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Michael Roberts Blog

There is one outstanding statistical feature of 21st century capitalism.  Capitalism is increasingly failing to develop what Marx called the “productive forces” (namely the technology and labour necessary to expand the output of things and services that human society needs or wants).  As measured by gross national product in all the economies of the world (or per person), world capitalism is finding it more and more difficult to expand.

When Marx and Engels wrote the Communist Manifesto 170 years ago, they proclaimed the productive power unleashed by the capitalist exploitation of labour power, based on using more and more means of production (machines, technology etc) to replace human labour, while extending its tentacles to all parts of the globe.  Indeed, the rapacious drive for profit has led to an uncontrolled destruction of nature and of the earth’s resources that has polluted the planet.  And now, fossil fuel production has…

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