Value & Captal! Is it time to revisit the fundamentals?? We are today boxed in to a centrist space, subsidies, democratic rights, etc. To my mind, the most important truth laid out by Marx(not Groucho) is the concept of value. The rest, which are all brilliant, flows from this conception, simple yet eternal. Only human labour creates economic value & there is no value in a commodity but the value of labour that went to make it. Natural resources, all of them, have no value till it is touched by labour. The iron or diamond inside the earth has no value, till it is mined by humans. Human beings keep adding value to this by the power of their brains & muscle. There is no capital at all!. Only Human Capital as some wd prefer, labour being too coarse a word for them. Undeniable. The rest of the value in modern capitalist terms, which is all to help capital loot the surplus, ie., distribution, branding, finance, legal, other overheads, etc are non-value add. Today, they are many times the cost of value creating labour. Its a wastage, an inefficient use of the two fundamental resources, nature & human endeavour. At this advanced stage of imperialism, it gets worse. The value creating labour, be it the factory or services worker or the peasant actually tilling the land, has the least share of the final market value. They, including subsidies & other welfare costs, wd probably have the least share since WW2. The tax paid by the proletariat is far more the the welfare he gets from the state compared to the subsidies, military investment & other imperialist activities. Wealth:Income ratio has come back to 19th century levels, 700-800%. Crises, both economic & intellectual(the main force of human evolution) are both deepening. Even the educated middle-class, close to capital has inhuman & immoral work challenges. The capitalist system has crumbled, living on borrowed time. Its causing untold miseries as its policies get worse, brutal, inhuman. All wars around us are due to that, not coz some Israelis or Germans are insane. It is a existential issue! Is it not time that our educated friends, esp, on the right, thought about the truth??
Posted on: Wed, 23 Jul 2014 05:32:01 +0000
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