Monthly Archives: December, 2013

Why Capitalism Cannot be Reformed

There are many people who regard themselves as left-wing who do not want to get rid of capitalism. Not only the right-wing of the Labour party, but also some who consider themselves to socialists. They believe capitalism can be made more equal through government action & that the post-war period demonstrates this. In my opinion, they fail to appreciate the material conditions.

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The post-war prosperity & the increasingly equality, exemplified in more equal access to health care & education, was possible due to a genuinely high rate of profit consequent upon the huge capital devaluation of the depression of the 1930’s, the capital destruction of WWII & huge increases in productivity thanks to the application of oil & gas. To really grasp this point requires an understanding of how capitalism works & why it is prone to crisis. This isn’t an easy subject, but it’s worth the effort.

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