Anti-Capitalist Chronicles: The Primary Abstractions of Capital

[S3 E20] The Primary Abstractions of Capital

In this episode of ACC, Prof. Harvey discusses some of the contradictions that Marx uncovered as he examined the abstractions of capital. He explores the contradiction between the rate of change and the mass of value, and the crises that emerge from the two. Harvey points to the crisis of housing as a contemporary example.

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“Hennelly brilliantly analyzes our capitalist crises and how individuals cope with them, tragically but often heroically. He helps us draw inspiration and realistic hope from how courageous Americans are facing and fixing a stuck nation.”
- Richard D. Wolff

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[m.rebman]

Following this podcast carefully and attentively will, if nothing else, show how Marx brilliantly analyzed the nature of capital formation, and how that process, in the late stages of capitalist economic development, leads inexorably to collapse… in our case, taking our ecosphere with it. Whether you can accept Marx’s theory of labour surplus or not, Professor Harvey has produced a “capital” summary of the contemporary world through, as he say himself, a Marxist lens. Excellent job, IMHO.

[advandepol]

It's very interesting stuff, but I think that it would be much easier to absorb when there would be some drawings and diagrams.

[willcooper]

So insightful. The current situation wherein the mass of capital is so vast, including the available housing stock, and simultaneously the access of the mass of human beings to it being so limited and costly, is a sure indicator of the mounting failure of the capitalist system. Wealth inequality based on the systemically driven inevitable concentration of money and power in fewer and fewer hands is the root evil of capitalism, and the cause of its probable overthrow.

[hassankhalid]

Please do a podcast on the labor theory of value.

[nerdysister]

these are good lectures, but I think offering more real world examples of a particular concept would be more helpful. Capitalism is a clear danger to the planet and the future of our species, but there's an over-reliance on theory here, and we start getting into territory where someone on the fence can play "devils advocate" for many of these foundational principles and write off the important underpinnings.

[habibvakilitahami]

M rebman would be gracious to tell me how capitalism is going to collapse based on this talk ?

[ibukunogunfeitimi]

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[habibvakilitahami]

There is a discussion going on in the comment section that I thought it is a good idea to clarify my points of criticism of this video
First : Marxism is the theory of revolution
It is not enough to find 17 contradiction in capitalism
First task is that in theory and also empirically prove that capitalism is necessarily a transitory mode of production
The school of falling rate of profit claims that the profit rate both periodically and also as a secular termed is falling and all the contra tendency elements are useless in its trend and only make it slower or brings about some bumps in this trend therefore capitalism is a transitory mode and from time to time there are opportunities to overthrow it without waiting too long (crises)
Dr Harvey didn’t provide this revolutionary tool for us
Capital might have 17 contradictions but planet earth has 17000 contradiction and still spinning and will spine for a t least one billion year
Secondly the claim that the school of FALLING Rate for ignorance of other contradictions is a joke not more than that
This school treats falling rate the same way that airplane designer treats gravity
Off course there is friction and so on that should be consider but at the end of the day gravity is the major force that should be overcome to fly a plane and brings the plane down
The rest of criticism for another time

[habibvakilitahami]

Imagin investment give you profit with 10% rate
You invest all of it meaning but your rate of profit is only 1 % now
So the mass of profit in second round would be = 11000
I don’t know what he is talking about that mass of profit gets bigger ?