01:220:301 Lecture Notes - Lecture 9: Classless Society, Proletariat, Lancashire Cotton Famine
Document Summary
Lecture 9: karl marx law sof motion of capitalism. Rate of profit: s/(v+c) (s/v)/(1+(c/v)) rate of exploitation/(1+organic composition of capital) Industry will become more capital intensive (result of saving and reinvestment: means lower profit. Malthusian reasons disproportionality crisis: one industry over expands (partial glut, depression in the other expanded industry spreads to other sectors of the economy, real estate, shale oil there is no general equilibrium. Concentration of capital will increase ***: because in each crisis the big capitalists buy up the little capitalists true in textiles the cotton famine. Imperalism will provide a temporary reprieve: between capital and wwi status of the working class improved. Lenin: vladimir lenin: imperialism, the highest stage of capitalism (1917, british manufacturers are producing too much stuff. The capitalist system will end with __: a revolution, centralization of the means of production and socialization of labor at last reach a point where they become incompatible with their capitalist integument.
