Академический Документы
Профессиональный Документы
Культура Документы
July 2009 In our last issue cost o theme cause we published an ar article rom Prometeo, the theoretical !ournal o the crisis so o is the not "atta#lia $omunista %P$Int& on the or to the wor'in# class( )ere rom that issue on the same this but time the on the crisis, speculation
or the capitalist crisis whose underlyin# permanent pro it( on a the declinin# rate o production +he are
or capitalism o relations o o
$apitalist the
based
between capital and labour #oes beyond capital simply ma'in# a pro it but in*ol*es the e-tortion o pro it possible( In this conte-t the ma-imisation
pro it is only achie*able throu#h e-tended reproduction based on increasin# the e-ploitation o thereby increasin# the rate o o accumulation, the concentration o labour power and the means o low surplus *alue( +he process capital all
production and the centralisation o rom this as a natural conse,uence( In the early the period o capitalist day as ar
de*elopment as was
the
ob!ecti*e o len#thenin#
possible( .bsolute surplus *alue was the main source the ma-imisation o hours o in "ritain and other ma!or
pro it( +he wor'in# day reached 1/ industrialised accumulation the composition
to an increase in the mass o rate o "ut the ta'en to pro it( inite limits o e-tremes cannot
capitalists aimin# as always to ma-imise pro it down the road o reducin# the necessary labour time throu#h relati*e surplus *alue( urther increase the social the e*erincreasin# use o +his allowed capital to
)owe*er, as technolo#ically ad*anced machinery replaced labour power the or#anic composition o thus settin# in motion the conditions rate o capital rose, all in the or a
to li*in#, or constant to *ariable capital in other words a #reater increase in capital tied up in machinery and raw materials compared with the number o e-traction o o pro its, pro it( I the rate o pro it *alue is the the relationship mass o total the between capital or wor'ers in*ol*ed in production leads to an increase in the surplus *alue and a hu#e #rowth in the mass but also to a reduction in the rate o
surplus to
and
e-tractin# surplus *alue is reduced( 1ore precisely, the total capital in*ested per unit o producti*e labour increases as does the surplus *alue produced by any indi*idual wor'ers in the process o +he mass o pro it increases but the accumulation( rate o pro it
composition o
ormula s3$
by
multiplyin#
the
surplus
*alue
created by a sin#le wor'er by the number o employed( $ is the total social capital, i(e( the sum o and *ariable the in capital( number the o It ollows in rom increasin# the latter in relation to the reducin# a all labourers In
labourers
this to i
ormer, i(e(
relation terms,
numerator diminishes in relation to the denominator, the numerical result is lower( +he relationship between s and $ is the e-pression o the or#anic composition o all in the rate o capital with is capital whose increase pro*o'es the +he or#anic composition i#ure o pro it( by by the
calculated and
comparin#
constant
capital
*ariable
,uantitati*e relationship between constant and *ariable capital was 40320 the or#anic composition would be 0005( I we increase the irst i#ure %constant capital& and lower the second %*ariable capital& to 90310 the or#anic composition would rise to 9005( +he rate more o the or#anic to composition all( .part rises, rom the more it
brin#s into play the law o pro it capitalism cannot escape to its relations o
the tendency
production(
Its
operation
is
shown
in a o
the
o leads
its to and
contradictions, it a series
course
capitalism6s decline as a mode o social conse,uences( +he more the rate o capital to o more the process o increase o +his decreases( is
de*astatin#
or
ind ways to e-press its *alorisation( +he *alorisation slows, the more the rate despite the enormous increase in socially produced wealth proportionally the labour the orce(
+hus it is really the increase in the social producti*ity e-ploitation relati*e surplus *alue which is at the root o says in the +hird Volume o $hapter 17&8 9+he pro#ressi*e tendency o to capitalist mode of the #eneral rate o o the pro it the law( .s 1ar-
all is, there ore, !ust an expression peculiar to the production pro#ressi*e labour( +his all is rom the it the social producti*ity o
does not mean to say that the rate o the the capitalist #eneral in a mode o
thereby pro*ed to be a lo#ical necessity that in its de*elopment a*era#e rate surplus2*alue pro it(: #rowth in In the the must e-press itsel .s e*idence o to the hi#h allin# #eneral rate o
or this we can see that the rate o or#anic composition capacity o was capital <(<15(
economy( In the decade 19;0240 the rate o international producti*e ollowin# decade o
In the decade 199022000 it reached a miserable 1(095( +he subprime crisis then did the rest, imposin# a recession on world production which declined substantially below =ero( I capita we consider the #rowth o or the same period the world production per i#ures are e*en worse(
From 7(;/5 in the decade 19;0240, it went to 0(/95 in the ne-t decade, inishin# up at 0(195 in the decade 19902 act that needs ha*e been satis ied demand or +his #oods and ser*ices is due to ha*e the decline 2000( +he decline in the increase in world production isn6t due to the better di real or that autonomously iculty o
contracted(
decreasin# pro it mar#ins, is in*ested less and less in production speculation( In the same period, albeit with di abo*e ;/5 whilst speculation attracted more erences and more
rom one area to another, plant utilisation ne*er went capital which pre*iously went to producti*e in*estment( Just how the two phenomenon are related can be seen in the act that where the process o ma-imisin# pro it becomes di pro its ,uantity o icult capital turns to see' e-tra or super #oods and ser*ices produced but it allows bi# a*ours the birth o hu#e monopolies in rom the hu#e which their
capitals to ac,uire surplus *alue produced elsewhere( .t the same time it the real producti*e sector where the monopolistic price can be used to compensate all in the rate the o inancial continue pro its and holdin#s until or the losses arisin# It to also and speculation reduces pro it( dedicated bubble promotes
bursts
First there was the >nron, $irio and Parmalat cases, then the inancial crisis lin'ed to subprime mort#a#es
e-ploded and the entire capitalist system entered the most deep and de*astatin# crisis since the 1970s( ?e ha*e to add, howe*er, that the inancial bubble burst in a real economy which was already in deep crisis and this was the cause and the sprin# which unleashed e*erythin#( @eneral had >lectric to and @eneral 1otors to are deal two with prime their
e-amples( +he two bi##est corporations in the world ha*e recourse inancialisation pro its crisis( In the space o rom pro it rates o the result o same on the orty years they went this <5, 005 was Financialisation
de*eloped %in close parallel with the pro its crisis& and persists e*en in periods o 19<0 and 1940 alone 1<5 o speculation( speculati*e shows di three iculty o "etween capital thin#s8 1940 rose the to partial reco*ery( "etween capital was earmar'ed and irst 2007 but is the no that proportion urther( the 2<5 or o +his the rom
increasin#
the crisis( In
other words, the attempt o*ercome the lac' o production with e-tra pro its or supplement the rate o
part, producti*ely re2in*ested( +he second thin# it shows is that there are limits to this( Surplus *alue and its related amount o the stoc' mar'et pro it are and ormed in the process o is nothin# but a production whilst mere mechanism the inancial #ain, the recourse to speculation,
or trans errin# surplus *alue that has already inancialisation o limit which the crisis cannot be
been created( +he third thin# which is a synthesis o irst two is that has an *ia speculation, the creation o parasitism, ob!ecti*e ictitious capital and
which contributed to its creation( Aecently, since the the 1990s, stoc' mar'et crises ha*e another at an e-traordinary rate( Followin# the the burstin# destruction history, e*en o o the Aussian and .sian in ell
speculati*e bubbles, the BS Stoc' >-chan#e has produced #reatest ictitious capital o capitalism6s surpassin# that 1929(
"etween January 2000 and Cctober 2002 the Dow Jones share capital( +he E.SD.F, or stoc' mar'et irms, mar'et third ,uarter o 2002& the conse,uence o amounted to a net
rom 11;22 to ;24/ points, amountin# to a 745 loss in its or hi#h tech the two stoc' o G4,000 ell 405( C*er the same period %1arch 2000 to the e-plosions loss
billion( +he present crisis has done the rest( Eot only has it made ma!or BS wall, it has ailure o are inancial institutions #o to the orced state inter*ention to a*oid a #lobal inal analysis these speculati*e bubbles the inancialisation o the crisis as inancial sol*e the
capital increasin#ly turns to increasin# its re*enue and searchin# continuously declinin# pro it rates and
economic crisis( Its ine*itable end only poses the same crisis situation a#ain but at a hi#her and more critical le*el( It ne*er escapes typical o ob*ious which in its period o e-ample is inancial world the crises o rom the *icious circle which is its e-istence but the economic and decay is de*astatin#( +he most today, where capitalism in all sta#es o
low
rate to
o be
pro it
not .
only
slows o
the
process
*alorisation down, it also ma'es it di capital created( capital composition, with its reduced rate o accumulation produces a #rowin# mass o same time lowers the rate o periods o intensity o out, such
icult hi#h
pro it, is
to accumulate more rapidly( +he increased *elocity o pro it but at the its pro it and the rate o
*alorisation( >-actly the same dynamic e-plains how in accentuated crisis, distin#uished by #reater o*erproduction o as and economic capital unable to concentration, .s 1arind ways when
ade,uate pro it mar#ins, capital see's a *ariety o centralisation the be#innin# o speculation( said
inancial
re errin# to the contradictions inherent in the law at $hapter 1< o Capital Volume +hree, sel 2e-pansion o the
9Cn the other hand, the rate o total capital, or the rate o is its only purpose&, its the de*elopment o breeds
new independent capitals and thus appears as a threat to the capitalist production process( It speculation, crises, and o*erproduction,
surpluscapital alon#side surplus2population(: .nd the e*idence central role o ban's, in*estment or this can be seen in the increasin#ly inance unds and the capital, the stoc' e-chan#e, inancial holdin#s( all in the a*era#e rate o
within capitalist producti*e relations( .nd ne*er be ore has the stru##le between ma!or international currencies or supremacy in the money mar'ets, that instrument re2appropriatin# capital, been so *iolent( or
.nother
ect
o or
the
crisis
is
sharpened and
competition
trade,
domestically
internationally( +he more the mechanism and *alorisation o producti*ity, increase in competition between capitals( +he race intensi ied relati*e surplus *alue,
competition between capitals a competition which is in turn the product o its and wor'in# the pro its crisis and produces, as as well as the wa#es o the irst conse,uence, a historic attac' on the li*in# conditions
wor'in# class(
$hronolo#ically the e*idence is star'( I times o these attac's with the steepest
it shows that the economic and social dynamic is the restriction o low le*el o se*eral has ta'en on pro it mar#ins( It all started in the pro it touched its historic direct and indirect wa#es it containin# labour costs and ew years social less than <75( +he attac' too' place on the orm o mid 19;0s when the rate o ronts( In terms o
dismantlin# the wel are state( C*er the last wa#e le*els ha*e returned to those o ma!or capitalist country( .t the security pro*ision has been reduced( same
Increasin#ly the relationship between capital and wa#e labour is one in*ol*in# more le-ibility and !ob insecurity to an e-tent une,ualled in recent history( +he pro its crisis means that, in addition to reducin# labour costs, labour capital the capitalists it also and ha*e then to ensure that the are orce is only employed when the *alorisation o demands that wor'ers when no lon#er needed( $apital maintainin# a wor' orce Eeo2liberalism o the and
which it is not able to e-ploit at a rate compatible with *alorisation are the #lobalisation crisis( Cnce e-tolled by leadin# bour#eois economists no-ious a*our o Het the to the healthy de*elopment o or their in sprin# pro its
extraordinary advantages, they are now bein# discarded as capitalism state inter*ention( se*ere limits to the process o *alorisation
within the *arious national capitals has imposed on bi# capital the need to o*ercome all possible barriers to the circulation o o capital, commodities and the procurement inance capital, the strate#ic primary products and labour power at the production, the intensi*e e-ploitation the slow pace o *alorisation
the wor' orce at *ery low cost, these are all the the ad*anced capitalist countries with a hi#h capital( I le*el o all these ob!ecti*es 9normal: orce imperialist actor inter*enes needed on the
to resol*e thin#s( ?ar has become the daily means by imperialism obtain desperately economic and inancial ad*anta#es( Is there anythin# new
under the capitalist sun hereI $ertainly not, but in the present phase o orm o the to the #ra*ity o rate o capitalism, warmon#erin#, li'e any other the economic crisis( +he tendency to all doesn6t create orms o or new imperialist beha*iour, is directly proportional pro it
contradictions or unusual
mar'et, but its does ma'e them worse, pushin# them to e-tremes as serious and desperate as the crisis which produced them( From the all o the So*iet >mpire to today, whilst the peace and prosperity, the
?estern bour#eoisie ha*e been crowin# about its *ictory and announcin# a new period o abyss o international crises and imperialist war has rom economic to political
opened up with an intensity and *iolence not seen in recent years( In all areas actors, both in domestic and international terms, in the relationship between capital and labour and in the resort to arms the situation has #ot worse( +hus interbour#eois tensions ha*e multiplied and intensi ied in an or#y o decadence where increased e-ploitation o the proletariat, increased po*erty in #eneral, are the only constants in a capitalism tryin# to put to#ether the conditions or its own sur*i*al(
The Decline of the Average Rate of Profit in Figures In bour#eois literature it is di data on the aware and icult to ind clear pro it( +he disastrous the
all in the a*era#e rate o ear ul can o the law and to its
e-planation is ob*ious( Eo bour#eois economist, howe*er conse,uences, openly con ess in*esti#atin#
capital employed to obtain it( Eot so much because they don6t want to use 1ar-ist economic cate#ories, althou#h
they always re!ect them, but more simply because they i#nore the problem when they put the mass o the centre o basis o o o the 'nown o pro it at the issue and not its rate( >*en so, on the acts, they do issue warnin#s about in*ested capital( Publicly they the
declinin# returns on industrial in*estment and the lac' *alorisation pretend that the e-planation lies outside the relations production, as i it were a ,uestion merely o #oods or, at most, o mar'et or the sale o these a dys unction
in the producti*e process and thus that a read!ustment o actors would resol*e the problem( >*en so, when the all in the rate o pro it they are the capitalist mana#ers attempt to deal with the worryin# conse,uences o economic e o and o more the orced to deal with the cause o the problem and not its
ects, thus brin#in# into play a *ast series e ecti*e acts because centred it is the stripped o any and
constraints or mysti icationsJ it is based on the dynamic real round anta#onistic contradictory aspects o capitalism( the decline in the
In order to loo' at both the law o rate o we6ll loo' at the e-ample o choice is
pro it, and the countertendencies it pro*o'es, the postwar BS economy( +he i#ures relatin# to Eational the orced on us because the
pro it in the BS economy are the best 'nown and best researched( .ccordin# to the French Institute o .ccountability %IES>>& the a*era#e rate o BS economy the period dissection o 20022< it ell more than pro it o 7<5(
rom 19<<22000 declined more than 705 and in Further this statistic re*eals that between 19<0 pro it ell by more than <05( In the
period 194<29; there was an e-traordinary reco*ery o inishin# with the years 199;22002 which saw
all o
215
199;, a
on until 200;(
In percenta#e terms what has happened is that in the irst period we went only to rom an a*era#e rate o pro it o i#ures all in due to 222275 to 112125( In the second it went bac' up to 145 all once a#ain in the third to 105( +he capital, the rate o In the short pro it has to howe*er, tell us that, on the basis o composition o the lon# run( chan#es in the or#anic term
else its decline can be clearly slowed down( See Fi#ure 1 top o war BS economy +he apparently contradictory aspect deri*es that in the went rom the act p(148 +he rate o pro it in the post2
rate ne*er reached a#ain in succeedin# decades( +he a*era#e rate o unemployment minimum o surplus in ne*er annual increase in @DP was around <5, rose much abo*e the physiolo#ical
around 25 and in lation ne*er went abo*e 2(15( its balance o payments and was e-portin#
+he BS economy dominated world trade( It had an enormous inancial capital with a net surplus o 1;5( +he only
e-planation
or the
capital, itsel
thirty years the latter increased by 015, speed and intensity, thou#h they do economic e-pansion the to enormously more
i#ures in terms o
ta'e place o*er a lon# period( +he important point is that in the post2war period o o relati*e surplus *alue need to continually reduce necessary labour time by means leads in*estment in constant capital than in *ariable( .s dead capital replaces li*in# labour, the source o o surplus in *alue the o is rate( the enormously +his ;0s narrowed, how increase and o e-plains in its e-traction despite the an .merican the /0s economic
ound itsel
crisis since 19292 77( +his was when the leadin# sectors the economy were o*erta'en by those o ound itsel ?ar with a @ermany and or the irst o Japan( )a*in# lost its domination o the 9made in the BS.: economy time since the Second ?orld the world mar'et, balance
payments de icit on its current account( +he BS. now had to import capital declined due to a rather three the slowin# rom abroad as its competiti*e position all in the rate o o its decline, pro it which had pro it, or too' place which the rate o
literally hal*ed( +he re*i*al o between 194< and the end o actors( +he absolute success o that occasion the
199;, was brou#ht about by or the reco*ery is the @ermany and Japan( Cn two ma!or trade and
irst reason
the BS economy a competiti*e ed#e in commodity prices and there ore on the balance o its current account(
+he second was the hi#h interest rate policy promoted by the BS Federal Aeser*e with the aim o enormous mass o industrialised the price o countries towards the recyclin# the rom the producin# oil petrodollars which had shi ted
crude oil(
+a'en to#ether, these two actions ensured that the dollar would continue as the main tradin# currency in all the world mar'ets %925 o resh sources o BS economy to be all trade was in dollars& and that low towards the asthmatic at home but mainly partly capital would in*ested
abroad( ?ith an increasin#ly de*alued dollar in relation to competin# currencies, yet still retainin# the dominant international e-chan#e medium, the BS was able to reco*er its competiti*e ad*anta#e than's to the conse,uent relati*e lowerin# o the price o BS #oods(
See Fi#ure 2 below8 Aeal )ourly ?a#es in the BS. +he third the lower actor, and certainly the most important, was in labour and, costs( abo*e Kower ta-es on o irms, real costs all, sta#nation
reduction money
wa#es which did not increase at all throu#hout the entire period( Indeed wa#es declined thereby contributin# to a reco*ery better in the industrial and manu acturin# rate o pro it to 205( In the buildin# sector thin#s were e*en or the capitalists( "etween 19;4 and 1997 real pro it o actor wa#es in this sector ha*e been reduced by 1(15 a year, allowin# in*ested capital to obtain a rate o <05( ?e ha*e also to ta'e into account a political
class stru##le which allowed capital to restore pro it a crisis2ridden capitalist system is to impose the policies o the
mar#ins relati*ely easily( ?here wor'in# class response to the attac's o or the wea', or e*en none-istent, it becomes more practicable capitalists counter2tendencies with the aim o pro it mar#ins( +hese policies include the in amous calls which are still in the compliance o did the rest( Despite the consistent reco*ery in the rate o pro it in they ha*e spread to the rest o or sacri ices restorin# si#ni icant
the 1940s and 1990s the latest crisis has brou#ht the BS economy bac' to the same precarious situation as at the end o "y the period o a series e-pansion( o problems, which the arti icial
1994
re*i*al o into
the 1990s had concealed, came to a head( +he It was based on the drainin# o world
#ambit which had be#un with Aea#anomics in the 1940s went crisis( sa*in#s to the BS. by means o the dominant role o conse,uent crisis which reduction encompassed most o the hi#h interest rates and the economy and a 1oreo*er, the the in*estments, based( +he
production and the hi#h tech sector on strate#y increasin# the state, o whilst the irms, o rate o amilies tryin# ine-orably
declined( +he more pro its declined the more the recourse
to
parasitism, .nd
and so
increased the
inancialisation bubble
the
crisis(
speculati*e
e-panded
once a#ain, the international proletariat is bein# as'ed to pay the price( ?hen the speculati*e bubble which swelled to pro*ide cheap credit or companies and amilies as well as the entire economic system burst, billions o ictitious crisis dollars were wiped out in a stoc' mar'et en*ironment( ew days in the +his created a
wea'ened, and which was now thrown into the abyss( +he housin# mar'et collapsed li'e a house o the most important to producti*e show Cn si#ns sectors, o tech, reduced o be#an cards, then all includin# hi#h Pre*ious urther
in*estments in constant capital and so tware had already producti*ity( a*era#e, all in producti*ity, plants were wor'in# at around /05 capacity( In addition the 7(<5 wa#e rises which were the economic boom the those possible durin# the later sta#es o crisis( In a short space o
ha*e become an unsustainable burden on a capitalism in time indebtedness o de*elopment, and o State throu#h the public debt, o inancialisation their model o businesses which made easy consumerism pro it o o 2007 1(/5(
amilies who belie*ed in the illusion o the BS economy into the blac' hole o a conse,uence between by 2000 /5 and and the real employment Producti*ity ell
economic crisis( .s by
ell 005, plant utilisation 705, whilst @DP ell to 1(75 per
o*erall G<9(<
result billion
is in
a 199;
reduction billion
in in
pro it o
electronics
irms
whilst today the balance sheet has literally the semi2conductor sector pro its to G2(9 billion( In telecommunications drop
olded( In
in 199/ to G/(4 billion, whilst the ser*ice sector saw a rom G;/(2 billion to G77(< billion( all in the rate o pro it in
non2 inancial acti*ities was on a*era#e around 205 with a 2;5 compared with the 199; pea'( i#ures ha*e came to li#ht with the implosion
Aeturnin# to the #raph % i#ure 1& and to the brea'down o the period 190<2 2007( ?e can see the ups and downs o the rate o decline o pro it( In the period 190;2 ;; there was a <75( "etween 194<29; there was a reco*ery o inal phase to 2007 it ell 705( the
Subse,uently the decline continued until the crash o last two years( +he result is that o*er a period o economy has had an a*era#e the on daily all the the e-istence o
</ years the .merican pro it o .t and the the has only or capital and class( mar'ets war as
international le*el it has led to increased competition strate#ically tra#ic important o produced phenomenon
9solution:
or
the
#reat
powers
in
pursuit
their
economic and strate#ic interests( See Fi#ure 7 abo*e8 Pro it Aates Japan +he operation o sli#htly di the law o the all in the rate o the timin# is or @ermany, the BS. and
erent, in all the ma!or >uropean countries actors( the labour orce which in +he
%"ritain, France and @ermany& and this has opened up a period characterised by si1( .n economic attac' o on
terms o recent
len#th and intensity has no e,ual in the history international o capitalism( power e-ploitation labour throu#h
intensi ied
increased producti*ity brou#ht about by reducin# the time and cost o produced wor'ers, o o as #reater rather it production o wealth has or done commodities has not shorter the hours In or a opposite(
capitalism o
pro it an increase in labour producti*ity implies the wel are state and increased !ob insecurity, a result o the increased ri*alry between competition by
capitals pushed into the *orte- o the pro its crisis( 2( +he e-port o
inancial capital, the dispersal o or labour mar'ets ha*e become a labour power is massi*ely lower all these capitalism in crisis( rom low cost one o labour those
production, the tireless search where the cost o than domestic condition search o rates,
>ntire areas ha*e been ta'en by storm by capitals in mar'ets( >astern >urope become
areas
to
@ermany o has
and
Italy the
ha*e same
their
manu acturin#
.sia
pro*ided
or $hina( +he BS
shi ted to .sia and . rica in order to compete with $hina as well as to those areas o which role o still remain submissi*e to ?ashin#ton( inancialisation throu#h super or e-tra the creation o ictitious iculty o the
7( Aecourse to parasitic
pro its, a systematic recourse to speculation and acti*ities, capital, #i*e a sense not only o *alorisin# capital but e*en o 0( +he present crisis has liberalism but o has reached the the di
the decadence o
entire international capitalist system( urthermore made it clear neo2 that we are not !ust dealin# with a crisis o inal phase o
accumulation( +he same bour#eois economists who were only yesterday e-pressin# ears about the role o all e*ils o on the the rom the State in the economy as the worst o ha*e out or#otten the that it is not the
in*o'e it today as the only road to sal*ation( +hey orm but, mana#ement o producti*e relations which can wipe contradictions the system which
system6s
time to time re*eals the limits o neo2liberal, statist or a mi-ture o on 5. +he the need pre*ious to do historical e*erythin# capitalism(
possible
natural #as( . ter the BSSA collapsed we witnessed a process o and imperialist re2composition which is still with or ener#y sources ha*e become the the #oin# on where entire continents, strate#ic areas re#ions lashpoints .merica, o con rontations between #reat rom
international predators( From $entral .sia to Katin rom the 1iddle >ast to . #hanistan, the Ei#er Delta to Ira, ener#y problems with no hope solution are de*elopin# in this imperialist re2 course, there is or irst, he#emony in the o*er irst a *i#orous stru##le .t ali#nment( .t the same time, o also international decade o currencies(
Cil was ,uoted and sold in dollars( +oday Aussia sells mainly in roubles, Iran and Vene=uela also ta'e euros and many @ul to#ether #enerally opposition 1999 925 o a bas'et o replace rom the countries are tryin# to put currencies dollar as the to which would oil #lobal the
currency( For se*eral years there has been a #rowin# other currencies trade dollars in 9droit de seigneur: on the world oil mar'et( Bntil international too' place dollars( +oday it is only 005 with 005 in euros and the remainin# 205 in the yen and renminbi( /( +he war actor, e*er present in imperialism, is ta'in# on a particularly acute character( Eo mar'et, whether in inancial, commercial, ree o orei#n e-chan#e or primary products, is not the actual sound o the Cbama capitalist will close worryin# tensions i
war( Death, destruction, and +he 9so t but how power: many o
barbarism are the social and economic constants o crisis( newlyelected president Cbama comes as no surprise( @uantanamo other prisons o this type will remain in the BS. and
around the world under the control o the BS militaryI )e o re#ime doesn6t abandon proposes a renewed sanctions policy i its nuclear
prepare to accept oil a#reements with BS. plc( +he BS will only lea*e Ira, i becomes capable o the "a#hdad #o*ernment the military controllin#
situation and can produce and e-port oil in the same way as be ore the war, #uaranteein# to the BS a pri*ile#ed partnership in terms o price( place Ctherwise and at the .merican best troops estimate both supply and will this remain will be in a
permanent #arrison o
00,000 men(
For the . #han2Pa'istan a-is thin#s are clearer( +he new administration not only has no intention o stance, it has set aside tens o billions o so tenin# its dollars or
the so2called war on terror in per ect continuity with the "ush administration( +he aim is not to miss the last train to #et the ener#y resources o this is only a war o Cssetia e Sudan and and $hechenya, Ei#eria&, $entral .sia as the only BS openly competes with Aussia and $hina( .t the moment pipelines but it could, i etc( to .dd combat to this the the deep re#ionally, chan#e into a real war as in @eor#ia, Eorth renewed $hinese ort, as usual ollowin# the "ush line in . rica %$had,
penetration, particularly o*er oil resources( ?hate*er is happenin# in these countries in terms o #o*ernmental to the crises, ci*il wars, clashes between armed #roups %each supported by an imperialist interest& is a reproo BS @o*ernment which, despite its chan#ed appearance, is orced to pursue the same old imperialist policy, perhaps less ob*iously, undoubtedly with a less brutal
appearance, conte-t(
but
always
operatin#
in
e-actly
the
same
The Temporary Effect of the Counter-tendencies to the Falling Rate of Profit .n analysis o the .merican economy rom the 2nd ?orld irst bein# that all in the counter2 in the all,
?ar until today re*eals two aspects8 the o*er the lon# term the law o rate o e-tent o tendencies
the tendential
pro it is continuous( +he second is that the the tendency depends on a series o which, at best, are only e ecti*e
short or medium term( +hey can momentarily interrupt the all in the rate or slowdown the *elocity o but since this is an inte#ral part o *alorisation o the line o ?hile the march o on the law itsel ( the to one hand brin#s the into bein# the by a the the process o
capital it
or the
see's
conse,uences constant
initiati*es
hardly a
capital
normal conditions producti*ity rises in line with the constant which compared more or *ariable( "ut more technolo#y si#ni ies more in*estment constant capital replaces consistent share o increase in the labour orce( In other words, the In this conte-t
*ariable capital diminishes more ,uic'ly than the rate o constant capital( producti*ity increases i the cost o the commodities
produced is lower than in the pre*ious economic phase, i in the o*erall total %that is, in the sum o constant and both( the *ariable capital& there has been a reduction o rate o e-ploitation or the as on and in the mass o
+hus, while there is an increase in producti*ity, in the pro it, or#anic composition o the condition as little run, capital also rises and so creates all in the rate o increase crisis( in I pro it( +his the a or#anic
e-plains why capital needs to increase producti*ity with possible the composition, in order to slow down or put a bra'e, in the short rate o pro its particular wor'ers at increase in constant capital allows an increase in the e-ploitation, with the same number o lower wa#es, then it is possible to raise the rate o pro it( It #oes without sayin# that i such operations pro it, remain limited to a sin#le company then there will be *ery little *isible impact on the a*era#e rate o but i o e*en i they are ta'en up by the bi# irms in more sectors reor#anisin# local and
production then their impact can be more si#ni icant, sooner or later, once their mode o
production becomes #eneralised as a result o annulled( The Devaluation of aria!le and Constant Capital
+he counter2tendency par e-cellence concerns the cost o labour and operates by means o its a ect on both direct and indirect wa#es( +his is a lon#2established procedure but in recent times it has intensi ied enormously as a result o the low pro it with rates their in all the ad*anced hi#h capitalist countries typically *ery
or#anic composition o
capital(
For the
twenty social
years state
the in
has o
e-perienced a constant onslau#ht *ia the dismantlin# o indirect and de erred wa#es, albeit in a *ariety o and at di erent times( ways
First in line are 'ey components such as health, pensions and public unemployment state6s de errin# bene icial reduction o conditions inance and or schools and uni*ersities( Aeducin# wel are but insurance also a#e, all costs, o these mainly ha*e the been that employersJ
contribution the
retirement
as a sa*in# on indirect wa#es, a#ain to the ad*anta#e o capital( In Italy the employers are tryin# to #et the irst three days o illness e-cluded rom wor'ers6 entitlement to sic' pay( Cne o +here the most odious practices is the blac'mail o is a #rowin#, not2so2*eiled practice, o
immi#rant wor'ers and anyone on short term contracts( threatenin# anyone who complains about the their contract( .s has lon# or pensions, the attempt to de er the retirement a#e lar#ely term succeeded, thus reducin# would turno*er too o the and reein# businesses which rom the need to draw up cost much, loutin# o
contracts,
instead to draw up new, short term contracts based on lower wa#e rates and more le-ible wor'in#( +his is not e-ploitation( In to mention reduction in brea's and rest periods so that there is no disruption to the rhythm o some cases lunch brea's ha*e been literally hal*ed and
time allowed
or physiolo#ical needs drastically reduced( a*ourite practice is inished ones, more time& without, +his is an
In metal en#ineerin# %*ehicles& a the speed2up %more pieces, more hal ob*iously, e-ample o there ore, a correspondin# wa#e
increase(
relati*e surplus *alue which does capital and which, ecti*e counter2tendency(
by a direct attac' on wa#es, on the mass o whole in relation to the number o o*erall amount o o
wor'ers remains the same, or else the increase in the o employees i e*er this actually happens,
wa#e bill is relati*ely lower than the increase in the number because usually the opposite occurs rather, that is, the number o o the crisis such wor'ers diminishes absolutely as a result to restructure one, which, in periods o and as this imply redundancies necessity
unemployment( +he precise measures capital adopts to obtain this result are *ery simple( +hey all in*ol*e drastic cuts in real wa#es, usually with the help o the ti#ht mar#ins o o the the unions, in line with and o the pressure o shortterm drawn2up orce that hei#htenin# system wor',
international competition( +he hu#e plethora o contracts, insecurity temporary newly contracts, all ha*e the common denominator o or those who do the wor'( . labour
is only a*ailable durin# the economic #ood times when it can be pro itably e-ploited and con*ersely, which can be #ot rid o containin# production( in economic downturns, is an optimum method o wa#e "y increases law e*ery and new lowerin# contract, the costs o the whate*er
speci ic details, is based on a wa#e reduction o 005 has or the same amount o allen ollows
up to
+he stubborn *icious circle into which the proletariat scienti ically Cnce the old wor'ers who had !ob security ha*e reached retirement a#e and the old contracts ha*e come to an end, almost e*ery youn# wor'er enters the production process or a determinate %precarious& amount o time and at a lower, much lower, wa#e than pre*iously( +he new way o mana#in# the relation between capital and labour, imposed by the e*ernarrowin# has the capital orce mar#ins o e pro it ect on o the realised by enterprises, *ariable immediate de*aluin# increased
without
impactin#
the BS. and "ritain in the 1940s, then, at the be#innin# the Eineties, in >urope as well, co*erin# e*ery sector real production and the main branches o the ser*ice
orty years the rom a rate o today, ri#ht to a*oid on on the its
205 to <5 and then to the 1(<5 o it has For not years been it
inter*entions mar'et by
proceedin#s(
imposin#
short2term
wor'ers, demandin# the most e-treme mobility inside and outside, with wa#es up to 005 lower than pre*iously( +hat most important o where it was .merican auto companies, the one which or decades to the point symbol o .merican and this crisis( considered a has dominated the world mar'et
+hrou#hout the Si-ties and Se*enties the Detroit company built its producti*e o in capacity %more more on a *ery hi#h in than or#anic constant labour composition capital than capital in*estment machinery
*ariable,
power&, thus depressin# the pro itability o Its rate o pro it is as can be seen(
its capital(
+his is what persuaded the company directors to withdraw a certain portion o recuperatin# in the capital rom production and switch to speculation with the result, in the short term, o inancial sphere what they had lost creatin# e*erythin# to the .merican rom real production( So lon# as the #ame o soon losses as the +he speculati*e stoc' mar'et bubble losses burst were
rom production, puttin# the colossus o ruin and possibly </5( @1 shares
urther( depreciated
ha*e
enormously( From 0/ dollars per share, the *alue dropped to 7 dollars in December 2004( In February 2009 there was a ;1 urther depreciation o years, that is since 275 which brou#ht the share or the last +he the @reat Depression( *alue down to 1(<05, a record historical low inancial arm o the whole o +he o
@eneral 1otors %@1.$& has lost almost a de icit o reimbursin#( rom the State to the tune boundless *orte- where e*ery 24 billion
the crisis has called into ,uestion& bac' on its "ut the crisis is not only about statistics( "ehind the i#ures lie the destinies o
millions
amilies and the dread ul prospect o uture o lon# term po*erty( +he i*e
irst step ta'en by @1 was to immediately shut down plants in the BS. and analysts ear that i enormous networ' o @1
our in >urope( +he same .merican ails completely, drawin# the the other two
ma!ors in the automobile sector, $hrysler and Ford, were to #o the same way then almost three million would be unemployed( C*er the past year unemployment has risen by se*en million, two million o them in the early months o 2009( C*erall it6s estimated that unemployment, includin# the socalled hidden unemployed, has already reached 1/ million( +he number o wor'ers %in part e-& without medical insurance has #one o rom 00 to 0; million( +his is
a social catastrophe which is due to #et worse by the end the year( +here hasn6t been a cyclone or any other disaster to cause such disturbance, but only ruin by its insoluble natural
It is the same scenario in the rest o international economy, to >urope( In Italy the the epicentre o the
i#ures are lower only because erent, but e*en here the inancial arm has
lost all it could lose on the stoc' mar'et and the *alue o its shares has orm o incenti*es allen to an historic low( ?ithout and cheap credit /00,000 wor'ers, State inter*ention %at least <2/ billion euros& in the includin# those in the supply and distribution networ's, would ha*e lost their !ob( It is the same scenario in the rest $hina o to the are .merican rom only lower and international to >urope( the economy, In Italy o rom the the Aussia, Japan
i#ures are di
because
epicentre
crisis is beyond the ocean and because the proportions erent, but e*en here the causes and mechanisms o inancial arm has lost all it could lose on its shares has allen the depression are the same( Fiat6s sales ha*e collapsed by 005, its the stoc' mar'et and the *alue o to an historic low( ?ithout state inter*ention %at least <2/ billion euros& in the orm o incenti*es ha*e lost and cheap !obs( credit /00,000
%1&
wor'ers, includin# those in the supply and distribution networ's, would their 1archionne6s recent deal with $hrysler and the attempt to enter into the orbit o Cpel, with a debt burden o L10 billion on unction hi#hly be its shoulders, is none other than the attempt to surmount the crisis by the process o also o the e-pectation *ehicle competiti*e India( .ll o mode o #lobal concentrationJ a that mar'et the will already
e*entually
9bloc'ed: by the arri*al, in a bi# way, o neo2liberalism, but the ban'ruptcy o producin# and distributin# per*erse e-acerbation o +his is the settin# o most out o
$apital, or as
with lon# o
the as
9responsible: .t o
the a
irst o months,
all to delay new wa#e a#reements times years, only but be ore parties
possible(
mana#e to reach an a#reement( ?hen they do, capital tries to impose yet more sacri ices centred round de errin# wa#e risesJ or else a wa#e rise is conceded but on the assumption that any increase will be within, or rather well reduced, by in lation and producti*ity( +he other route capital ta'es to reco*er pro it mar#ins is that o carries on increasin# len#thenin# the wor'in# day( >*en thou#h it increasin# the relati*e o surplus *alue, by producti*ity labour throu#h ar below any increase in
technolo#ical inno*ation, this only increases the mass o pro it whilst, howe*er, lowerin# the rate( $apital is thus also obli#ed to return to the pursuit o is li'e an historical parado-, as i absolute surplus *alue, obtained by prolon#in# the wor'in# day( It capitalism had #one bac' two centuries, e-cept that it is the reality o modern capitalism which is imposin# this situation( .t the present sta#e it is no lon#er enou#h to respond to the allin# rate o $apital pro it by increasin# the mass o must attempt to add absolute capital( also
surplus *alue to the relati*e surplus *alue, in a sort o ceaseless e ort which ne*er succeeds in o*ercomin# the *alorisation di*ided insoluble contradictions that the process o disposal security capital without an and is any increasin#ly easily increase eeble
continually poses to its bein#( Eow that it has at its proletariat, almost lon#er are politically as much as it is economically, with no !ob blac'mailed, to in impose wa#es( a ?e e*erywhere wor'in# !ust at day the be#innin#
be#innin#, but these 'ind o uno icial or crisis presented speci ic situations,
responses
operation( +he French e-periment with the 7< hour wee', which in any case is only nominal since it is hardly e*er put into practice, was obtained at the e-pense o security and the relin,uishin# o implementation( In the same *ein, the !ob all opposition to its @erman
metalwor'ers6 union %I@1etall& has a#reed that in certain instances the wor'in# day can be prolon#ed hours in e-chan#e or curtailment o layo this has been the practice or 102 12 s( In Japan
thou#h it has ne*er been made o abo*e all in those o per month, =ero
wor' up to 10 or 12 hours a day, with only two Sundays or no e-tra pay or else amount( .mon#st almost in ormation
only 215 wor'ed more than <0 hours( +he same thin# is metalwor'in# and in manu acturin# in #eneral( .ll these situations are !ust the be#innin#( In uture we can only e-pect capital to rein orce its attac's on labour power( Cne e-ample o .ustralian what is in store has been pro*ided by the minister( )e proposes ma'in# stri'es
prime
ille#al throu#hout the economy, includin# ser*ices, and to ma'e it le#ally possible to lay o the moment and law:
%2&
anyone, whate*er or
or whate*er reason( In Italy the 9Sacconi prolon#in# the wor'in# wee' %0220<
the possibility o
bannin# them, in
order to sa e#uard the interests o and ends up the wor'ers howe*er, can announce rom they wor' are
abstainin#
relin,uish their payment is no limit to the +he most rate allin# rate
or the day as i
they really
had not been at wor'( Parado-icalI $ertainly( "ut there antasies o o pro it capital in crisis( e*en imposes the the the need to
constant capital( )ere the relation same( In between normal aster all in a hi#her
concerns remains
constant capital and its material *olume, e*en thou#h the e-ploitation conditions the increase in constant capital is than the increase in *ariable, determinin# the the rate o pro it( )owe*er i , than's to producti*ity o o*erall mass o labour, the *alue o means o
constant capital,
e*en thou#h it e-pands, #rows proportionally less than production put into operation by all in the rate or a limited in the 9re*olution:, happened the same ,uantity o period, annulled( case labour power, the +his o is the what has
achie*ed because the increase in constant capital was proportionally lower than the mass o operatin# in the producti*e system( 1oreo*er,
opportunity created by this technolo#ical re*olution to di*ersi y production at the same time as usin# the same constant capital, ma'es turn a ects the rate o ield a automobile or its depreciation which in pro it( .n e-ample arose in the
between Fiat and Ford( +he two #roups a#reed to produce the Ma and the Panda in Poland( . sin#le buildin#, wa#es well below the domestic le*el and, than's to di*ersi ied production, the same machinery was able to produce the chassis o least 005 on the assembly costs( Still on the sub!ect o there is the attempt depreciation o to reor#anise constant capital, stoc's o raw orcin# the both cars, sa*in# at
9use the labour then throw it away:, or rather a similar o a system part has o been brou#ht in to +he
by utilisin# labour power only at the 'ey moments o production, reduce the costs constant capital(
introduction o be used in
just in time, that is the orderin# o has trans ormed are stora#e and stoc'
parts and raw materials only !ust at the moment they will production, Such o a maintenance costs as well as reducin# the ris' o deterioratin#( the by the o a sprin# inno*ations compellin# ,uota o certainly the and wor' to reduce the costs o contain the dama#e done by depreciatin# actors o
allin# pro its, in this case capital reor#anisation o with its one o !ob
insecurity( For capital, raw materials and labour power are simply commodities that ha*e to be employed in the production process at the minimum possible cost and in order to remain competiti*e and 'eep up pro itability only at the times when they are instrumental in *alorisation(
raw materials can also help to lower capital( In the present the epoch, inance capital has reached its between imperialist irst to
constant
relationship
centres and the so2called periphery allows the it comes to the supply and payment .n e-ample o wa*in# the a ree mar'et, o
impose absolutely une,ual conditions on the second when or raw materials( debt( Far a##ressi*e on rom the the o
la# o
ree competition in
imperialists are the more they succeed in achie*in# their ob!ecti*e debtor in lictin# commercial the blac'mail countries( Primarily blac'mail consists
which are rich in raw materials but up to their nec's in debt( +hey can either obtain new terms new series o conditions( prolon# the repayment period, so lon# as they submit to a
First amon#st them is the demand to clean up the public inances, an ine*itable precursor to the pri*atisation o national assets( Pri*atisation allows the bi# international companies to ta'e o*er or #et a sta'e in 'ey industries so that they ha*e absolute control o*er the e-traction and distribution o strate#ic raw materials without any #o*ernment inter erence( In the second place, the terms o correspondin# e reduction in the credit a#reements price( In other
usually #i*e the creditors priority o*er supply with a purchase cases, when imperialism #ains a monopoly o*er demand the ect is the same( ?hen the pressure o blac'mail is not enou#h it is outri#ht orce which determines access to raw materials( It is
no accident that .merican imperialism, with its *oracious networ' o national and international companies, with or the I1F and the BE, has brou#ht $entral and South .merica +he BS has unleashed a le*el( without the support o down to their lowest
the raw materials mar'ets o continuous series o to the sharpenin# erent wars o
su##est that this will not continue, in direct proportion the crisis, e*en i as di the Cbama administration presents itsel rom the pre*ious one, without, howe*er,
re!ectin# its 9imperial: ob!ecti*es( ?e can sum this all up easily by concludin# that allin#
imperialist a##ression towards international mar'ets is directly proportional to the dama#e caused by the rate o series hi#her by the necessity to resort, by means o o counter2measures composition and by or#anic and blac'mail or allow it enable pro it( +he lower the pro its, the #reater the orce, to a a to continue which capitalism
sur*i*in# its own contradictions( +hus the price is paid periphery all, capitalism6s the wea'est competitors and and, abo*e respecti*e national
international proletariat( +here are countless e-amples unobser*ant, to note( +here or anyone, e*en the most isn6t a strate#ically
important area without an armed BS presence, whether it be the @ul , the 1iddle >ast, central .sia( 1oreo*er, e*en i oil and on at the moment it is at a lower le*el, >urope, or the control o raw materials ha*e been #oin# Aussia and $hina also play a bellicose role( ?ars o*er or years without any solution(
+he present crisis cannot do anythin# else but e-acerbate the contradictions at the heart o the capitalist social
and producti*e system( .s it is, social production is allin#( @DP brin' o i#ures or the BS., >urope and Japan are production are on the well below =ero( >ntire sectors o underclass is pre*ented possible ront
collapse( +he credit system is writhin#( +he rom consumin#( +he international hi#her e-ploitation, #rowin# inancial or ar
proletariat is sub!ected to attac's by capital on e*ery wor', pauperisation while speculation and parasitism continue to #row in parallel, despite all the appeals to morality, as i 9ethical: capitalism this de*astatin# crisis o +his crisis and reducible to the absence o beha*iour( is decadent capitalism was how
political system it has #enerated e*en more a##ressi*e, not to say, erocious( of Production and Export of Financial
pro it
rates
ha*e
imposed
relati*e
o*erproduction o o o o
production( In
commodities( +his absolutely does not mean that too producti*e capacity in relation to social needs, or orm low capital( .ll it means is that, within the narrow and relations o capitalist production, capital which
many #oods ha*e been produced and that there is an e-cess e*en that too much wealth has been produced in the contradictory
cannot be in*ested producti*ely( +his increases the stoc' the low le*el o
demand which cannot absorb them at the e-istin# price and the suppliers o raw materials, the actories, reduce production or else are It the o orced to close down alto#ether( the crisis #enerated by raw materials, power, e-port are o o the the
ollows that one way out o allin# rate o in rastructure less( with crisis
mo*e production abroad where the cost o distinctly capital serious hi#hly In its o the present epoch
e*erythin# at
labour power is as low as possible, where trade union protection is minimal or none-istent( +he more delocalisation pro it( capitalist see's state, out its dependin# own =one, on its its own succeeds in indin# these
imperialist sphere o o
wei#ht,
or an impo*erished
proletariat that is obli#ed to accept whate*er wa#e is ered by the orei#n companies( +his is one aspect o ocatin# rom the customs barriers, commodities, #lobalisation( For a capital which is su lac' o the ree pro its, the tearin# down o circulation o capital and
possibility o
li'es and to ha*e at its disposal, without any union constraints, an international proletariat whose cost is at least 102 1< times lower than at home, this is manna which no2one can turn down(
.part o
rom imperialist #iants, li'e the BS. which has the .merican continent and parts %005 or o $hinese 9made in e-ports Japan:&, are old
.sia, includin# $hina, or Japan which has ta'en the $hina the BS.:
labelled
>urope is no less in*ol*ed( France continues to e-ploit its e-2colonies o and little old the 1a#hreb and central2west . rica( in the e-2so*iet republics mana#ed to decentralise Italy has @ermany has positioned itsel
production beyond the .driatic, to Aomania, "ul#aria and Poland but also to "ra=il and .r#entina( .s usual, this is not new( For more than a century
production has ta'en place in the rom the 2nd ?orld to re2establish or low cost or economies
?ar until today, and with particular intensity o*er the tolerable pro it mar#ins has made the race labour mar'ets a ,uestion o li e and death capital( or the rate o pro it with a hi#h or#anic composition o +hose who deny that the tendency to all is a problem that all these mani estations o witnessin# e-empli ied a by new phase o
or modern capitalism, who ar#ue countertendencies are economic remember e-pansion that the as
absolutely nothin# new and that, on the contrary, we are $hina, should Asian
economic miracle is partly the result o contradiction( de*elopment, a*era#e years, rate is which o based o the on $hina6s has on #rowth o three o allowed 105 "ei!in# o*er actors( countries
e-traordinary the
relentless
production, part
accompanied
crisis
South Morea and, in part, western >urope( +he arri*al o enormous countries, and still amounts ha*e, o at inance their capital a rom the same with or the simple reason that in $hina they had, disposal proletariat
e-tremely low wa#es, up to 402905 lowerJ a wor'in# day which can #o up to 10 hours lon#J and no union co*er, either or health and sa ety or or !ob security(
It is sel 2e*ident that in the lon# term de*elopment at this in rate in $hina and will come to not a halt, because as it did pre*iously the pro#ress as the or the EI$ %newly industrialised countries& Se*enties, its capitalist $hinese today has reached ape-, but because are
Si-ties
orced to su industrialised
e-periencin#( @rowth in these countries cannot be e,uated with capitalism in its phase o new areas o e-pansion when there were de*elopment and economic #rowth to open up( all licts or the
Cn the contrary, these 9countertendency: e-periences entirely rate o within pro it to the all( thisI Cnly by the re*i*al o decadent phase which a international capital as a result o the tendency
the class
stru##le under the #uidance o which does not limit itsel de ensi*e or otherwise, e*en i the means mechanisms irst or o that all capital
the re*olutionary party, these are the point o uses to the o or sa e#uard conditions its o or o
departure( Aather, the party will also be#in to challen#e economic and political interests( +o mo*e a#ainst capital challen#in# which are e-istence producti*e increasin#ly capitalist relations production8 millions
relations intense
responsible
e-ploitation,
wor'ers
su
erin#
morti yin#
unemployment,
or
the
de*astatin# economic crisis which accompanies its mode o creatin# wealth, which leads to war are as a means o continuin# the process o accumulation and e-tortion o its e-istence( surplus *alue which is at the basis o reconcile itsel the proletariat( Fabio Damen %1& Ser#io 1archionne, $hie %2& 1auri=io Sacconi, >-ecuti*e o o Fiat( )ealth and
Ctherwise the wor'in# class will *acillate as it tries to with the irreconcilable, with capital, uture interests o which is opposed to the present and
1inister
Kabour,
Social Policy( +he dra t bill presented to parliament on 29(2(09, amon#st other thin#s, aims to pre*ent stri'es in 9essential in a*our o ser*ices: and includes the re,uirement or public transport wor'ers to abandon the ri#ht to stri'e the 9*irtual stri'e:(
.cademic economists and le#al e-perts in Italy ha*e been toyin# with the concept o the 9*irtual stri'e: or a decade or so( In the academic discussion the employers are supposed to sacri ice the income they would ha*e lost i a real withdrawal o Sacconi labour had #one ahead %by ma'in# or e-ample&( Eeedless to say, the o the *irtual, does not a donation to charity, real2li e, in*ol*e any loss
*ersion
or the employers(
2009211220 N<<90
Revolutionary Perspectives "#$ Quarterly Journal of the Communist Wor ers! "rganisation Why not subscribe to get the articles #hilst they are still current and help the struggle for a society free from exploitation, #ar and misery$ %ee side panel for details& ' ())*')+'),