What The Friends of the People Are, Part III - Part 10
Lenin makes the point that an objection that, in the given example, the proportion of wage workers is high is irrelevant, because what is being discu…
Post Covid Prices and Revenues - Revenues - Profit of Enterprise
Profit of Enterprise
Surplus value/profit falls because the value of labour-power rises, as costs rise due to falling productivity, as a result of me…
What The Friends of the People Are, Part III - Part 9
Back in the 1950's, the economist Colin Clark demonstrated that if all of global agriculture was undertaken on the same basis as that in Denmark …
What The Friends of the People Are, Part III - Part 8
The Narodniks neither wanted to acknowledge that the small-scale “people's production” was capitalist, nor that the exploitation of the workers w…
What The Friends of the People Are, Part III - Part 7
Pretty much the only example taken from reality, provided by Krivenko is the brick industry. His argument is that there are a number of industries in…
Post Covid Prices and Revenues - Interest Rates
Interest Rates
The first manifestation will be from interest rates, because increases in money supply take around two years to feed through into high…
What The Friends of the People Are, Part III - Part 6
“It is therefore obvious that the stock argument of there being no capitalism in our country since “the people own land” is quite meaningless, becaus…
What The Friends of the People Are, Part III - Part 5
As Marx points out in Theories of Surplus Value, this period of primitive capital accumulation is not at all characterised by the employment or accum…
What The Friends of the People Are, Part III - Part 4
“In Nizhni-Novgorod Gubernia there are in all 2,552 handicraftsmen producing this sort of cutlery, of whom 48% (1,236) work for the market, 42% (1,05…
What The Friends of the People Are, Part III - Part 3
The Narodniks also tried to present the handicraft producers, in Russia, as not being capitalist. Marx, in his historical analysis of the development…
What The Friends of The People Are, Part III - Part 2
“In another passage he contrasts “small-scale people’s industry” to “large-scale, capitalist industry.” If you were to ask what is the distinguishing…
The 20% Drop in GDP
UK GDP fell by just over 20% in April. That is the biggest drop on record, but less than the 30% that has been predicted for many developed economies…