Category: History
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The Soup, the Bowl and the Spoon
The Soup, the Bowl, and the Spoon: The Fixed Bowl Fallacy Marx says in a polemic against Weston “Citizen Weston’s argument rested, in fact, upon two premises: firstly, the amount of national production is a fixed thing, a constant quantity or magnitude, as the mathematicians would say; secondly, that the amount of real wages, that…
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Financially Rational but Productively Irrational
How Unequal Credit Distorts Competitive Survival Banks and other financial institutions—indeed, lenders in general—lend cheaply to large capital and expensively to small capital. From the standpoint of finance, this is rational: large borrowers appear safer, small borrowers riskier. But once this financial logic enters production and competition, it produces outcomes that are irrational for productive…
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The Myth of Monopoly & Marx
“In practical life we find not only competition, monopoly and the antagonism between them, but also the synthesis of the two, which is not a formula, but a movement. Monopoly produces competition, competition produces monopoly. Monopolists are made from competition; competitors become monopolists. If the monopolists restrict their mutual competition by means of partial associations,…