Commentary on Political Economy

Tuesday, 26 April 2022

 We’re now, again obviously and undeniably, way past the line where these firms represent a systemic threat to the reproduction of society, to its very survival! Some form of nationalisation of them is urgently necessary.

It’s Schumpeter versus Weber again (I’ve written monographs on each great thinker): innovation (entrepreneurship) cannot act in a social vacuum (“privately”) because of its ineluctable “statality” (role in social reproduction).

Musk is “syndicating” astronomically overvalued stock TO OVERPAY for obviously overvalued acquisition targets! This is margin lending taken to INSANE levels!

There is a label for it that I use:


It’s DESTRUCTION is both imminent and way overdue. “Big Tech” is sapping the strength, absorbing all the energy, of our societies in ways and directions that clearly threaten their reproduction, their very survival!

Trillions of dollars of “fictitious capital” are now being wiped out in HOURS pointing to the calamitous misallocation of capital in enterprises that lead nowhere - are “fictitious” because they are unproductive in a capitalist sense (do not satisfy the needs of society within the antagonism of the wage relation - the social tension or conflict that is the [metaphorical] “motor” of capitalist industry).

We have the classic clash between industrial and finance capital to which Marxists have referred (Hilferding to Sweezy) and orthodox economists (Keynes, Minsky, even Galbraith to contemporaries like Soros and Martin Wolf).

Remember my thesis: Big Tech represents a colossal transfer of resources from properly technological productive areas of industry to “ideological” ones (advertising, entertainment) that manufacture, manipulate, and distort “social needs” - and therefore amount to a misallocation of capital (what the Austrian School [Menger, Hayek, Schumpeter] called “mal-investment”).

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