Economics Question
In the beginning of the course we discussed the relationship between the material base and superstructure. We learned that they interact with each other, shaping and maintaining the capitalist mode of production and reproducing the social relations that support this society. This was summarized in Marx as:
In the social production of their existence, men inevitably enter into definite relations, which are independent of their will, namely relations of production appropriate to a given stage in the development of their material forces of production. The totality of these relations of production constitutes the economic structure of society, the real foundation, on which arises a legal and political superstructure and to which correspond definite forms of social consciousness. The mode of production of material life conditions the general process of social, political and intellectual life.
Exploitation of labor-power is the main institution in capitalism, and without that capitalism is not capitalism, but something else.
Write an essay reflecting about two things:
Does a capitalist need to be a bad person because he lives from exploitation of other people’s unpaid labor time? (Hint: I am pointing out to the discussion about exploitation being a structural not a moral issue).
No one likes to be exploited, and many of us don’t even know about that. How does our society hide and mystify its own basis, that is, how our society is exploited but does not realize that? Think about how culture (movies, music, literature, customs, religion, ideology, etc.) works to hide exploitation. (Hint: remember that fetishism is the naturalization of social relations.)
SECOND QUESTION BELOW
Now, using your knowledge about Marxian Economics, explain how Marx would discuss wealth inequality and income inequality in capitalism. How this connects to the general law of accumulation and the reserve army of labor?Hint: there are many ways to frame this question. Some interesting ways are: consider income as wages and profits and wealth as the stock of means of production; or consider that the money the capitalist starts a production process is a stock and it becomes a flow as he engages in the circuit of capital; another interesting discussion is how capital has different phases in its metamorphoses and as they flow it is all fine, but when the get stuck in one phase they become a stock and this can be connected to crisis theory.
THIRD QUESTION
A topic not discussed in our course is environmental crisis: global warming, rising of sea levels, pollution and etc.
However, we learned that many choices taken by agents may have unintentional consequences. For example, the law of tendency of the rate of profit to fall is an emergent result from individual action: as individual capitalists attempt to cut costs and increase profitability, then apply labor-saving and capital-using technologies which may result in unemployment and falling profitability.
Write an essay discussing how do you think Marxian Economics treat the theme of environmental crisis.
Keep the following question in the back of your mind: if the destruction of nature and human beings is harmful and not desired by any one, why do we still experiencie the negative impacts of that?
During your essay, address the following topics:
How technical change may harm the environment,
How the choice for specific technologies is not necessarily an option, but it may be dictated by market.
Is capitalism compatible with sustainability? (Hint: both yes and no are possible answers, but I want you to focus on why).
Hint: Remember that we produce necessary wealth to solve society’s problem, therefore, hunger, misery and climate issues are political choices, not inevitable results from the system.
FOURTH QUESTION
I asked ChatGPT the following question: What is an economic crisis in neoclassical economics?
I received the following answer:
In neoclassical economics, an economic crisis is typically defined as a period of significant decline in economic activity that lasts for more than a few months. Neoclassical economists generally view economic crises as the result of market failures or external shocks that disrupt the normal functioning of markets. They argue that government intervention in the economy can often make things worse by distorting market signals and creating unintended consequences.
How Marxian Economics would answer this question? In your answer, contrast your answer with the Neoclassical approach according to ChatGPT.
FIFTH QUESTION
Capitalism main aspect is how this system is profit-driven and how profits emerge from exploitationof labor-power. However, the financialization of the economy added new determinations to capitalism and has brought the impression that financial institutions are the enemies while productions is “less harmful”. This looks like a fight between a “good capitalism” (based on production) versus a “bad capitalism” (based on financial activities).
Write an essay critically discussing if this fight (good capitalism x bad capitalism) makes sense or if this is illusory.
During your essay, remember some interesting topics you could address:
What is interest-bearing capital.
What is fictitious capital.
What is the role of credit in capitalism.
New aspects of class struggle: interest x profits versus profits x wages. Establish the connection between those new determinations and how finance may add new layers to the fetishism.
The connection between the autonomy of the financial sphere and different phases of capitalism such as imperialism and neoliberalism.
How the relative autonomy of finance add new determinations not only to accumulation but also to its negation, crisis.
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