By Werner Bonefeld, John Holloway

The politics of overseas debt have acquired expanding recognition lately. even if, dialogue of the politics of cash has excited about Latin American and 'third' international nations. thus far there was little remedy of the politics of scarce cash and of cash as a political classification with regards to 'advanced' nations. The important subject matter of the ebook is the constraints and constraints on nation motion which come up from the relation among the (nation) country and the worldwide movement of cash.

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The deadening boredom of Fordist labour was met by revolts of all sorts which aimed primarily at breaking the deadly repetition of meaningless ·tasks: there was a rise in sabotage, absenteeism, short 'wildcat' stoppages, and so on. These began to have a much more serious impact on productivity and profitability than the more widely publicised strikes over pay. The revolt against labour was all the more effective for being embedded in a peculiarly rigid work organisation. The attack against the power of the skilled worker led by Taylor and subsequently by Ford, directed as it was against the flexibility and judgement of skill, had resulted in a very inflexible organisation of production.

In the absence of an effective exploitation of labour, the ratio of debt to surplus value will continue Werner Bonefeld 41 to increase, undermining profitability and future accumulation of capital, and so creating bad debt and financial crisis. 7 The movement of money capital on globally unregulated markets integrated nation states through a synchronisation of falling rates of profits, of balance of payment problems and of the business cycle. These developments undermined attempts to 'control the cycle in one country' (O'Connor, 1984, p.

Rather than 'engendering' the capitalist world through the repayment of debt, as well as prudent government inactivity, the new orthodoxy was to spend and spend and spend. During the 1980s, rather than cutting back on credit, credit expanded to a degree unprecedented in modern history. However, monetarist policies were retained insofar as social relations were held responsible for the increase in debt. While the governments of the New Right privatised public corporations in order to balance their books, debt was socialised through fiscal reforms, rescue of banks, the use of public expenditure as a means of imposing the discipline of poverty, and the encouragement of credit-based private consumption.

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