26
Something something rent, profit of enterprise, and interest are surplus value under the rule of Capital
this post was submitted on 02 Dec 2024
26 points (100.0% liked)
askchapo
22814 readers
488 users here now
Ask Hexbear is the place to ask and answer ~~thought-provoking~~ questions.
Rules:
-
Posts must ask a question.
-
If the question asked is serious, answer seriously.
-
Questions where you want to learn more about socialism are allowed, but questions in bad faith are not.
-
Try !feedback@hexbear.net if you're having questions about regarding moderation, site policy, the site itself, development, volunteering or the mod team.
founded 4 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
There's a pretty big qualitative difference between privately controlled central banks that safeguard the interests of the international bourgeoisie, like the US Federal Reserve, vs China's state operated financial ecosystem. China is ultimately not in the business of making money out of money, they use finance as a means to an end of mutual development with their trading partners.
Huh, that explains why. So finance under socialism, unlike Industry or Agriculture, is not really an economic sector as much as it is a tool, which explains the predominance of industry in socialist countries.
Yeah, exactly, because finance doesn't produce anything. Broadly speaking, any money a financier takes home is rent. A socialist country should understand that finance doesn't produce any value by itself, and is only capable of extracting profits by stripping the value away from industry in the form of rents. That phenomenon is the whole driving force of imperialism: where industrial capital is the centralizing force that socializes labor and unites it with capital to produce commodities at a large scale, finance capital goes backward and deindustrializes an economy by adding more friction between industrial capital and labor; eventually finance capital captures industrial capital completely and gains freedom of movement across the world, and when finance capital can freely move across the world it quickly starts to divide it and claim it for the interest of large capitalists.
I like this brief Yanis Varoufakis interview in China where he explains how China and the US are totally different in how they've managed financial crises.