The theory of decline and capital - pt 1

In the first of two articles, Hillel Ticktin, editor of Critique, looks at the rise and fall of different modes of production and the problems of transition and non-transition

Aspects of the decline of modern capitalism are all too evident today - most notably the law of value, which is fundamental to the system. We see the constant tendency to replace the law of value with administration, resulting in increasing bureaucracy, both private and public, managerialism and a tendency to authoritarianism. At the same time there is also the self-defeating attempt to force the market back to its former dominance.


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