I wasn’t going to blog today but I realize that I am slacking on my coverage of the Caisse. 2 billion as the acquirers partner to make long-dated private equity investments. KKR and CDPQ, Canada’s second-largest pension account manager, will have similar possession in the Valhalla, New York-based insurance professional, according to a declaration Friday. 4.3 billion including debt.
This process leads to the “Differentiation of the Peasantry” defined at length by Lenin in his, THE INTRODUCTION OF Capitalism In Russia. That leads to some of them becoming capitalist farmers. But, the surplus product in a capitalist culture is actually no different to that in all of the other course societies.
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In just the same way, a proportion of society’s total creation, is required to meet up with the needs of the companies (i.e. the workers), another proportion must replace all of the means of creation consumed in the creation process. That leaves, a further proportion once more still left over. Because every one of the workers production belongs to the capitalists who employ them, this surplus product automatically belongs to, and it is appropriated by those capitalists.
The difference here is that unlike the slave owner or feudal landlord, who have emerged openly to be appropriating a portion of the producer’s result, the appropriation by the capitalists is hidden. That is because, under Capitalism everything takes the form of Exchange or Money Value rather than Use Value. It isn’t some potatoes that the Capitalist appropriates, but some money.
The slave is given back a proportion of their output to consume, by the slave owner. Adam David and Smith Ricardo comprehended that Surplus Value was produced by Labour, but couldn’t workout how. That is because they thought that what workers sold to Capital was Labour. Considering that like Marx they motivated Value in accordance with the Labour Theory of Value, which says that the Value of a commodity is determined by the labour-time necessary for its creation, this remaining them with an insoluble contradiction. If an employee do 10 hours work, the commodity they produced could have a Value of 10 hours (say equal to £10).
But, if the employee sold 10 hours of Labour to the Capitalist, this would likewise have a Value of £10, so no surplus value was possible. By knowing that the problem of the employee was really no unique of that of the slave, or the peasant defined above, Marx solved this riddle. What the employee sells to Capital Labour is not, but his Labour-power, his capacity to do work. THE WORTHINESS of that product – labour-power – as with every other product, is determined by the labour-time necessary for its creation.
That is the time required to produce the employee, which means to produce the food, clothes, shelter etc those workers require to operate within the given society. The labour-time required to produce all those things, as with the right time needed to meet up with the needs of the slave or the peasant, are always significantly less than the quantity of time the employee really works.
China’s reflationary measures within the last year (in particular) worked mainly to spur precarious speculative surplus in Chinese stocks and shares, in the process stoking optimism that Chinese reflationary measures would work to reflate goods and “Periphery” economies. China’s “Terminal Phase” was prolonged, while EM adjustment was postponed. In the end, China’s misguided policies only worsened Bubble Fragilities, in China, throughout the “Periphery” and elsewhere.