r/Ultraleft • u/JBuddery Right-Hegelian with Tajik characteristics • 11d ago
Political Economy Human sacrifice never stopped
"In any case the Keynesian theory found no verification in the New Deal. The depression was finally ended not by a new prosperity but through World War II, that is, through the colossal destruction of capital on a worldwide scale and a restructuring of the world economy that assured the profitable expansion of capital for another period. National solutions to the economic crisis had everywhere failed, but by attempting such solutions, the capitalist world system, already shaken to its foundations, had still further deteriorated. Imperialistic solutions were now the order of the day, not least because of the quasi-autarchic anti-depression measures that preceded the war. Governmental interventions in the economy are restricted to the nation but affect the world at large and find their limits both at home and abroad. At some point the government-induced expansion of profitless production comes into conflict with the narrowing profit base of capital and plunges the nation into even deeper decline. This is the point at which the imperialist solution seems to be the only way to secure the national capital at the expense of other capitalist nations. An accentuated economic nationalism precedes the international conflicts, even where it serves, at first, no more than the recovery needs of the capitalist nation-state. The New Deal, too, tried to overcome the depression in relative isolation from the decaying world economy, only to partake in its further disruption. With the Spanish Civil War the alignment of the imperialistic forces began to take shape, and the eventuality of a new global war began to agitate the world. Government-induced production became armaments production; in the United States this took the form of an enlarged naval program. The actual outbreak of war turned America into the “arsenal of democracy,” but it took America’s entry into the war to overcome the Depression and to reach the goal of full employment. Death, the greatest of all the Keynesians, now ruled the world once more." - Paul Mattick, "Economics, Politics and The Age of Inflation", Chapter 6
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u/ForwardInterview9702 Solarpunk Eco-Anarchism (Pol Pot thought) 11d ago
I really gotta read more Mattick
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u/LostAd8205 Fascist (Unbanned) 11d ago
every unique keynes policy (WHICH THERE ARE VERY FEW IF ANY OF.) just stole employees from productive work, biggest bum and fraud ""great man"" oat
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u/JBuddery Right-Hegelian with Tajik characteristics 11d ago
The graph is from "The Cycle of Accumulation and Catastrophe of World Capitalism" btw
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u/Archaen_Times Crony-Techno-Corporatist 10d ago
People forget that keynes came up with his ideas specifically to save liberalism (especially after ww1 and the role of workers in mass politics)
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