Friday Night Disco - Suspicious Minds - Candi Staton
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by Boffy
3h ago
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Value, Price and Profit, III Wages and Currency - Part 2 of 4
Boffy's Blog
by Boffy
8h ago
Already, today, the worker is paid their wages electronically, into their bank account. No physical currency is required. It is simply a recording of the sale of a commodity, labour-power, and the payment for it, which amounts to nothing more than an equivalent claim to a given amount of social labour-time, in the form of other commodities and services (wage goods). Similarly, the worker can pay the shopkeeper for the goods and services they buy electronically, via debit card, which simply transfers a balance from their account to that of the shopkeeper. The shopkeeper buys from the manufactur ..read more
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Stalin and The Chinese Revolution, 6. How The Shanghai Overturn Took Place - Part 3 of 3
Boffy's Blog
by Boffy
3d ago
Khitarov continued, “In Shanghai, at this time, the relations between the army and the workers became acute. It is known, for instance, that the army [that is, Chiang Kai-shek’s officers – L.T.] deliberately drove the workers into slaughter. The army for a period of several days stood at the gates of Shanghai and did not want to enter the city because they knew that the workers were battling against the Shantungese, and they wanted the workers to be bled in this struggle. They expected to enter later. Afterwards the army did enter Shanghai. But among these troops there was one division that s ..read more
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Value, Price and Profit, II Production, Wages, Profits - Part 5 of 5
Boffy's Blog
by Boffy
4d ago
Weston's argument, basically said that supply was fixed, and that additional demand, rather than prompting additional supply, could only result in higher market prices. Versions of this argument persist, today, in the form that demand is a function of supply, which is itself, a version of Say's Law. “Now the most common observation shows than an increased demand will, in some instances, leave the market prices of commodities altogether unchanged, and will, in other instances, cause a temporary rise of market prices followed by an increased supply, followed by a reduction of the prices to thei ..read more
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Stalin and The Chinese Revolution, 6. How The Shanghai Overturn Took Place - Part 2 of 3
Boffy's Blog
by Boffy
5d ago
The same is seen with the Ukraine-Russia war. On one side, the social-imperialists of the USC, AWL, ACR, like the Stalinists, in China, in the 1920's, proclaim that they know that imperialism and the Ukrainian capitalist state is acting only in its own interests, and, presumably, know, likewise, that, like the KMT, it will betray them, at a time of its choosing. Yet, despite that, they proclaim that imperialism and the capitalist state defends workers' interests!!! Not only that, but despite the fact that both imperialism and the Ukrainian state are already attacking workers' interests, they f ..read more
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Biden, NATO, Zelensky and Social Imperialism
Boffy's Blog
by Boffy
6d ago
Leaders of the NATO imperialist, military alliance have been meeting in Washington to celebrate the 75th. anniversary of the formation of the world's most successful and powerful offensive, expansionist force in history. In reality, the alliance is simply an expression of US imperialism, and its global military and economic hegemony, established after WWII, with the other allies subordinated to it, and its global strategic and expansionary ambitions. At the top of this empire, therefore, sits its elected Tsar, Genocide Joe Biden, who the world has seen, over the last year, and even more clearl ..read more
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Northern Soul Classics - I'm Spellbound - Tamiko Jones
Boffy's Blog
by Boffy
1w ago
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Friday Night Disco - Brook Benton - Rainy Night In Georgia
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by Boffy
1w ago
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Value, Price and Profit, II Production, Wages, Profits - Part 4 of 5
Boffy's Blog
by Boffy
1w ago
Weston had asked the audience to imagine what a rise of English agricultural wages, from 9 shillings (£0.45) to 18 shillings (£0.90) would mean, as a result of a sharp rise in demand for necessaries, and of their price. But, Marx points out that, in the United States, agricultural wages were double those in England, and yet the price of agricultural products was lower, in the US, than in England. In Capital I, Marx made a similar comparison of textile wages in Britain and Europe. In Britain, textile workers wages were 50% higher than in Europe, because textile production was far more productiv ..read more
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Value, Price and Profit, II Production, Wages, Profit - Part 3 of 5
Boffy's Blog
by Boffy
1w ago
In other words, in those spheres producing necessaries, although increased demand enables higher wage costs to be passed on, and the amount of profit maintained, the rate of profit still falls. If first, we have c 100 + v 50 + s 50, the rate of profit is 33.3%. If wages rise to 100, we have c 100 + v 100 + s 50, and a rate of profit of 25%. But, in those spheres producing luxury goods, they could not raise prices, seeing them fall, and so would see not just a fall in their rate of profit, but also in their amount of profit. That would inevitably have further consequences. Indeed, as the price ..read more
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