In my view, we are now in a Long Depression, centred in the advanced capitalist economies but also affecting the emerging capitalist economies. The latter do better because they still have ample supplies of cheap labour available to exploit (well, at least some larger emerging economies do). So absolute surplus value can be increased without Marx’s law of profitability applying too strongly. What do I mean by that?
Well, capitalists are permanently engaged in the search for value, or more specifically, surplus value. They can get that globally by drawing more of the population into capitalist production. The big issue is how much longer capitalism can continue to appropriate value from human labour power when the workforce globally can no longer expand sufficiently.
Ironically, the UK’s right-wing City paper City Am put it from the perspective of capital: “People, not commodities, land or even capital, are the ultimate resource of an…
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