by Kenny Lake
Things done changed is the second part in the four-part series The Specter that Still Haunts. Parts three and four will appear in kites three and four respectively. Originally written in 2015 and published in Uprising (a previous theoretical organ of Revolutionary Initiative’s), the whole series can be found at revolutionary-initiative.com.
Finance as Fantasy and Reality
The bourgeoisie is not a monolithic class of industrial capitalists all directly profiting from the exploitation of the laborers they employ. Instead, the bourgeoisie is divided into various factions, including financiers, renters, merchants, industrialists, and landlords. Among these factions, the surplus-value created by human labor is split and appropriated. But while the capital that different factions of the bourgeoisie accumulates has its origins in the production of surplus-value, the various forms of capital and the processes these forms undergo are different.1 With the transition from capitalism to imperialism came the ascendance of finance capital to a position of primacy within the overall accumulation process. Lenin wrote that the “concentration of production; the monopolies arising therefrom; the merging or coalescence of the banks with industry—such is the history of the rise of finance capital and such is the content of the concept.”2 David Harvey clarifies that rather than a power bloc in opposition to other capitals, finance capital is “a circulation process of capital that centers on the credit system.”3Continue reading “Things Done Changed”