the 20th century was an era of rising growth, rising productivity and rising living standards?
-how can you claim that the transition to real domination is a still ongoing process, while my stats show that the transition from absolute surplus value extraction to relative surplus value extraction was completed by 1850?
His own text can be found HERE
A debate on the trajectory of capitalism
A REPLY TO MCL
Dear Mcl,
to analyze the periodization of capitalism, you start from Marx’s words: “Here the capitalist mode of production is beset with another contradiction. Its historical mission is unconstrained development in geometrical progression of the productivity of human labour. It is unfaithful to its vocation whenever, as here, it checks the development of productivity. It thus demonstrates again, that it is becoming senile period and that it is more and more outlived.” 1 You add: “Capitalism fails in this mission when it no longer manages to fulfill it, that is, when capitalism no longer manages to develop this productivity of labor.”
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