,M>XISM & ! ,LATE/ ,/AGE ( ,CAPITALISM 

,PEOPLE 3 

,AU?OR 3 ,PAUL ,MATTICK 

,TEXT 3 

,S\RCE3 ,WE/]N ,SOCIALI/1 ,BO/ON1 ,U,S,A1 ,M>*-,APRIL #a#i#e#g2 
,TRANSCRIB$3 BY ,ADAM ,BUICK4 

,CONTEMPOR>Y ,CAPITALISM4 ,BY ,JOHN ,/RA*EY1 ,R&OM ,H\SE1 ,NEW ,YORK1 #aief 7PP4 #c#g#d2 @s#e474 

,?IS BOOK REPRES5TS ,JOHN ,/RA*EY'S SECOND MAJOR ATTEMPT 
TO UND]/& ! SOCIETY HE LIVES 9 & TO DETECT ITS G5]AL DEVELOPM5TAL 
TR5D4 ,! FIR/ ATTEMPT -- MADE PRIOR TO ! SECOND WORLD W> -- 
BR\<T HIM /RAI<T TO ,BOL%EVISM4 ,?IS SECOND TRY IS A RATIONALIZATION ( 
,BRITI% ,LABOR ,P>TY POLICIES4 

,CAPITALISM1 ,/RA*EY RELATES1 F9DS ITSELF 9 A NEW /AGE ( DEVELOPM5T1 
*>ACT]IZ$ BY MONOPOLIZATION1 TRU/IFICATION1 C5TRALIZATION1 /ATE 
9T]F]5CES & ! DIVORCE ( MANAGEM5T FROM [N]%IP4 ,A C]TA9 AM\NT ( 
CONTROLABILITY ACCOMPANIES ?IS CAPITALI/ METAMORPHOSIS & ! RULES ( 
LAISSEZ-FAIRE HAVE LO/ !IR VALIDITY4 ,9/EAD ( *OOS+ ONE OR 
ANO!R ( ! V>I\S NAMES ?AT HAVE BECOME ATTA*$ TO ?IS NEW SITUATION1 
SU* AS MONOPOLY CAPITALISM1 /ATE CAPITALISM1 ! WELF>E /ATE1 ETC41 
,/RA*EY SIMPLY CALLS IT 0! LATE/ /AGE ( CAPITALISM40 

,EV5 ?\< ,M>X'S !ORY ( ACCUMULATION FITS ?IS DEVELOPM5T 
BETT]1 9 ,/RA*EY'S OP9ION1 ?AN ! B\RGEOIS 0VISION ( 
P]FECT COMPETITION10 IT1 TOO1 HE SAYS1 DEVIATES FROM ! TRU?4 ,M>X 
FAIL$ BECAUSE ( AN ORIG9AL ]ROR ASSOCIAT$ ) ! LABOR !ORY ( VALUE4 
,& ?\<1 AS REG>DS G5]AL PRICE LEVELS1 0OV] BROAD1 LONG-T]M1 
HI/ORICAL TR5DS ! LABOR !ORY ( VALUE RETA9S ITS ESS5TIAL CONTACT ) 
REALITY10 REAL OBJECTIONS AGA9/ ITS USE MU/ BE RAIS$4 

,LABOR ,!ORY ( ,VALUE 

,BY TAK+ MAN-H\RS AS \R UNIT ( VALUE1 ,/RA*EY W>NS US1 
0WE %ALL HAVE NO WAY ( EXPRESS+ *ANGES 9 ! PRODUCTIVITY ( 
LABOR40 ,= !N IT IS CLE>LY IMPOSSIBLE = ANY C\NTRY EV] 0TO 
GET RI*] EXCEPT BY MORE ( ITS 9HABITANTS WORK+1 OR BY WORK+ LONG] 
H\RS4 ,BUT ?IS IS TO FLY 9 ! FACE ( EXP]I5CE4 ,BUT ?IS IS TO FLY 9 ! 
FACE ( EXP]I5CE4 ,OV] ! PA/ #a YE>S MANY COMMUNITIES HAVE GOT MU* 
RI*] & ?\< ! PROPORTION ( !IR POPULATION DO+ PRODUCTIVE WORK HAS 
RIS51 !IR H\RS ( WORK HAVE GREATLY FALL540 ,AP>T FROM ?IS1 YET 
CONNECT$ ) IT1 ! LABOR !ORY ( VALUE IS FALSE BECAUSE IT 9CLUDES A 
0SUBSI/5CE !ORY ( WAGES40 

,:AT !SE OBJECTIONS 9DICATE IS A LACK ( COMPREH5SION AS TO ! MEAN+ 
( ! LABOR !ORY ( VALUE 9 ,M>X'S !ORETICAL SY/EM4 ,!Y ALSO 
CONTRADICT ,/RA*EY'S [N /ATEM5T AB\T ITS VALIDITY 9 ! LONG-RUN1 
= *ANG+ PRICE LEVELS IMPLY 9CREAS+ PRODUCTIVITY AS MEASUR$ BY LABOR 
TIME4 ,9 FACT1 ! LABOR !ORY ( VALUE EXPLA9S ALL ECONOMIC DEVELOPM5T BY 
! RIS+ PRODUCTIVITY ( LABOR ?R\< ! APPLICATION ( NEW TE*NIQUES & 
! GR[? ( CAPITAL1 ,I4E4 MEANS ( PRODUCTION4 ,BUT :ATEV] ! PRODUCTIVITY 
( LABOR1 A MAN-H\R REMA9S AN H\R ( WORK & TOTAL SOCIAL LABOR1 DUR+ ANY 
P]IOD ( TIME1 CREATES A DEF9ITE QUANTITY ( PRODUCTS = DI/RIBUTION 
BETWE5 CAPITAL & LABOR & ! ACCUMULATION ( CAPITAL4 

,9 ORD] TO UND]/& ! EFFECT ( ! GR[+ PRODUCTIVITY ( LABOR ON 
PREVAIL+ SOCIAL RELATIONS1 ,M>X'S MODEL ( CAPITAL DEVELOPM5T1 AS 
PRES5T$ 9 ,CAPITAL1 IS BAS$ ON ! LABOR !ORY ( VALUE & ON 
SOME SIMPLIFY+ ASSUMPTIONS ?AT HAVE NO DIRECT C\NT]P>T 9 REALITY4 
,COMPETITION1 = 9/ANCE1 IS DISREG>D$2 COMMODITIES >E ALWAYS EX*ANG$ AT 
!IR VALUE EV5 ?\< !Y MU/ DEVIATE FROM PRICES4 ,= SOCIETY AS 
A :OLE1 ( C\RSE1 ALL PRICES >E EQUAL TO ALL VALUES1 BUT 0SOCIETY AS A 
:OLE0 IS A M5TAL CON/RUCT & NOT ! ACTUALLY-EXI/+ CAPITALI/ 
SY/EM4 ,AB/RACT ANALYSIS C\LD YIELD CLUES = UND]/&+ ACTUAL 
DEVELOPM5TS2 IT DID NOT CLAIM ID5TITY ) !M4 

,! 0,NATIONAL ,PRODUCT0 

,IT WAS NOT ,M>X'S 9T5TION TO ACTUALLY MEASURE ! REAL 
9CREASE 9 EI!R 9DIVIDUAL OR SOCIAL PRODUCTIVITY AS MANIFE/$ 9 ! 
GR[? ( ! 0NATIONAL PRODUCT40 ,IF HE HAD SU* 9T5TIONS1 !RE 
IS NO?+ HE C\LD HAVE DONE AB\T IT S9CE ! NECESS>Y EMPIRICAL DATA DID 
NOT EXI/1 MOREOV]1 ! 0ME?ODS ( ! CONTEMPOR>Y ECONOMIC 
/ATI/ICIANS10 :I* ,/RA*EY WI%ES TO TURN TO1 YIELD NO?+ ?AT 
C\LD ANSW] QUE/IONS RAIS$ BY ,M>X4 ,! 9CREASE1 OR DECREASE1 ( ! 
0NATIONAL PRODUCT0 9 MONET>Y T]MS & ITS DI/RIBUTION BETWE5 
! SOCIAL CLASSES & !IR V>I\S PURPOSES REVEALS NO?+ AS REG>DS ! 
CONSEQU5CES ( CAPITAL =MATION UND] EXPLOITATIVE CAPITAL-LABOR 
RELATION%IPS4 ,! LIMIT$ & AMBIGU\S *>ACT] ( ! AVAILABLE /ATI/ICAL 
MAT]IAL EXPLA9S ONLY ITSELF4 ,& ?\< A ,M>XI/ WILL NOT OBJECT TO 
EMPIRICAL EVID5CE & WILL PREF] CONCRETE TO AB/RACT ANALYSIS1 ) REG>D 
TO MO/ SOCIAL PROBLEMS ?IS WILL HAVE TO AWAIT NON-CAPITALI/ CONDITIONS 9 
:I* PRODUCTION & DI/RIBUTION >E DET]M9$ CONSCI\SLY 9/EAD ( BY ! 
FETI%I/IC DRIVE = ACCUMULATION4 

,AL?\< CAPITALI/ PRODUCTION IS PRODUCTION ( SURPLUS-VALUE1 I4E4 PR(ITS1 
& IS SU* BY /R5G? ( ! CAPITALI/1 OR /ATE1 MONOPOLY ( ! MEANS ( 
PRODUCTION1 ! DI/RIBUTION ( ! SOCIAL PRODUCT -- 9 !ORY ASSUM$ TO 
BE DET]M9$ BY ! LAW ( VALUE -- IS ACTUALLY DET]M9$ BY BO? ! 
PRODUCTION & REPRODUCTION CO/S ( LABOR P[] & ! CLASS /RUGGLE4 
,/RA*EY PO9TS ?IS \T BUT USES IT AS AN >GUM5T AGA9/ ,M>X -- 
COMPLETELY UNAW>E ?AT ON ?IS PO9T HE & ,M>X >E 9 FULL AGREEM5T4 ,M>X 
HAS NO 0IRON LAW ( WAGES0 AS ,/RA*EY ASS]TS4 ,HE OPPOS$ ?OSE 
:O BELIEV$ 9 SU* A 0LAW40 ,ACCORD+ TO ,M>X1 ! REAL 9COMES 
( ! WORK]S CAN RISE ) RIS+ PRODUCTIVITY2 WAGES & PR(ITS CAN RISE 
SIMULTANE\SLY1 OR ONE MORE ?AN ! O!R1 OR ONE ONLY AT ! EXP5SE ( ! 
O!R4 ,IT ALL DEP5DS ON HUMAN ACTIVITIES )9 EXI/+ CLASS RELATIONS4 

0,OV]-ACCUMULATION0 

,( C\RSE SU* ACTIONS HAVE CONSEQU5CES = ! DEVELOPM5T 
PROCESS4 ,= 9/ANCE1 ! LESS ( ! TOTAL SOCIAL PRODUCT ?AT FALLS TO ! 
WORK]S ! MORE RAPIDLY CAPITAL CAN 7BUT MAY NOT7 ACCUMULATE4 ,CAPITALISM1 
FUR!RMORE1 IS BESET BY MORE PROBLEMS ?AN JU/ ! DIVISION ( ! SOCIAL 
PRODUCT4 ,VALUE-ANALYSIS REVEAL$ ?AT CAPITAL PRODUCTION1 :I* IMPLIES A MORE 
RAPID 9VE/M5T 9 MEANS ( PRODUCTION ?AN 9 WAGES1 CONTA9S 9 ITSELF A 
T5D5CY TO R$UCE PR(IT-RATES1 BAS$1 AS !Y >E1 ON TOTAL 
9VE/M5TS4 ,BUT ?IS IS (FSET BY ! 9CREAS+ PRODUCTIVITY ( LABOR & 
EXT5SION ( ! CAPITALI/ MODE ( PRODUCTION4 ,NEV]!LESS1 :5 PR(IT 
REQUIREM5TS = CONT9U\S CAPITAL ACCUMULATION BECOME TOO GREAT )9 A 
GIV5 /ATE ( EXPLOITABILITY1 CAPITAL EXPANSION ISSUES UNTO 
0OV]-ACCUMULATION10 :]E9 A FUR!R CAPITAL PRODUCTION BECOMES 
UNPR(ITABLE4 

,P>ADOXICALLY1 0OV]-ACCUMULATION0 CAN BE OV]COME BY FUR!R 
ACCUMULATION1 S9CE IT IS 0OV]-ACCUMULATION0 ONLY 9 RELATION TO A 
GIV5 /ATE ( EXPLOITATION4 ,) AN IMPROVEM5T ( ! LATT]1 
0OV]-ACCUMULATION0 CEASES TO LIVE UP TO ITS NAME4 ,P]IODS ( 
0OV]-ACCUMULATION0 F9D CONCRETE EXPRESSION 9 CRISES & 
DEPRESSIONS -- CONDITIONS1 OBVI\SLY 9 :I* A FUR!R CAPITAL EXPANSION 
APPE>S UNPR(ITABLE4 ,BY BR++ AB\T *ANGES 9 CAPITAL /RUCTURE ?R\< 
DEVALUATIONS1 CAPITAL DE/RUCTION & CAPITAL CONC5TRATION1 DEPRESSIONS 
RE/ORE CONDITIONS = PR(ITABLE CAPITAL PRODUCTION & !RE) DET]M9E 
!IR [N TEMPOR>Y *>ACT]4 

0,UND]-CONSUMPTION0 

,AL?\< ?IS IS NOT ! PLACE TO RE/ATE ,M>X'S !ORY ( 
ACCUMULATION1 NOR TO RELATE ! MEAN+ ( ! POSSIBILITIES & LIMITATIONS ( 
! LABOR !ORY ( VALUE ON :I* IT IS BAS$1 EV5 :AT LITTLE HAS BE5 SAID 
H]E %\LD 9DICATE ?AT ,/RA*EY COMPREH5DS NEI!R ONE4 ,HE 9T]PRETS 
,M>X'S CRISIS-!ORY AS ONE ( 0UND]-CONSUMPTION0 D]IV$ 
FROM A 0SUBSI/5CE !ORY ( WAGES40 ,BUT ,M>X WAS NOT AN 
0UND]-CONSUMPTIONI/10 & EV5 ?\< 
0OV]-ACCUMULATION0 IS *>ACT]IZ$ BY ! PR$OM9ANCE ( ! 
SO-CALL$ 0REALIZATION PROBLEM10 ?AT IS1 ! 9ABILITY TO CONV]T 
SURPLUS-VALUE 9TO ADDITIONAL CAPITAL & BY ! G5]AL OV]-PRODUCTION ( 
COMMODITIES4 ,YET1 0UND]-CONSUMPTION10 9 ,M>X'S VIEW1 
ACCOMPANIES ! :OLE ( CAPITALI/ DEVELOPM5T1 9 DEPRESSIONS AS WELL AS 9 
PROSP]ITY4 ,AL?\< 0OV]-ACCUMULATION0 9CORPORATES A GLUT ( ! 
COMMODITY M>KETS1 DEPRESSIONS >E NOT 5D$ BY 9CREAS+ ! CONSUM+ P[] 
( SOCIETY RELATIVE TO ITS PRODUCTION BUT BY 9CREAS+ ! RATE ( 
ACCUMULATION :I* ONLY WID5S ! DISCREPANCY BETWE5 PRODUCTION & 
CONSUMPTION -- :ATEV] ! LATT] MI<T BE4 

,IT IS JU/ ?IS DISCREPANCY1 H[EV]1 :I* ,/RA*EY D5IES1 AT ANY RATE = 
,5GL& & ! ,UNIT$ ,/ATES4 ,! GR[+ CONTRADICTION1 HE SAYS1 BETWE5 
PRODUCTION & WORK+-CLASS CONSUMPTION :I* ,M>X DESCRIB$ AS ! 9CREAS+ 
MIS]Y ( ! PROLET>IAT HAS NOT TAK5 PLACE4 ,NOT ONLY HAVE LIV+ CONDITIONS 
IMPROV$ BUT ! WORK]S' %>E ( ! TOTAL SOCIAL PRODUCT HAS REMA9$ 
L>GELY ! SAME & EV5 RIS5 9 REC5TLY HI/ORY4 ,/RA*EY (F]S 
/ATI/ICAL EVID5CE ?AT NEI!R ABSOLUTE NOR RELATIVE 9CREASE 9 MIS]Y 
ACCOMPANI$ ! ACCUMULATION PROCESS4 

,)\T GO+ ONTO ! AMBIGUITIES & TRICK]IES ( ! /ATI/ICAL 
EVID5CE1 IT CAN BE FREELY ADMITT$ ?AT !RE HAS BE5 NO 9CREAS+ 
IMPOV]I%M5T ( ! WORK+ CLASSES 9 HI<LY-DEVELOP$ CAPITALI/ NATIONS4 
,:ATEV] MIS]IES SOME WORK]S EXP]I5C$ & /ILL EXP]I5CE1 & ?R\< 
:ATEV] MIS]ABLE TIMES ! :OLE ( ! WORK+ CLASSES HAVE PASS$ & WILL 
PASS AGA91 ! PROPHECY ( AN 9CREAS+ ECONOMIC PAUP]IZATION REMA9S 
UNFULFILL$4 

,WORK+ ,CLASS ,PR$ICAM5T 

,M>X'S AB/RACT CAPITAL ANALYSIS ALL[S CAPITAL TO GR[ AT 
! EXP5SE ( LABOR2 ?AT IS TO SAY1 ! WORK]S NEV] RECEIVE MORE ?AN ! 
EQUIVAL5T ( !IR PRODUCTION & REPRODUCTION CO/S4 ,?IS AB/RACT S*EME 
DOES NOT IMPLY ! 9CREAS+ MIS]Y ( ! WORK+ CLASS4 ,:5 ,M>X SPEAKS ( 
! LATT]'S 9CREAS+ MIS]Y1 HE DEALS ) ! ACTUAL WORLD ( CAPITAL 
PRODUCTION1 ) M>KET & IMP]IALI/ COMPETITION1 ) /AGNATION1 CRISIS1 
DEPRESSION & MASS UNEMPLOYM5T2 ) ALL ! SOCIAL MIS]IES1 9 %ORT1 :I* 
ACCUMULATE ) ! =MATION ( CAPITAL4 ,HE DESCRIBES & PROJECTS 9TO ! 
FUTURE ?OSE CONDITIONS ( ! WORK+ CLASS :I* L$ HIM1 9 ! FIR/ PLACE1 
TO ! WRIT+ ( ,CAPITAL4 

,M>X EV5 SPEAKS ( WAGES 0BEL[ VALUE10 ( SLAVE-LABOR )9 
! CONDITIONS ( CAPITALISM1 ( ! DEGRADATION ( ! LABOR] )9 ! 
PRODUCTION PROCESS1 ! DE-HUMANIZATION ( ALL SOCIAL RELATIONS ( CAPITAL 
PRODUCTION4 ,! POSSIBILITY ( WAGES 0BEL[ VALUE0 SUGGE/S ?AT ( 
WAGES 0ABOVE VALUE0 NOT ONLY 9 ! S5SE ( A DIVISION BETWE5 
EXTREMELY BADLY- & EXTREMELY WELL-PAID WORK]S BUT1 AS /AT$ BE=E1 = ALL 
! WORK]S AT ! EXP5SE ( CAPITAL4 ,!RE IS NO?+ 9 ,M>X :I* 
CONTRADICTS ! POSSIBILITY ( AN IMPROVEM5T ( ! WORK]S' CONDITIONS 
)9 CAPITALISM1 PROVID$1 ( C\RSE1 !Y FI<T = IT & >E SUCCESSFUL 9 
!IR /RUGGLE4 ,WORK]S1 ACCORD+ TO ,M>X1 CAN DO EV5 MORE IF !Y *OOSE TO4 
,BY ALT]+ ! SY/EM ( PRODUCTION1 !Y CAN GET RID ( CAPITALISM 
ALTOGE!R4 

,! FACT1 !N1 ?AT 9 SOME CAPITALI/ NATIONS ! WORK]S PROV$ 
!MSELVES ABLE TO PREV5T !IR IMPOV]I%M5T & EV5 SUCCE$$ 9 BETT]+ 
!IR CONDITIONS -- ?ANKS EI!R TO SPECIAL CIRCUM/ANCES1 AN EXCEPTIONAL 
HI< PRODUCTIVITY1 =EIGN EXPLOITATION1 OR !IR [N CLASS ACTIONS -- IS 
NO GU>ANTEE ?AT !Y WILL ALWAYS1 & EV]Y:]E1 BE ABLE TO DO SO4 ,M>X1 AT 
ANY RATE1 DID NOT ?9K SO & ! PROBABILITY ( 9CREAS+ MIS]Y WAS MORE 
REAL TO HIM ?AN A /EADY IMPROVEM5T 9 ! CONDITIONS ( ! WORK]S & 
!RE) A SL[ TRANS=MATION ( CAPITALISM 9TO SOCIALI/ =MS ( 
PRODUCTION & DI/RIBUTION4 ,= ?IS MU* IS CLE> -- A /EADY BETT]M5T 
( ! WORK]S' CONDITIONS & A /EADY 9CREASE 9 !IR %>E ( ! 
SOCIAL PRODUCT NOT ONLY HAMP]S CAPITAL ACCUMULATION BUT DE/ROYS ! 
FETI%I/IC NATURE ( ?IS PROCESS4 

,WORK]S' ,CONDITIONS ,MAY 0,IMPROVE0 

,:AT HAS ACTUALLY HAPP5$ 9 REC5T HI/ORY TO DISPROVE 
,M>X'S PESSIMI/IC PR$ICTIONS ) REG>D TO ! WORK+ CLASS8 ,UP TO 
#a#i#c#i1 ACCORD+ TO ! FIGURES US$ BY ,/RA*EY1 ! ,BRITI% WORK]S' 
/&>D ( LIV+ 0HAS RIS5 JU/ AB\T 9 /EP ) ! RISE 9 TOTAL 
NATIONAL 9COME1 !IR %>E REMA9+ AB\T CON/ANT40 ,?IS MEANT ?AT 
0SOME #a.0 ( ! POPULATION GOT AB\T ONE HALF ( ! NATIONAL 9COME & 
! O!R #i.0 GOT ! O!R HALF ( ! NATIONAL 9COME40 ,S9CE !N 
!RE HAS BE5 A SLI<T 0RE-DI/RIBUTION0 ( ! NATIONAL 9COME 9 
FAVOR ( ! WORK+ CLASS1 :I*1 ACCORD+ TO ,/RA*EY1 MAY BE ONLY 
TEMPOR>Y1 UNLESS ! WORK]S FI<T TO MA9TA9 & 9CREASE !IR GA9S4 ,! 
/ATI/ICAL EVID5CE ITSELF (F]S NO REAL PRO( = !SE /ATEM5TS S9CE IT 
C\NTS SOME PR(ITS 7CALL$ SAL>IES7 AS WAGES1 DISREG>DS UNDI/RIBUT$ 
PR(ITS1 9CLUD+ MILIT>Y EXP5DITURES 9 ! WAGE-BILL1 & SO =?4 ,! 
0RE-DI/RIBUTION10 IT IS PO9T$ \T1 />T$ ) ! SECOND WORLD 
W> & HAS S9CE !N BE5 MA9TA9$ ONLY ) GREAT DIFFICULTY DESPITE 
CONDITIONS ( FULL EMPLOYM5T & ! GR[?1 RESULT+ FROM CAPITAL 
CONC5TRATION & L>GE-SCALE 5T]PRISE1 ( ! WAGE-E>N+ LAY]S ( 
SOCIETY4 ,?IS1 H[EV]1 NE$ NOT CONC]N US H]E2 NOR ! CONSID]ATION ?AT 
0RE-DI/RIBUTION0 9 MONET>Y T]MS WAS ACCOMPANI$ BY AN ACTUAL 
DECL9E 9 LIV+ /&>DS DUE TO W> & PO/W> CONDITIONS *>ACT]IZ$ BY 
%ORTAGES1 RATION+1 =C$ SAV+S1 & SO FIR?4 ,= EV5 IF ! /ATI/ICAL 
EVID5CE W]E CORRECT1 ALL ?AT IT W\LD 9DICATE IS ?AT !RE WAS NO 
IMPOV]I%M5T ( ! ,BRITI% WORK+-CLASS 9 PROSP]\S TIMES4 ,9 O!R 
WORDS1 ! RATE ( EXPLOITATION WAS SU* ?AT CAPITAL C\LD SIMULTANE\SLY 
ACCUMULATE & IMPROVE ! LIV+ /&>DS ( ! WORK]S1 OR PREV5T !M 
FROM DET]IORAT+4 ,= ! LONG YE>S ( DEPRESSION1 ?IS1 ( C\RSE1 WAS JU/ 
AS OBVI\SLY NOT TRUE4 

,! 0,KEYNESIAN ,REVOLUTION0 

,DEPRESSIONS HAVE A T5D5CY ( GETT+ MORE SEV]E1 AFFECT+ 
L>G] P>TS ( ! WORLD1 9CREAS+ & PROLONG+ UNEMPLOYM5T1 CREAT+ 
CONDITIONS ( G5]AL DESPAIR & DISCONT5T4 ,! LA/ GREAT DEPRESSION1 
H[EV]1 :I* CALL$ =? GOV]NM5T 9T]F]5CES1 GAVE RISE TO ! IDEA 
?AT DEPRESSIONS >E PREV5TABLE M]ELY BY TURN+ ! 0EM]G5CY 
MEASURES0 ( GOV]NM5TS 9TO P]MAN5T POLICIES4 ,! IDEA WAS 
/R5G!N$ BY ! ABILITY ( EXI/+ /ATE-CAPITALI/ SY/EMS TO MA9TA9 
SOME SORT ( SOCIAL /ABILITY4 ,9 ECONOMICS ?IS L$ TO ! SO-CALL$ 
0,KEYNESIAN ,REVOLUTION10 ! !ORIES ( :I* S]V$ TO JU/IFY 
CONT9U$ GOV]NM5T MANIPULATION ( ! ECONOMY4 ,/RA*EY1 ,UND]-,SECRET>Y ( 
,/ATE = ,AIR1 ,M9I/] ( ,FOOD1 ,SECRET>Y = ,W> UND] ! ,LABOR ,GOV]NM5T1 
IS NECESS>ILY A DISCIPLE ( ! 0,KEYNESIAN ,REVOLUTION0 & -- 
:ILE \T ( (FICE -- ( ITS RADICAL 0LEFT-W+40 

,! :OLE ,KEYNESIAN !ORY BOIL$ D[N TO ! ASS]TION ?AT CONTROL ( 
9VE/M5TS CAN PREV5T L>GE-SCALE UNEMPLOYM5T4 ,IT ALSO ASS]TS ?AT AN 
9CREASE ( CONSUMPTION C\LD DO ! SAME2 BUT IT DOES NOT ADVOCATE SU* A 
C\RSE BECAUSE 0LONG-RUN0 NE$S CAN BE SATISFI$ ONLY BY FUR!R 
ACCUMULATION4 ,:ILE ,KEYNES /RESS$ GOV]NM5T POLICIES ?AT W\LD 9FLU5CE 
PRIVATE CAPITAL 9 FAVOR ( NEW 9VE/M5TS1 ,/RA*EY /RESSES DIRECT 
GOV]NM5T DET]M9ATION ( ! LEVEL ( 9VE/M5TS1 ?US FULFILL+ ! 
0DEMOCRATIC DEM&0 = G5]AL WELL-BE+4 ,BUT ?IS WELL-BE+ IS 
SOME?+ = ! FUTURE4 ,AL?\< HE RECOGNIZES ?AT 0! HI<] RATE ( 
ACCUMULATION1 ! L[] ! /&>D ( LIFE10 HE BELIEVES ?AT AFT] ! 
TRANS=MATION FROM PRIVATE TO SOCIAL ACCUMULATION1 IT WILL 0NOT PROVE 
DIFFICULT TO CONV9CE MOD]N ELECTORATES ?AT A HI< RATE ( ACCUMULATION IS 9 
!IR LONG-RUN 9T]E/S10 = 0EV5 ! SIMPLE/ PEASANT KN[S ! 
NECESSITY ( PUTT+ ASIDE ! SE$ CORN40 

,/RA*EY ,FAVORS ,CAPITALI/ ,9EQUALITIES 

,! 0SIMPLE/ PEASANT0 IS NOT CONC]N$ ) ! 
0LONG-RUN10 H[EV]1 BUT ) ! NEXT H>VE/4 ,! 0MOD]N 
ELECTORATE0 MAY BE CONC]N$ ) ! 0LONG-RUN10 BUT ?IS IS 
ONLY ONE MORE REASON = !M TO TAKE ALL IMM$IATE /EPS TO ASSURE ITS 
SUCCESS1 ?AT IS1 TO IMPROVE !IR CONDITIONS H]E & N[ & TO DO 
CONT9U\SLY 9 ORD] ?AT !RE MAY BE A 0LONG-RUN0 = !M4 ,ALL 
! MORE SO1 9 VIEW ( ! V>I\S 9EQUALITIES ,/RA*EY ADVOCATES AS A 
PRE-CONDITION = A PROGRESSIVE ACCUMULATION4 ,AL?\< HE IS AGA9/ 
0UNE>N$0 9COMES ( 0FUNCTIONLESS0 %>EHOLD]S1 HE 
FAVORS ALL ! 9EQUALITIES ?AT 9DUCE PEOPLE TO COMPETE = HI<-PAID 
FUNCTIONS1 :I* >E1 9 HIS M9D1 HI<LY-PRODUCTIVE FUNCTIONS = ?AT V]Y 
REASON4 

,EV5 ?\< A HI< RATE ( ACCUMULATION EQUALS A L[ /&>D ( LIFE1 
,/RA*EY PO9TS ) PRIDE TO ! FACT ?AT 0! RATE ( ACCUMULATION 
9/9CTIVELY E/ABLI%$ BY ! ,BRITI% ,LABOR ,GOV]NM5T 9 #a#i#d#e-#a#i#e#a WAS 
MU* HI<] 9/EAD ( L[] ?AN ?AT :I* ,BRITI% CAPITALISM HAD E/ABLI%$ 
9 ! N9ETE5-?IRTIES40 ,IF ?IS POLICY IS CONT9U$1 HE SAYS1 
0!N CONTEMPOR>Y SOCIETY1 TAK5 AS A :OLE1 WILL PROVE A MORE /ABLE1 
CONTROLL$1 MANAGEABLE ORGANISM ?AN DID N9ETE5?-C5TURY 
LAISSEZ-FAIRE CAPITALISM40 ,F> FROM COMPRIS+ A TOTALIT>IANISM 
( EI!R ! ,RUSSIAN OR ! ,NAZI BR&1 IT IS PRECISELY ! 0DEMOCRATIC 
ME*ANISM10 ?AT1 ACCORD+ TO ,/RA*EY1 0=CES GOV]NM5TS1 MORE 
OR LESS CONSCI\SLY1 TO ATTEMPT ! SOCIALIZATION ( 9VE/M5TS40 

#a#i? @& #b,O? ,C5TURY ,CAPITALISM ,COMP>$ 

,:5 IT COMES TO ! RATE ( ACCUMULATION1 H[EV]1 
N9ETE5?-C5TURY CAPITALISM WAS QUITE SUCCESSFUL2 NOR WAS IT AS UN/ABLE AN 
0ORGANISM0 AS ?AT ( ! TW5TIE?-C5TURY4 ,BECAUSE 
N9ETE5?-C5TURY CAPITALISM WAS SO SUCCESSFUL 9 ITS ACCUMULATION1 ! 
MIS]IES ( ! TW5TIE?-C5TURY EXCE$ ALL ! MIS]IES ?AT ACCOMPANI$ ! 
RISE ( CAPITALISM4 ,9 CONTRA/ TO ! /ATIC1 OR HI<]1 WAGES ( ,BRITI% & 
,AM]ICAN WORK]S -- 9 SO F> AS !Y >E A REALITY -- IS ! 
9CREAS+ MIS]Y1 9 /RICTLY ECONOMIC T]MS1 ( ! BULK ( MANK9D4 ,AL?\< 
OBVI\S 5\< )\T /ATI/ICAL EVID5CE1 SU* EVID5CE1 ?\< OV]LOOK$ 
BY ,/RA*EY1 CAN BE F\ND 9 ! ,UNIT$ ,NATIONS REPORTS ON CONDITIONS & 
TR5DS 9 ! LESS-DEVELOP$ C\NTRIES :I* MAKE UP ! MAJORITY ( ! WORLD4 
,AGA9/ ! COMPLAC5CY ( ! SURVIVORS ( ! CAPITALI/ HOLOCAU/ ( ! 
TW5TIE? C5TURY1 ) !IR HI< PR(ITS1 5ORM\S SAL>IES1 FAIR 9COMES1 OR 
SLID+ WAGE-SCALES1 MU/ BE WEI<$ ! MILLIONS ( DEAD1 CRIPPL$1 />V$1 
TORTUR$ & DISPLAC$ VICTIMS ( ! PREVAIL+ 0PROSP]ITY10 
:I* IS BAS$ ON NO?+ BUT ! SPOILS ( ! LA/ W> & PREP>ATIONS = 
! NEXT4 ,IF IT IS A MATT] ( HUMAN MIS]Y & NOT SIMPLY ( TRADE-UNION 
CONTRACTS 9 ,BRITA9 & ! ,UNIT$ ,/ATES1 ,M>X'S EXPECTATIONS ( 
9CREAS+ MIS]Y HAVE PROV$1 UN=TUNATELY1 TRUE4 

,/RA*EY'S ,FUTURE ,N,O,T ,SOCIALISM 

,BUT EV5 IF ! FUTURE W]E AS BRI<T AS1 ACCORD+ TO ,/RA*EY1 
IT C\LD BE UND] ! AUSPICES ( ! ,LABOR ,P>TY1 AN 9TELLIG5T ELECTORATE 
& ! 0SOCIALIZATION ( 9VE/M5TS10 ?IS FUTURE HAS NO 
CONNECTION ) SOCIALISM4 ,/RA*EY'S FUTURE IS NO?+ MORE ?AN ! 
PROMISE ( A 0SUCCESSFUL0 CAPITALISM1 ORGANIZ$ T[>D ! /EADY 
9CREASE ( ! 0NATIONAL 9COME0 & ! IMPROVEM5T ( LIV+ 
/&>DS 9 ! 0LONG-RUN40 ,NOT A WORD FROM ,/RA*EY AB\T ! 
SOCIAL RELATIONS ( CAPITAL PRODUCTION1 ! SY/EM ( EXPLOITATION & ! 
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HUMAN GOALS2 M]ELY 9CREASES 9 PRODUCTION ?AT ALREADY EXI/S1 ) ALL ITS 
SUP]FLUITIES1 WA/E & PREP>ATION = DE/RUCTION ?R\< >MAM5TS & 
PRODUCTION = ! SAKE ( PRODUCTION4 ,YET1 9 ,/RA*EY'S VIEW1 ?IS 
ORGANIZ$ CAPITALISM1 BY BE+ PRACTICALLY A NATIONALLY-ORGANIZ$ 
CAPITALISM1 W\LD GIVE ! WORK]S 0A /AKE 9 ! C\NTRY10 
SOME?+ TO *]I% & FI<T =4 ,IT W\LD ELIM9ATE1 OR PREV5T1 !IR CLASS 
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,M>X HAS BE5 PROV5 WRONG4 

,AT ?IS TIME1 ) DISCUSSIONS AB\T V>I\S 0ROADS TO 
SOCIALISM0 9 FULL SW+1 FROM ,KHRU%*EV OV] ,GOMULKA TO ,TITO1 
,/RA*EY'S [N CONTRIBUTION TO ! DEBATE IS NO D\BT ! SILLIE/ ( 
ALL4 ,HE ADVOCATES A NATIONALLY-ORGANIZ$ CAPITALISM ) T5D5CIES T[>DS 
0SOCIALISM0 9 A C\NTRY ?AT IS UNABLE TO EXI/ EXCEPT BY 
9T]NATIONAL TRADE & BY CONTROLL+ ! RAW MAT]IAL S\RCES ( O!R 
NATIONS -- A C\NTRY ?AT IS ?US COMPELL$ TO IMP]IALI/ COMPETITION & 
?AT MU/1 IF NOT SUCCESSFUL1 SUBMIT TO HAV+ O!R1 MORE P[]FUL1 NATIONS 
CONTROL ITS ECONOMIC & SOCIAL LIFE4 ,! 09TELLIG5T ELECTORATE0 
MAY VOTE ITSELF BLUE 9 ! FACE TO ASSURE 0SOCIALIZATION ( 
9VE/M5TS0 9 ,/RA*EY'S S5SE4 ,BUT ! DECL9E ( ,BRITI% 
CAPITALISM1 :I* HAS ACCOMPANI$ ?AT ( ITS IMP]IALISM1 WILL BR+ ) IT 
MIS]Y ON A SCALE ?AT MAY EV5 MAKE ,/RA*EY -- W9DY AS HE IS -- 
LOOK TO ,M>X ONCE MORE = AN UND]/&+ ( ! SOCIAL IMPLICATIONS ( ! 
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,FROM 3 ,M>XI/S4ORG4 

,*RONOLOGY 3 
,M>* #b1 #bba 3 ,M>XISM & ! ,LATE/ ,/AGE ( ,CAPITALISM -- ,ADD$4 
,JANU>Y #h1 #bbb 3 ,M>XISM & ! ,LATE/ ,/AGE ( ,CAPITALISM -- ,UPDAT$4 

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