The Carpathia isn’t coming to rescue this government still swimming in the mire, writes LINDA PENTZ GUNTER
What are the ‘organic composition of capital’ and the ‘tendency for the rate of profit to fall?’
A whole host of damaging measures, from cuts to casualisation, outsourcing and raising the retirement age, are deployed for one reason: to fight the inevitable decline of profits, explains the MARX MEMORIAL LIBRARY
As the RMT Health and Safety Conference takes place, the union is calling for urgent action on crisis of work-related stress, understaffing and the growing threat of workplace assaults. RMT leader EDDIE DEMPSEY explains
Current polling shows Scottish Labour faces a stark choice: break decisively with Westminster or continue its slide into irrelevance, warns VINCE MILLS
As discussions continue between the US and Iran over the Islamic Republic’s nuclear enrichment programme, the suppression of internal dissent by the theocratic dictatorship grows. STEVE BISHOP reports.
Last weekend’s inaugural conference mixed warmth, unity and ambition with the unmistakable echo of old arguments. MATT KERR wonders whether the fledgling party’s difficulties can be overcome
The US president’s career is defined by a consistent use of racist tropes and provocation. Why are world leaders so silent over his repeated vitriolic prejudice, asks ROGER McKENZIE
AT first glance perhaps just jargon to confuse the uninitiated and demonstrate the assumed superiority of those who know the answers, particularly because they involve measures and ratios. However, they are useful terms for understanding capital and capitalism.
First, the “organic composition of capital” (OCC). Capital is the means whereby production takes place and (for the capitalists, who own it) enables profit to be made. At its simplest, it consists of two elements, which Marx labelled “constant” and “variable.” The distinction is important, because ultimately only human labour can create new value.
In Capital, Marx illustrates the distinction in terms of a factory producing a particular commodity. Constant capital is the monetary value of components and materials, together with the fixed assets (such as plant and buildings) “used up” (as measured by depreciation or maintenance costs) during production and effectively embodied in the product when it is sold.
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