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Oligopoly-Finance Capitalism

Wednesday, April 2, 2008

I’m just full of short little posts linking to other peoples’ work these days, oh well.  Samir Amin writes a great piece (which will be made available within a few weeks online) in the April 2008 edition of the Monthly Review:

Capitalism and market economy are not synonymous, as the dominant political discourse and conventional economists would have one believe. The specific characteristic of capitalism as a system is that it is based on private ownership of the means of production; an ownership which by definition is that of a privileged minority. This private ownership (aside from land ownership) has taken the form of exclusive rights over important equipment associated with modern production technologies, from the first industrial revolution at the close of the eighteenth century to the present day. The majority of non-owners are thus obliged to sell their labor power: capital employs labor; labor has no free use of the means of production. The bourgeois/proletarian divide defines capitalism; the market is only the management form of capital’s social economy.

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