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." Image
"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." Image
"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." Image
[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'…
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).

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More from @izak_novak

22 Sep
Okay, I'll bite. I think the Evergrande crisis is a telling example of the limits and risks of China's subordinate capitalist sector, but because of China's two-tiered, state-led economy, the systemic risks are low and not comparable to capitalist economies. Some thoughts:
First, some background. Michael Roberts did an excellent post on Evergrande and what he thinks will happen, which I largely agree with. See:…
Remember that what made the housing crisis so severe in the US was the extreme obfuscation caused by the securitization of junk mortgages, inaccurate credit ratings and the subsequent compounding of risk through derivatives. This made the liquidity crisis severe.
Read 15 tweets
13 Jun
Lol Amnesty's latest report on Xinjiang notes in its methodology section (the only part that matters) that "nearly all" interviewees are being kept anonymous, making it impossible to independently verify their stories or validate their credibility, possible ulterior motives, etc.
This is the oldest trick in the human rights propaganda playbook, and it is used *extensively* in reports on places like the DPRK.
The report argues this is because of "risks" to people criticizing the government including "journalists." Their source for this claim about "journalists"? Radio Free Asia. Of course, you wouldn't know this "journalist" was from RFA unless you read the footnote (I wonder why?)
Read 7 tweets
4 Apr
You didn't use Western sources? Really? Let's see about that. In this video, Vaush cited the WSJ: (1/9) Image
The Jamestown Foundation, "a Washington, D.C.-based conservative defense policy think tank.[2] Founded in 1984 as a platform to support Soviet defectors" (2/9) Image
Business Insider, "an American financial and business news website founded in 2007. Since 2015, a majority stake in Business Insider's parent company Insider Inc. has been owned by the German publishing house Axel Springer." (3/9) Image
Read 9 tweets
19 Mar
THREAD: Highlights of Chinese remarks at the US-China meeting that happened in Alaska. The quoted speakers are Director of the Office of the Central Commission for Foreign Affairs Yang Jiechi and State Councilor/Foreign Minister Wang Yi. [Minor editing to fit tweets]

YANG: "The wars in this world are launched by some other countries, which have resulted in massive casualties(...) We don't believe in invading through the use of force, or to topple other regimes through various means, or to massacre the people of other countries"
YANG: "So we believe that it is important for the United States to change its own image and to stop advancing its own democracy in the rest of the world. Many people within the United States actually have little confidence in the democracy of the United States"
Read 16 tweets
28 Jul 20
I'm truly terrified by how sophisticated, hegemonic and effective anti-China propaganda has become. The English speaking world has been so relentlessly blanketed in the two "Big Lies" about China (HK/Xinjiang) and many small lies, that they've created an alternate reality.
Trying to have a conversation with someone who only gets their information about China from the NYT or Reddit is borderline impossible. This is how the propaganda works: it becomes self-perpetuating and self-reinforcing.
First, you establish the baseline lie: "China is oppressing Xinjiang" Then, anything that has to do with Xinjiang becomes toxic because "that's where China is oppressing people" so we end up with the mask story: "your masks are made by oppressed people in XJ"
Read 10 tweets
25 May 20
Cheng Enfu, leading Marxist intellectual in China from CASS, wrote an article in 2012 that lays out competing political currents in China and the dominant current in the CPC that he calls "Innovative Marxism":…
Key points on his definition of Innovative Marxism:

- Insists on the guiding position of Marxism in China
- Adheres to the leadership of the political party of the working class in China
- Insists on the dominant position of public ownership of the means of production in China
"Innovative Marxism believes that China must adhere to the socialist nature and principle, aiming at emancipating and developing productive forces, while eliminating exploitation and polarization so as to achieve common prosperity, and ultimately realizing communism (...)
Read 13 tweets

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