1Dime Radio The Final Crisis of Capitalism? Automation, Ecology and SOLUTIONS (Ft. Ted Reese)
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Feb 8, 2024 Ted Reese, a Marxist theorist, discusses his book 'Socialism or Extinction' on 1Dime Radio. Topics include Marxist crisis theory, automation, the ecological crisis, and the "everything bubble". Keynesian Social Democracy and the Green New Deal can't solve capitalism's root problem. The podcast also delves into solutions to the climate crisis, the logistics of communism, the viability of clean energy, and transitioning away from capitalism.
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Why Profit Rates Fall As Machines Replace Workers
- Capital's falling rate of profit stems from rising organic composition of capital where machinery grows relative to human labor.
- As machinery replaces labor, less surplus value is generated per commodity, producing overaccumulation and periodic crises.
Overaccumulation Explains Recessions And Monopoly Growth
- Overaccumulation means surplus capital can't be profitably reinvested, which shows up as overproduction and falling profitability.
- Capitalists offset this by centralizing ownership, monopolies, and periodic devaluations that enable new profitable investment.
Why This Crisis Feels Final Because Automation Changes The Game
- This moment is different because empirical indicators (profit rates, interest rates) are historically low and getting closer to zero.
- Automation's qualitative leap (non-binary/quantum computing) could make fully automated production realistic and unprofitable under capitalism.