Thread by @izak_novak

The fundamental injustice with capitalism is the separation of the overwhelming majority of people (the working class) from control over the economic forces (both the means of production and the market) that dictate the better part of their lives. It is antidemocratic to its core

Socialism is about restoring and expanding the peoples' democratic control over the economic forces of society through state power+control combined with cooperative/more democratic economic structures. It's not just tinkering around the edges with reforms.

It is especially *not* just reformism via concessions from the capitalist class, on the contrary that power balance needs to be flipped such that whatever still exists of the capitalist class must play by the rules set by the people.

That is, until the role of the capitalist class becomes entirely redundant and in fact a barrier to the kind of development necessary to transition into communism. At some point private property itself must dissolve into full democratic control of the entire economic base.

There's simply no way that an economic system like capitalism can avoid its self-terminating fate as it depends on increasing the rate of exploitation and the expansion of value, forever. This will, at some point, terminate at insurmountable human, endogenous or natural barriers.

Capitalism is also self-terminating at its core due to the law of the tendency of the rate of profit to fall. Indeed, we have been living through this reality for (arguably, depending on who you ask) decades now and it is the backdrop of recent economic crises.

"The financial crisis of 2007–09 was the outcome of a decades-long effort on the part of the capitalist class, in the United States and elsewhere, to arrest and reverse the long-term decline in the average rate of profit that occurred between the 1950s and the 1970s."

"The authors defend the view that the main determinant is a secular rising organic composition of capital (increased investment in means of production over wages of employment). As the organic composition of capital rises, the average rate of profit on capital will fall."

"Financialisation is the consequence of the malaise of the productive sector. Capitalists now desperately search for profit from buying and selling money and credit rather than from exploitation of labour in production."

[quoting the authors] "In our view, the financialization phenomenon is yet another perverse expression of the profitability and valorization problems of productive capital."

"Financialization has not “transformed” capitalism in some fundamental way, allowing it to dispense with the exploitation of productive wage labour as a means to generating profit."

"On the contrary, the phenomenon testifies to the decay of the profit system and the frenzied efforts of powerful circles within the capitalist class to accumulate immense fortunes without contributing (even in indirect ways) to the production of commodities and surplus value.”

"They make the point that Marx’s law of profitability is not only the basis for understanding recurring and regular crises in modern capitalist economies, but it also..."

“...provides an extremely powerful but also essentially simple argument in support of the proposition that the development of the forces of production under capitalism points with inexorable logic toward socialism.”

The above quotes and charts are from Michael Roberts' excellent blog, which is a crucial source for updates on global capitalism and Marxist crisis theory. This post was Michael's review of the book 'Twilight Capitalism' thenextrecession.wordpress.com/2021/11/08/twi…

So not only is capitalism fundamentally unjust in its property relations, it is also fundamentally a failing system for logically allocating resources (see the amount of resources dumped into the FIRE sector) and even for doing what it is supposed to (expanding value).