Displaying a heretofore unknown passion for political economy, Biden the scholar explained to the assembled reporters that “capitalism without competition
is not capitalism, it’s exploitation.” Actually, he’s wrong. 1/
is not capitalism, it’s exploitation.” Actually, he’s wrong. 1/
Capitalist exploitation is rooted in the extraction of surplus value from the working class — the essential prerequisite for capitalism whatever the state of competition among the owners of the means of production. 2/
Moreover, the hankering for a capitalism where competition flourishes is a nostalgic fantasy, which did not exist even in the distant days of Biden’s youth, let alone by the time he was dispatched to the Senate by the DuPont corporation to look after its interests. 3/
The drive for monopoly and the extinction of competition arises, as Marx explained in 1867, out of the “immanent laws of capitalistic production itself, by the centralization of capital.” He added: “One capitalist always kills many.” 4/4
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