Consume! 2 of 2

This video on consumption and underconsumption theory is part of a larger, ongoing set of videos about the nature of economic crisis in a capitalist society.

full text can be read at: kapitalism101.wordpress.com/consume!

short bibliography:

"An Introduction to the History of Crisis Theory" Anwar Shaikh. U.S. Capitalism in Crisis U.R.P.E. New York.1978 (this essay can be found online.)
Class, Crisis and the State by Erik Olin Wright. New Left Books. London 1978

Limits to Capital, by David Harvey- the section on "effective demand". Verso. 1982

Marxist Economic Theory by Ernest Mandel

good essay critiquing underconsumption theory:
http://sites.google.com/site/radicalperspectivesonthecrisis/finance-crisis/on...

Category:

Education

Tags:

• capitalism
• crisis
• depression
• fall
• labor
• Marx
• marxism
• money
• overaccumulation
• recession
• underconsumption
• value

[bewititbewitoutit]

everything you claim and have taught seems to be quite valid but it is the subjects that you leave out which flaw your argument. You fail to recognize that even under a capitalistic order, capital is just a tool, like a knife, use it for peeling apples or slitting necks. it is the uneducated and deluded mass of society which has allowed you to shed an obscure shade on capitalism. It is not the capitalists or the credit issuers fault why the country failed.

[brendanmcooney]

please see videos: What is capital? and What is Capitalism?

[demexii1]

As long as money circulates everything is fine. It is when money starts to stay in one place for too long that there begin to be problems.

[brendanmcooney]

Kind of, except that capitalist crisis rarely comes from people hoarding money. In our current crisis it wasn't that consumers were hoarding money. They were buying things without money via credit because there weren't enough wages to consume all of the commodities being produced. And capital was investing in credit markets because there weren't enough profitable lines of production to invest in. In all of this money was circulating just fine.

[Barmyleatherhead]

Let's see if I understand this...

The underconsumption crisis can be avoided by re-investing in more capital (created by human labor) and more workers, thus putting more money into the hands of workers (if only by increasing the amount of workers). But these workers are still exploited, so next year there will be an even bigger surplus that must be re-invested. Doesn't this just continually delay the crisis while simultaneously making it larger?

[brendanmcooney]

It tells us that capitalism must grow in order to survive. Can it grow forever without problem? This is not a question of consumption b/c consumption is shaped via the investment strategies of capital. The critique of underconsumption theory is that while the problem of effective demand is a continual issue in the background of accumulation, it alone is not the cause of crisis. Crisis theory must explain why the reinvestment strategies of capital result in contradictions which hinder this growth

[MariborchanX]

Damn you for that commercial at 7 minutes.. had to light one up.

[seigneurvoland666]

lol

[busybuzzbuzz]

gonna buys me a chandelier sos I can be claaaasssy

[Fozzy757]

Damn I need some cigarettes.

[bewititbewitoutit]

it failed because the understanding of human nature with in our society is flawed. the exaggeration of greed, the lack of spirituality or basic practicality was overrun by supposed materialistic desires. We allowed those in despair to resort into working in weapon factories. the structure of society and everything it entails needs to change, but that change begins within the self. its a shame only 1500 or so ppl have watched this whille lady gaga, 81 million

[bewititbewitoutit]

all of this is nice when you being to understand the central banking system along with the devious implications of the credit system. However I believe that your thoughts are quite narrow and not creative enough in regards to the future. Using machines for hard labor, re-programing the commercial system like separating commercial oriented goods and industrial/institutional oriented goods. Concept of aesthetics in hand made work and rejecting artificial goods for personal use

[rageunderground]

good vid

thanks for sharing planetop

[planetoperator]

chiseling fellow humans for profit is what needs to end.

war + profit = power

war + no profit = no war

..fuk all the worlds greedy bastards.

cool videos. thanks

[adzug]

nice shooting ann my ass, fuck ann and her soon to be toothless mouth.