cross-posted from: https://lemmy.world/post/32490603

Generated Summary below:

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Video Description:

[Season 2 Episode 10] Marx’s Capital Volumes 2 & 3

This week, the dialectic sat down with Professor Richard Wolff again to discuss Karl Marx’s Capital, Volumes 2 and 3.

The Dialectic at Work is a podcast hosted by Professor Shahram Azhar & Professor Richard Wolff. The show is dedicated to exploring Marxist theory. It employs the dialectical mode of reasoning, a method developed over millennia by Plato and Aristotle, and continues to explore new dimensions of theory and praxis through dialogue. The Marxist dialectic is a revolutionary dialectic that not only seeks to understand the world but rather to change it. In our discussions, the dialectic goes to work, intending to solve the urgent life crises that we face as a global community.

www.democracyatwork.info

As always, we thank you for your attention, support, and solidarity.

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Generated Summary:

Main Topic: This episode delves into Karl Marx’s Capital Volumes 2 and 3, focusing on how they illuminate the complexities of class analysis in the real world, particularly the struggles between different capitalist entities (producers, industrialists, financiers, merchants, etc.) and the concept of subsumed classes.

Key Points:

• The Circuit of Capital: The discussion emphasizes the cyclical nature of capital, where money is exchanged for means of production and labor power, which are then combined to produce commodities that are sold for money, restarting the cycle.
• Subsumed Class Payments: A core concept is the distribution of surplus value to various entities (advertisers, banks, shareholders, purchasing managers, sales departments, etc.) to ensure the conditions necessary for continued exploitation and surplus extraction. These payments are termed “subsumed class payments.”
• The Role of Merchants (e.g., Walmart): The episode explores the function of merchants in facilitating the realization of surplus value by efficiently selling commodities. Walmart is used as an example of a merchant capitalist that can squeeze industrial capitalists by demanding lower prices.
• Unproductive Labor: The discussion differentiates between productive labor (which generates surplus value) and unproductive labor (e.g., purchasing managers, sales departments, bankers, merchants) which are necessary for the capitalist system to function but do not directly produce surplus.
• Class Struggles Beyond the Workplace: The episode highlights the class struggles that occur not only between capitalists and workers but also between different types of capitalists (industrial, merchant, banking) and other entities like the government.
• Government as a Subsumed Class: The government is presented as another entity that receives a portion of the surplus (through taxes) in exchange for providing conditions of existence (e.g., law enforcement, infrastructure).

Highlights:

• Professor Wolff shares a story about his and Steve Resnick’s decision to dedicate several years to reading and understanding Marxist literature, which led to their book Knowledge and Class.
• The discussion uses concrete examples, such as the role of advertisers and banks, to illustrate how capitalists distribute surplus value to ensure the continuation of their exploitation.
• The Walmart example vividly demonstrates how merchant capitalists can exert power over industrial capitalists, squeezing their profits and ultimately impacting workers.
• The episode touches on the potential for companies to influence government policy to eliminate competition, highlighting the complex relationship between capital and the state.
• The discussion emphasizes that the struggles between different capitalist entities are as important as the struggle between the capitalist and the worker.

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About Channel:

Democracy at Work is a non-profit 501©3 that produces media and live events. Our work analyzes capitalism critically as a systemic problem and advocates for democratizing workplaces as part of a systemic solution. We seek a stronger, fuller democracy – in our politics and culture as well as in our economy - based on workers’ equal collaboration and shared leadership inside enterprises and throughout society.