When was the last time you heard so many economic advisers, politicians, think-tank personnel and news reporters use the word "capital"? Having noticed the explosion of this term back into everyday usage, it seems safe to say that none of the people who talk about capital have any idea what it means. Whether or not that is actually a viable statement, it is abundantly clear that none of the economists and politicians on the News Hour in the last year have read or are familiar with Karl Marx's Captial. (I only really watch the News Hour)
The amazing realization made by Marx in that work (see the last post on Affect for more details) is that he defines capital not as money or as a commodity but as the relation between consumer, producer, and laborer. What that definition allows for is a major shift in thinking that transforms capital from a static object capable of being possessed by someone into a relational space created by the circulation of commodities and the labor power of the workers who produce commodities. Without taking this into consideration, economists will never figure out how to solve this economic crisis. The current approach is like trying to use basic algebra to plan a space shuttle re-entry. Not gonna work.
If anybody reads this blog: comments?
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