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Jul. 14th, 2025 11:14 am
reading notes on chapter one
hi back again, been reading for a theory book club. currently reading how will capitalism die? which so far has been insightful, even tho a lot of it goes over my head information wise.
this is mostly a collection of thoughts, notes and occasionally a singluar quote here or there.
How Capitalism Will End? Wolfgang Streek.
Started: June 9th 2025
Chapter One Thoughts:
Captialism is made up of many contradictions and tensions to work the way it does.
Many economists in thier lifetimes had assumed that capitalism would fail in their lifetimes. This was not always the case. I wrote down some of the short ideas and who they are associated with.
Marx - rate of profit to fall.
Keynes - resitance to satiated needs.
Polanyi - resistance to commodification.
Luxemburg - exaustion of labours.
Kondratieff - technology stagnation.
Hilferding - suspending of the markets.
*NOTE: i havent read many of these theories and should later check them out either online or find books written on/by them.
General running theme is that there is a supression of entrepeneurialism at some point in these theories (at least to what I recall from this book).
Collins Theory was one that resonated the most with me. the premises boiled down into basically:
- displacement of labour due to development of machinery
- displacement will happen regardless of revolution or not.
I find this one the most likely to be true simply because it has happened before and capitalism was able to continue to thrive despite the labour having been moved into machines over the workers. The last occurance of this was obviously the industrial revolution. However the reasoning for how capitalism was able to get out of dodge was that the labour being replaced, was lower level to blue collar labour. This allowed for work arounds in the type of labour given to working classes. This time however. The labour being replaced is the middle class to white labour work. At some point when machines have developed enough they will not need maintence by humans, its maintence can happen via itself.
Interrelated devolopments. ex. rise of oligarchic rule, the commodification of labour, nature and money. and omnipresent crruption. are also at play in capitalism and its possible downfall.
OECD = Organization for Economic Co-operation and Development. OECD capitalism has been on a crisis trajectory since the 1970's -> turning point being post war inflation -> public debt -> deregulation of debt -> tax state -> debt state at the beginging of 1980's.
Democratic state becomes consolidation state.
Three have become mutually reinforcing to this structure: public, private and overall debt. Low growth, inequality, and high levels of debt clogging these debt systems. Implimenting quanative easing to at least in minimum rescure the finanical sector over other sectors.
Oligarchs invest politically so they can keep capital.
The ways for lower class to continue in this cycle and system is that of the way of Coping, Hoping, and Doping.
Coping - the way an individual responds to impoversations.
Hoping - mental effort to imagine and believe that a better life awaits.
Doping - helps the coping and hoping with substances (not always actual drugs); this leads towards the newer addition of shopping: the consumtion that helps the trio.
Mathew effect/principal. "For onto everyone that hath shall be given, and he shall have abundance: but from him that hath not shall be takeneven that which he hath" from Mathew 25:29
this being a governing factor on how the markets run. or had run at some point.
this is mostly a collection of thoughts, notes and occasionally a singluar quote here or there.
How Capitalism Will End? Wolfgang Streek.
Started: June 9th 2025
Chapter One Thoughts:
Captialism is made up of many contradictions and tensions to work the way it does.
Many economists in thier lifetimes had assumed that capitalism would fail in their lifetimes. This was not always the case. I wrote down some of the short ideas and who they are associated with.
Marx - rate of profit to fall.
Keynes - resitance to satiated needs.
Polanyi - resistance to commodification.
Luxemburg - exaustion of labours.
Kondratieff - technology stagnation.
Hilferding - suspending of the markets.
*NOTE: i havent read many of these theories and should later check them out either online or find books written on/by them.
General running theme is that there is a supression of entrepeneurialism at some point in these theories (at least to what I recall from this book).
Collins Theory was one that resonated the most with me. the premises boiled down into basically:
- displacement of labour due to development of machinery
- displacement will happen regardless of revolution or not.
I find this one the most likely to be true simply because it has happened before and capitalism was able to continue to thrive despite the labour having been moved into machines over the workers. The last occurance of this was obviously the industrial revolution. However the reasoning for how capitalism was able to get out of dodge was that the labour being replaced, was lower level to blue collar labour. This allowed for work arounds in the type of labour given to working classes. This time however. The labour being replaced is the middle class to white labour work. At some point when machines have developed enough they will not need maintence by humans, its maintence can happen via itself.
Interrelated devolopments. ex. rise of oligarchic rule, the commodification of labour, nature and money. and omnipresent crruption. are also at play in capitalism and its possible downfall.
OECD = Organization for Economic Co-operation and Development. OECD capitalism has been on a crisis trajectory since the 1970's -> turning point being post war inflation -> public debt -> deregulation of debt -> tax state -> debt state at the beginging of 1980's.
Democratic state becomes consolidation state.
Three have become mutually reinforcing to this structure: public, private and overall debt. Low growth, inequality, and high levels of debt clogging these debt systems. Implimenting quanative easing to at least in minimum rescure the finanical sector over other sectors.
Oligarchs invest politically so they can keep capital.
The ways for lower class to continue in this cycle and system is that of the way of Coping, Hoping, and Doping.
Coping - the way an individual responds to impoversations.
Hoping - mental effort to imagine and believe that a better life awaits.
Doping - helps the coping and hoping with substances (not always actual drugs); this leads towards the newer addition of shopping: the consumtion that helps the trio.
Mathew effect/principal. "For onto everyone that hath shall be given, and he shall have abundance: but from him that hath not shall be takeneven that which he hath" from Mathew 25:29
this being a governing factor on how the markets run. or had run at some point.
