By Adam Buick
This is the 1st finished exposition of the speculation of nation capitalism. utilizing a Marxist theoretical method, Buick and Crump convey that non-public capitalism and nation capitalism are both appropriate institutional preparations for permitting capital to use wage-workers. country capitalism is tested in its Western kind of selective nationalisation and in its full-scale shape, as present in Russia or China. The origins of Russian nation capitalism are traced again to the 1917 revolution and Lenin's ideology. eventually, Buick and Crump recommend the type of replaced social relationships which might enable global capitalism to get replaced through international socialism.
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Extra resources for State Capitalism: The Wages System under New Management
Sample text
Para 5). Since the capital of the nationalised industries, when they were first set up, consisted essentially of assets corresponding to the bonds which the former owners had received in compensation in exchange for their shares (Tivey, 1973, p. 118), the item 'interest' meant essentially the interest payable to the former owners on their bonds, while the item 'redemption of capital' meant the money set aside to redeem, or eventually pay off, these bonds. Thus, far from being non-profit-making organisations, the nationalised industries were required by the Acts of Parliament which established them to make enough profits to cover both the interest and the capital payable as compensation to the former owners.
108). e. a group of enterprises) is merely a change of formal ownership which leaves intact the basic social relation of wage labour to capital. The capital incarnated previously in a private enterprise (or private enterprises) now comes to be incarnated in a state enterprise, but continues to function as capital, that is, as value seeking to expand itself. State enterprises remain enterprises employing wage labour and producing commodities. The economic mechanism of the exploitation of wage labour for surplus value continues despite the change of legal framework.
The economic mechanism of the exploitation of wage labour for surplus value continues despite the change of legal framework. The workers concerned remain wage workers who continue to sell their labour power to a capital unit and who receive in return as wages and salaries a smaller value than they produce. The continuing commercial nature of enterprises that have been nationalised has been recognised in the West by the creation of a special legal entity for their operation, which in Britain is called a public corporation.