MMW 14 Lecture 10: Feb 7 2019
7 Feb 2019
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Crisis #1 -- smith"s law of accumulation. Renewal #1 -- capitalists turn to labor-saving machines . Crisis #2 -- more expensive machines, fewer exploitable workers. No surplus value of labor -- the source of profits. He writes this with the assumption that you buy the machine at its true value and it will only produce up to its value in goods. Renewal #2 -- biggies slop up the carcass. Business cycle of crisis and renewal repeats itself, but each time with heavier consequences. Why capitalism will gradually yet inexorably devour itself. Rejects mill"s assumption of a high stationary plateau of wages and profits. Capitalism"s dna is to accumulate or be accumulated . Innovate or die -- the amazon or apple effect. Grow or die -- the starbucks effect. Last gasp/survive another business cycle -- the blockbuster effect. A lot of times dying businesses will merge to try and survive. The death of communism is not the death of marx.
