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It has to be perpetually repeated in order for capital and “free” labour to meet in the market time after time.On the one hand, capital requires, already present in the labour market, a mass of people lacking direct access to means of production, looking to exchange work for wages.On the other hand, it requires, already present in the commodity market, a mass of people who have already acquired wages, looking to exchange their money for goods.
Also, at least as I recall it, socialism was supposed to come 'round through violent revolution of the starving proletariat, not bank nationalisation. Also, the quote just doesn't feel right--it doesn't sound like Marx.
I can't put my finger on why, exactly, especially since I've only read Marx in translation. What do you get from passing your mediocre musings off as the work of a long-dead revolutionary?
However, the proletarian condition is historically uncommon: the global peasantry have, throughout history, mostly had direct access to land as self-sufficient farmers or herders, even if they were almost always coerced into giving a portion of their product to ruling elites.
Thus the need for “primitive accumulation”: separating people from land, their most basic means of reproduction, and generating an all-round dependence on commodity exchange.5 In Europe, this process was completed in the 50s and 60s.
Poor people might get some time from the landlord, or a few weeks at the butcher, or they might run arrears and pay on account, but they did not buy substantial goods on credit.
The first mass extension of credit to people who did not own land was the boom in installment buying that came in the 1920s.We tend to interpret the present crisis through the cyclical theories of an older generation.While mainstream economists root around for the “green shoots” of recovery, critical critics ask only if it might take a little longer to “restore” growth.For Marx, the fundamental crisis tendency of the capitalist mode of production was not limited in its scope to periodic downturns in economic activity.It revealed itself most forcefully in a permanent crisis of working life.Over the past three decades, manufacturing employment fell 50 percent as a percentage of total employment in these countries.Even newly “industrialising” countries like South Korea and Taiwan saw their relative levels of industrial employment decline in the past two decades.3 At the same time the numbers of both low-paid service-workers and slum-dwellers working in the informal sector have expanded as the only remaining options for those who have become superfluous to the needs of shrinking industries.The of capitalist “economic” crises — that people starve in spite of good harvests, and means of production lie idle in spite of a need for their products — is merely one moment of this larger crisis — the constant reproduction of a scarcity of jobs in the midst of an abundance of goods.It is the dynamic of crisis — the crisis of the reproduction of the capital-labour relation — which this article explores.4 Despite the complexity of its results, capital has only one essential precondition: people must lack direct access to the goods they deem necessary for life, finding that access instead only through the mediation of the market.1 We might begin by remembering that the miracle years of the previous golden age (roughly 1950-1973) depended not only on a world war and an enormous uptick in state spending, but also on an historically unprecedented transfer of population from agriculture to industry.Agricultural populations proved to be a potent weapon in the quest for “modernisation”, since they provided a source of cheap labour for a new wave of industrialisation.