[lbo-talk] 8. Re: The Chinese stock market collapse in global context (Carrol Cox)

[Carrol Cox]

I agree completely with Gene's argument -- I just don't think the policy can
be implemented. Austerity is proving to be a very effective method of
political repression.

How can the U.S. government be forced to institute (and enforce) this
change? After all, the 8-hour day, 40-hour week was never really achieved.
When I worked in an auto plant in 1955 we worked 9 hours a day, six days a
week. The machine repair workers worked 7 day weeks (alternating between 7.5
& 10 hour days. 

Carrol

-----Original Message-----
From: lbo-talk-bounces at lbo-talk.org [mailto:lbo-talk-bounces at lbo-talk.org]
On Behalf Of Eugene Coyle
Sent: Friday, August 28, 2015 1:35 PM
To: lbo-talk at lbo-talk.org
Subject: [lbo-talk] 8. Re: The Chinese stock market collapse in global
context (Carrol Cox)

Replying to me, Carrol wrote what is pasted below.
I  hoped to make clear in my original post that the "...the elimination of
that reserve army would be the death knell of capitalism"
By cutting working hours -- i.e. shrinking the labor force and thus the
reserve army -- would at the same time raise wages, add jobs, and
simultaneously provide more time for the already employed to use for "what
we will."
And, I might add, redistributing income from the rich to lower income
deciles would be a positive step in dealing with global warming.

Gene


> capitalism." is the goal of cutting working hours.  Shrink the
> 
> 
> 
> 
> 
> ------------------------------
> 
> Message: 3
> Date: Tue, 25 Aug 2015 07:20:00 -0500
> From: "Carrol Cox" <cbcox at ilstu.edu>
> Subject: Re: [lbo-talk] Kruman, China and secular stagnation
> To: <lbo-talk at lbo-talk.org>
> Message-ID: <003001d0df30$5cf3f320$16dbd960$@ilstu.edu>
> Content-Type: text/plain;	charset="us-ascii"
> 
> "reserve army of the un-employed"
> 
> This is a bit misleading; correct to " reserve army of labor." In the 
> past, for example, the main reserve army was the rural population.
> 
> But the main error is seeing this reserve army as the "problem," when 
> in fact the elimination of that reserve army would be the death knell 
> of capitalism. Economic crises are NOT "crises of capitalism" but, 
> rather, the _health_ of capitalism.
> 
> Carrol
> 
> P.S. Marx's Critique of Political Economy is of course incomplete*. 
> But no part of his theory is as rock-solid as this principle of the
reserve army.
> 
> *If humanity escapes more or less whole from the barbarism of 
> capitalism (which is looking doubtful) historians a few centuries from 
> now, looking back on capitalism, can perhaps complete the Critique (as 
> an interesting historical curiosity).
> 
> 
>> 
>> On Aug 25, 2015, at 12:56 AM, Eugene Coyle <e.coyle at me.com> wrote:
>> 
>> Krugman's August 24, 2015 column in NYTimes --    
>> 
>> http://www.nytimes.com/2015/08/24/opinion/a-moveable-glut.html?action
>> =click&pgtype=Homepage&module=opinion-c-col-left-region&region=opinio
>> n-c-col-left-region&WT.nav=opinion-c-col-left-region
>> 
>> In clinging to his simple Keynesianism -- Krugman seems bewildered.
He's embraced Bernanke's idea of a "global savings glut" sloshing around the
world making waves like Governor Christie cannonballing into a swimming
pool.  At least he's anti-austerity but he says in a pathetic insertion:
"Population growth is slowing worldwide, ... " -- an excuse popular in the
1930s when nothing else served.
>> 
>> And, the end of the same sentence:    " ... and for all the hype about
the latest technology, it doesn?t seem to be creating either surging
productivity or a lot of demand for business investment."
>> 
>> Why would business rush to add the latest labor-reducing technology when
they can get all the labor wanted very cheaply?
>> 
>> Krugman has defined the framework of secular stagnation and refuses to
say the name.
>> 
>> Again, Krugman advocates more public spending on good things like
infrastructure, borrowing cheaply to do it.  Fine for all that but it is sad
that the NYTimes Nobelist hasn't got a clue about WHY this is happening.
Nor have I seen anything on "the left" that explains what is going on
either.
>> 
>> Here's a hint:  The biggest "global glut" is the reserve army of the
un-employed.  Until a policy is adopted to deal with that we are condemned
to listen to Bernanke, Krugman, Robert Reich and the rest.  At least the
despicable Larry Summers sees the problem.  Go with Pope Francis:  cut the
USA work week to four days WITH NO CUT IN PAY.  A massive redistribution of
income within the North, and also between the North and South.
>> 
>> Gene
>> 
>> 
>> 
>> ___________________________________
>> http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk

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