4 Jun 4. ‘Long Waves’ in the History of Capitalism 5. Valorization of Capital, Class Struggle and the Rate of Surplus-Value in Late Capitalism 6. Late Capitalism (Verso Classics, 23) [Ernest Mandel] on *FREE* shipping on qualifying offers. Late Capitalism is the first major synthesis to have. Late Capitalism has 97 ratings and 9 reviews. Chris said: Mandel’s analyses of permanent inflation, the arms economy, and the credit system are the best.

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Many rough positions emphasized the point that inflation was a means of guaranteeing the rate of profit, even if this meant admitting that there was a certain disconnection between the price and value of commodities. This good-humoured jibe is nevertheless not perfectly reversible: This explains incidentally why Mandel was caught etnest mutually contradictory critiques.

These counterposed versions, catastrophist or on the contrary harmonicist, run athwart of the identical problem, which is the difficulty of understanding the alternation of expansive and recessive long waves. Now, it is a fact that the growth of the productive forces coincided from the start with the formation of the world market, which led to imperialism and the international concentration of capital as an expression of imperialist competition.

Sweezy, Monopoly Capital, New York He emphasizes “that up to a certain point all the basic variables of this mode of production can partially and periodically perform the role of autonomous variables naturally not to the point of complete independence but in an interplay constantly articulated through the laws of development of the whole capitalist mode of production” p. For Mandel the one arises from the other, both concepts referring to actual states of the economy.

Mar 26, Aslihan rated it it was amazing. Etnest what is the most likely variant under capitalism is precisely the long duration of the present depression, with only the development of partial automation and marginal robotization both accompanied by large-scale overcapacity and over-production of commoditiesby large-scale unemployment, capitalusm large-scale pressure to extract more and more surplus-value from a number of capitalims work-days and workers tending to stagnate and decline slowly, i.

Then why can we not deduce from this a rising tendency of the organic composition of capital?

This interpretative problem also exists within the most traditional Marxism: The reproduction schemas are a further illustration of the working of the law of value in the capitalist ernwst and reproduction process. The competition between capitalist nations is pursued by reducing production costs, so that they are all interested in cheap raw lafe and foodstuffs.

Capital thus has a direct interest in the enlargement of the total surplus value; at the same time, this need can only be satisfied through the expansion of the individual capitals.

Just as the capitalist productively consumes the use value of labor power, the resulting commodities enter in one form or another into social consumption and there disappear.

It is thus time, as Mandel urges us, to reappropriate the most radical Marxist critique of capitalism, and to pose in practice the question of moving beyond it. More total labor time is expressed in more products, or more products expressed in labor time, is needed if the goal of capitalist production, the growth of capital, is to be attained.

In this case, the organic composition of capital, the rate of surplus-value and the rate of profit are constants.

This seemed evident to him; the cycles of interconnected turnovers embracing a number of years, in which capital is held fast by its fixed constituent part, furnish a material basis for the periodic crises. We cxpitalism agree with Mandel on one thing; it is certainly true that capital exploits the world and nevertheless has no future. Instead of explaining the crisis cycle and capitalist development as governed by the law of value, Mandel does the reverse: This objection is not valid, however, because it confuses problems of measurement with the critique of a concept.

More capitalisj of production and fewer articles of consumption are required. It is true, of course, that capitalism developed first in certain countries and that this subjected the world economy to an unequal development. Takes Marxist economic theory into the 20th century. The third explanation, finally, is classically Keynesian, stressing the exhaustion of mass markets through their progressive saturation.

This is already apparent in the fact that the greater part of production in the underdeveloped countries was done outside of the capitalist system and was directly consumed. Supply and demand adapt themselves to the accumulation needs of capital.

After the Golden Age

Jameson argues that this postmodernity involves an emergence of a cultural dominantor mode of cultural production, which differs markedly in its various manifestations developments in literature, film, fine art, video, social theory, etc.

So long as the rate of surplus value can be increased more rapidly than the rate of profit falls, these tendencies are factors stimulating accumulation without being distinguishably visible in it.

What is mandep today is the crisis cycle, which must work itself out in “late capitalism,” as at any previous time. Finally, one last distinction needs to be made, between lage and short-term variables.

An increase in the social average rate of surplus-value has two contradictory consequences, which must ultimately generate a reduction of the social rate of profit—in other words, of the relation between the total social capital and the total quantity of social surplus-value.

Late Capitalism

To ask other readers questions about Late Capitalismplease sign up. This Marxist analysis reached three conclusions: It is thus an equilibrium mechanism, which brings production and consumption into harmony.

It puts forward an analysis of postwar monopoly capitalism, with a particular emphasis on the state, inflation and their role in financing accumulation. Through the simultaneous diminution of the production of raw materials and foodstuffs, the “unequal exchange” is reduced by way of price formation under conditions of international competition and leads the developed countries to erneet capital to the underdeveloped countries in order to share in their surplus value.

What accounts for the end of the long expansion? These two aspects are obviously linked. Similarly, we cannot avail ourselves of arithmetical simulations in order to prove that harmonious growth is compatible with the laws of capitalist accumulation.

Late capitalism – Wikipedia

These meaningless exercises are necessary, according to Mandel, to deal adequately with the “third phase” of capitalist development, or “late capitalism. The latter presupposes the accumulation of a portion of the surplus value. Thus they must restrict themselves to the production of raw materials and foodstuffs in order to realize their profits in the prices of production dictated by the capittalism market.

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