The compounding returns of a capitalist economy reward iterative investments in new productive capital. That’s fine. Good even. At least, according to Marx. If your goal is to approach a post-scarcity economy, you need a period of growth in productive capacity and distribution.
Because we use currency as a token of exchange, and capital improvements require currency to implement, we incentivize a virtuous cycle of re-investment in token-accruing capital as we operate a capitalist system.
The flaws in the system begin to stand out when the process of cycling currency into capital investment fails to value anything without a price-tag attached to it. Go back to the 1970s/80s and you’ll see the neoliberal economists struggling with this paradox of post-Bretton Woods economic modeling. Economic growth has material limits, but our fiat currency system does not. Negative externalities don’t have a built in short-term economic cost, so investors and administrators don’t recognize the accumulating socio-economic friction until a fire breaks out.
But OP’s premise is all wrong. The skill, the creative talent, and the labor that capitalism rewards is all bound up in the rapid recirculation of currency through capital. Neurosurgeons, muralists, and janitors aren’t missing out because capitalism fails to reward them. They’re missing out because they have no vehicle to rapidly compound the returns on their initial efforts.
Even then, there are tools for compounding efforts that all three of these professions can and do exploit. Education is one example. A skilled neurosurgeon can profit more handsomely as a mentor or professor than as a pure surgeon. An art school will generate more professional art than any single artist. And management is another. A veteran service worker who can efficiently direct the efforts of a large number of peers will control more productive forces than if they were hands-on at a single job site. A doctor who operates a clinic full of juniors or a sculptor or prodigious author with a team underneath her will yield far more work product than they could alone.
The compounding returns of a capitalist economy reward iterative investments in new productive capital. That’s fine. Good even. At least, according to Marx. If your goal is to approach a post-scarcity economy, you need a period of growth in productive capacity and distribution.
Western Marxists saw China’s “opening up” as an abandonment of Communism/socialism. Ultras fear the scroll. They don’t understand that, in order to get to the end-goal, you need to leverage the good parts of capitalism—while keeping the capitalists on a short leash—in order to quickly develop the productive forces, especially when the imperialist states are trying to crush you.
Well, they should. That’s in a 2-pt font. You’ll blow your eyes out trying to read it.
They don’t understand that, in order to get to the end-goal, you need to leverage the good parts of capitalism—while keeping the capitalists on a short leash—in order to quickly develop the productive forces, especially when the imperialist states are trying to crush you.
.world and it’s shitlib affiliates have pretty neatly expunged anyone who could possibly be called “Ultra” from it’s platform years back.
So, while I agree with the sentiment, idk if that’s what we’re seeing today. More that people in a Western capitalist institution are getting crushed in the machine. And they justifiably don’t like that. So they say “turn the machine off”, without really considering what the machinary of capitalism is doing or why they might still need it or how you can operate heavy machinery without people getting chewed up in the gears.
The compounding returns of a capitalist economy reward iterative investments in new productive capital. That’s fine. Good even. At least, according to Marx. If your goal is to approach a post-scarcity economy, you need a period of growth in productive capacity and distribution.
Because we use currency as a token of exchange, and capital improvements require currency to implement, we incentivize a virtuous cycle of re-investment in token-accruing capital as we operate a capitalist system.
The flaws in the system begin to stand out when the process of cycling currency into capital investment fails to value anything without a price-tag attached to it. Go back to the 1970s/80s and you’ll see the neoliberal economists struggling with this paradox of post-Bretton Woods economic modeling. Economic growth has material limits, but our fiat currency system does not. Negative externalities don’t have a built in short-term economic cost, so investors and administrators don’t recognize the accumulating socio-economic friction until a fire breaks out.
But OP’s premise is all wrong. The skill, the creative talent, and the labor that capitalism rewards is all bound up in the rapid recirculation of currency through capital. Neurosurgeons, muralists, and janitors aren’t missing out because capitalism fails to reward them. They’re missing out because they have no vehicle to rapidly compound the returns on their initial efforts.
Even then, there are tools for compounding efforts that all three of these professions can and do exploit. Education is one example. A skilled neurosurgeon can profit more handsomely as a mentor or professor than as a pure surgeon. An art school will generate more professional art than any single artist. And management is another. A veteran service worker who can efficiently direct the efforts of a large number of peers will control more productive forces than if they were hands-on at a single job site. A doctor who operates a clinic full of juniors or a sculptor or prodigious author with a team underneath her will yield far more work product than they could alone.
Marx described the good and the bad of it, at a time when capitalism was reaching its late/monopoly/imperial stage, and he largely correctly predicted what late-stage capitalism would look like. Lenin further developed these theories while living under capitalism’s highest stage.
Western Marxists saw China’s “opening up” as an abandonment of Communism/socialism. Ultras fear the scroll. They don’t understand that, in order to get to the end-goal, you need to leverage the good parts of capitalism—while keeping the capitalists on a short leash—in order to quickly develop the productive forces, especially when the imperialist states are trying to crush you.
Well, they should. That’s in a 2-pt font. You’ll blow your eyes out trying to read it.
.world and it’s shitlib affiliates have pretty neatly expunged anyone who could possibly be called “Ultra” from it’s platform years back.
So, while I agree with the sentiment, idk if that’s what we’re seeing today. More that people in a Western capitalist institution are getting crushed in the machine. And they justifiably don’t like that. So they say “turn the machine off”, without really considering what the machinary of capitalism is doing or why they might still need it or how you can operate heavy machinery without people getting chewed up in the gears.