Workers-Control-Over-Prod
21st June 2012, 17:20
The University of Cambridge Massachusetts, which has educated many Nobel prize winner and prominent scholars, has brought forth this graph.
Notice: The estimated world Industrial Production collapse is similar to my estimates here for the USA (http://www.revleft.com/vb/failure-capitalist-production-t172018/index.html?t=172018) but taking in account the other developing nations like China, India etc. that need to first reach the productive force levels of the west; in all likelihood low wage, cheap products producing, developing countries are going to maybe hold on a few months after western capitalism collapses, but will also crash once they have reached western levels of productive forces. China will most likely see its housing bubble and banks fall around 2015, there is already a deflationary spiral in the Chinese housing market the last two months.
The reason for this global recession and inevitable collapse of western Imperialism and then global capitalism, is clear: the Falling Rate of Profit. As machines replace live exploitable labour, the rate of profit falls (as the source of profit is the worker) and the production process becomes unprofitable for capital to invest in. There are many empirical signs of this, here (http://www.revleft.com/vb/usa-industrial-production-t171981/index.html?t=171981) are some statistics from the Federal Reserve showing clearly that the economic sectors which use more machinery are less utilised than the crude economic sectors.
Notice: The estimated world Industrial Production collapse is similar to my estimates here for the USA (http://www.revleft.com/vb/failure-capitalist-production-t172018/index.html?t=172018) but taking in account the other developing nations like China, India etc. that need to first reach the productive force levels of the west; in all likelihood low wage, cheap products producing, developing countries are going to maybe hold on a few months after western capitalism collapses, but will also crash once they have reached western levels of productive forces. China will most likely see its housing bubble and banks fall around 2015, there is already a deflationary spiral in the Chinese housing market the last two months.
The reason for this global recession and inevitable collapse of western Imperialism and then global capitalism, is clear: the Falling Rate of Profit. As machines replace live exploitable labour, the rate of profit falls (as the source of profit is the worker) and the production process becomes unprofitable for capital to invest in. There are many empirical signs of this, here (http://www.revleft.com/vb/usa-industrial-production-t171981/index.html?t=171981) are some statistics from the Federal Reserve showing clearly that the economic sectors which use more machinery are less utilised than the crude economic sectors.