Productive Labour and Effective Demand by Coontz Sydney H.;Blake William J.;

Author:Coontz, Sydney H.;Blake, William J.; [Coontz, Sydney H]
Language: eng
Format: epub
ISBN: 1543089
Publisher: Taylor & Francis Group

IV

ANTI-CLASSICAL THEORIES IN THE TWENTIETH CENTURY

THE MORPHOLOGY OF GROWTH of an industrial capitalist economy culminates in capital saturation. Given the profit-consumption dilemma (productive versus unproductive labour) an industrial capitalist economy finally reaches a stage in accumulation characterized by an absolute over-production of capital goods —‘absolute’ in the sense that existing capital cannot be profitably employed, given the institutional setting. Such, at least, is the Marx-Leninist analysis.

To a surprising degree anti-Classical writers either explicitly or implicitly accept the Marxian diagnosis but not, of course, the prescription. Whereas for Marx, the profit-consumption dilemma could be resolved only by abolishing the capitalist mode of production and substituting a social order based on production for use rather than profit, anti-Classical theorists of the twentieth century believe it possible to resolve the dilemma by modifying, but not abolishing, capitalism. The analysis, the means and the programmes differentiate contemporary critics into three camps: (1) all-out state capitalism, mobilized for war, i.e. fascism; (2) regulated capitalism (as in contemporary France) where government enters into a partnership with the business community, but leaves intact the basic social relations;212 (3) Keynesian economics, which relies primarily on government fiscal and monetary policy for the achievement of full employment. In what follows, we discuss the Fascist (Nazi) and Keynesian theories of productive labour and effective demand.

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