In all these instances [of crises] the solution to overaccumulation is devaluation. By reducing the prices of commodities, closing factories, firing workers, cutting wages and benefits, writing down debts and slashing real estate values capitalism can devalue capital in all of its stages. This process of devaluation — this violent purging of the system — is the necessary antidote to the problem of overaccumulation. This is what a crisis is- a drastic process of devaluation.
Friday, January 23, 2009
Crisis and the Overaccumulation of Capital
Crisis and the Overaccumulation of Capital:
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