[A-List] GP entrails [In defense of Harrington/Summary
Waistline2 at aol.com
Waistline2 at aol.com
Fri Jan 2 17:05:51 MST 2009
CB: No, the main concepts of _imperialism_ are even more applicable today
than in Lenin's day. The concentration of wealth is greater than 1916. The
finance capital sector dominates the industrial sector more than then. The
parisitic financial sector has almost killed some of its main hosts in the
industrial sector. That's a change from Lenin's analysis. There is more of a merger
of finance and industrial capital. The former has devoured the latter.
I. Speculative capital now dominates financial-industrial capital and
financial imperialism. There is no such thing existing today called industrial
Although speculation has remote roots, speculative capital as dominator of
finance capital, writing the economic and political agenda is relatively new.
Actually, speculative capital could not dominate financial-industrial capital
without a new technological regime in the form of the modern communications
infrastructure that allows for the flow of trillion of dollars daily through
the new financial architecture on the one hand, and renders labor
increasingly superfluous to the production of commodities on the other hand. To speak of
labor being rendered superfluous is not absurd at all. Words has meaning and
there is the meaning of rendering labor superfluous. The new technology is
destroying the value relations before our very eyes, and compels capital to
seek out profit outside the production of commodities or as it is said by the
economic, to seek profit in notional value.
Some of the elements of this discussion are;
1. Capital - merchant and manufacturing.
2. Industrial capital
3. Finance capital
4. industrial-finance capital: the domination of industrial capital over the
5. Financial industrial capital: the domination of finance capital over
6. Speculative capital as dominator of the world total capital.
This issue is not "more of a merger of finance and industrial capital."
There is no such thing today as a distinct sector of capital with or without a
political life, that is not totally dominated by finance capital or a thing
called industrial capital. Having a factory today does not mean industrial
capital as a sector of capital. Cerberus ownership of Chrysler and 51% of General
Motors is not the further fusion of finance capital with industrial capital
but the domination and ownership of speculative capital over industrial
production. General Motors is not today a form of industrial capital, simply
because they makes cars!!! General Motors is not in business today because it
makes cars. It is in business because of finance or GMAC, its financial arm.
General Motors makes $143 off of each car, but the real money is made in
At some point we have to introduce reality - data and facts, into the
discussion. GM makes $143 off of selling a vehicle in the American market. GMAC and
outfits like GE like and die off of financing.
To speak of speculative capital is to speak of a financial-industrial
capital by definition. The reason why is because speculative capital is a sector of
finance capital with finance capital long ago dominating industrial capital.
To speak of finance capital is to speak of monopoly. What we face today is
not monopolist but speculators who dominate capital and write the political
program for capital. The call to fight "the monopolist" harkens back to the
Populist movement, which was clearly a movement of the petty bourgeoisie.
Finance capital and financial imperialism in America emerge 50 years before
Lenin wrote "Imperialism." Financial capitalism in America came to dominate
industry and all of our society as the result of financing the Civil War which
cost $3 billion on the part of the Federal government. American financial
imperialism arose through and on the basis of the Civil War. Financing the war
meant financing industrial expansion and literally American financial
imperialism creating the monopolies.
Perhaps, a summary - primer, is need on this matter.
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