Syriza – Capitalist Reformers?

As is usual with the left, a little bit of electrol success gets the blood rushing. Not so long ago we had Galloway in Bradford, now people are getting excited by Syriza’s second place in the Greek election, with perhaps further improvement in another round of elections. Although people voting for left-wing candidates is much better than ring-wing alternatives, much caution is needed. Time & time again we see advocates of socialism stand for election, get elected & end up trying to reform the capitalist system. Will Syriza be any different?
If they end up leading an anti-austerity coalition what will they achieve? A debt-default most likely. Will this mean they run out of euros to pay for essential services & end up droping out of the eurozone? Will they take what’s left of the Greek financial sector into national ownership? A dramatic increase in the price of essentials & even more unemployment? The hope that a new Greek currency will re-establish international competiveness? All in all an economic mess looks likely. Will this mean a resurgent right-wing?
Does it not make much more sense to promote new institutions of direct democracy, local assemblies, workers’ councils, etc. to give people a real taste of participation & equality in decision-making. Democractic institutions that will lay the foundations for socialism & challenge the so-called democractic institutions of capitalism. A real attempt to take power from the market & give it to people.


Interview with Andrew Kliman

This is my interview I did with Andrew Kliman, professor of economics at Pace University, for The Commune website. Duvinrouge: Can you tell me what the key message of your new book, The Failure of Capitalist Production, is? Andrew Kliman: The Great Recession was waiting to happen. There were unresolved problems in the system of


Lords Reform – Not Another Group of Elected Egos!

The debate over reforming the House of Lords opens a space to get people thinking about governance. Even is this reactionary world we live in few argue for hereditary Lords, few for political appointees, & most for an elected second chamber. Elections are perceived to be democracy & a good thing. But this doesn’t square


Galloway & Parliament

George Galloway’s victory in the Bradford West by-election has caused a stir. The people massively voted for a candidate to the left of Labour even with a Tory-FibDem coalition. This has got Labour nervous & inspired the Left. However, as much as Galloway appears to be on the side of ordinary people as opposed to


Why Financialisation?

What was the cause of the growth of the financial sector in the last few decades? Was it due to falling profit rates, a fiat money regime or something else? Andrew Kliman, in his book The Failure of Capitalist Production, provides evidence of falls in rates of profit due to increases in the value composition of


ECB Loans & Currency Debasement

The creation of one trillion euros by the ECB is another telling example of how we are on the road to currency debasement in a vain attempt to prevent a depression. This is estimated to be about 10% of the entire euro money supply (someone please correct if they have more precise figures!). It follows


The Historical Limits of Capitalism

Just as feudalism was historically limited, so too capitalism. The rise of capitalists & their taking power from the nobility was a reflection of the changing economic conditions as manufacturing became more important than agriculture. Looking back it’s quite easy to understand how the increasingly economically powerful capitalists seized power. The case for the workers taking power


The Process of Exchange

Marx’s Capital, Chapter 2. We cannot understand the commodity without looking at the social relations that lie behind it. “Commodities are things, and therefore lack the power to resist man” (p. 178) Commodities can only exchange with one another if their owners relate to one another through the exchange of commodities. Thus exchange presupposes that


The Commodity

It’s important to understand the first chapter of Marx’s Capital to really stand any chance of understanding the nature of capitalism. Here’s some notes I’ve acquired: Marx does not see the market simply as an institution in which individuals meet to exchange commodities, to be understood in isolation from the production of commodities, for exchange


2012: The Collapse of Capitalism?

  The politics of 2011 has been catching up with the economics of 2008. The trouble for the capitalists is far worse is to come; the printing of token money has only postponed the collapse. Will it happen in 2012?  To understand just why things are so bad requires an understanding of the nature of