Marx and Engles were never happy with how inaccessible the material in capital was. I think you would have made them proud. I've never seen such a dense yet digestible crash course. It's a crime that you don't have a massive following yet.
Watched many of your videos in the last week, unbelivable how few subs you have! Keep it up, your videos are very interesting and contextualise and help explain alot of the critiques/pros of marxism.
Another excellent video. Dense and detailed. Simply superb analysis and explanations. Like most of your videos this one warrants several viewings. And if the viewer is like me they’d benefit from a few pauses and rewinds here and there as well to make sure one hasn’t missed any of the details. Thanks very much!
On first watch this seems much better explained than other videos I've seen on the topic. Will definitely return to it to go through it more slowly since I feel like my grasp of monetary theory is pretty weak.
A source list would be really helpful, we can only take your word for the information in this video, and there is little information on how to look into this further.
It’s worth your time to read economist Michael Hudson’s new “Temples of Enterprise” (2024). Also his earlier “..and Forgive Them Their Debts: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year (Tyranny of Debt)” (2018) and the second volume of the Tyranny of Debt series “The Collapse of Antiquity: Greece and Rome as Civilization's Oligarchic Turning Point” (2023). Marx and then Engels struggled to put together Volume IV of Capital meant to be a kind of history of the economic concept we commonly conceive of now under capitalism now as “profit” but neither finished it. Eventually a student follower edited it and made it publishable and Marx and Engels create a giant masterpiece of an historical examination of all the economic theories that came before them up to and including the time before Engels death. “Theories of Surplus Value (Capital Volume IV)” is an incredible piece of work and analysis.
@@redpen1917 Well, no it's not. You have at 13:50 a quote by Goethe. The citations requested would include more information such as page number, edition, etc. The quote by Goethe is cited in sub-text, admittedly. But what about the early historical "facts" regarding agriculture? And if everything you state about mercantilism is from the two sources you cite (Adam Smith’s wealth of Nations and Marx’s Capital vol. 1), where exactly are they? Those are large volumes and the request to cite is reasonable. I'm not calling into question the ideas you put forth, only that a more thorough citation list be provided to your viewers. Otherwise, nice video!
Based on what we know about syntropy and permaculture, there's a good chance people noted the existing life cycle of edible vegetation and learned to optimize it and work within it. Agriculture as we know it isn't actually as productive as systems that work with the natural growth habits of flora.
ughh np it's still commodity backed. Petrodollar, most currencies tethered to it, get debt trapped by the rest of the mumbojumbo about it being a social construct. This only worked under USSR anywayss, inapplicable today.
well youve said that money is only value because of the law which is somewhat correct a little oversimplified but correct but then do not hint that money does need a state to exist to enforce such laws
17:42 Fiat money has no exchange value. Money has to be a store of value in labour theory, and fiat money is not a product of human labour. You can create 1 trillion dollars with just clicking some buttons on a PC in the federal reserve. You can see how different fiat money is from commodity money in how differently the US GDP behaves when converted to gold ounces.
Adam Smith: Capital Should Be Distribute back to the people and the general economy in order to get production going, money hording will destroys nations and economy. Modern Free Market Advocates citing Adam Smith: "Adam Smith said Capitalism Is Good, Thus Protect those Whom Hordes The Nations GDP."
@@Huy-G-Le I have. I used to be a Marxist. But this theory isn't correct. All inputs into production will be made more productive due to their incorporation with all the others: including labor.
1189, this is more of you not reading enough more like. Labor isn't the only factors that made a commodity, you missing two other things. From your comments you haven't even finish reading the first book kapital.
@lochnessmunster1189 fyi, dude even adam smith theory explains this part that you don't understand and that it is so outdated compare to hagel and marx additions. You clearly have not even read.
@@redpen1917 that "objectivity" doesn't explain the water and diamonds paradox... Menger's marginal theory does. They need idealistic contexts in order to meet their theoretical expectations, on the other hand Menger just reads real phenomena.
its based on the socially necessary labor needed to realize their use. for water, being that it is plentiful but high in use value, does not require the same socially necessary labor to produce and realize it in use. finding a diamond, out of the blue, would be considered an anomaly based on the average labor socially needed to produce a diamond.@@inevafreeze4476
Marx and Engles were never happy with how inaccessible the material in capital was. I think you would have made them proud. I've never seen such a dense yet digestible crash course. It's a crime that you don't have a massive following yet.
Watched many of your videos in the last week, unbelivable how few subs you have! Keep it up, your videos are very interesting and contextualise and help explain alot of the critiques/pros of marxism.
Another excellent video. Dense and detailed. Simply superb analysis and explanations. Like most of your videos this one warrants several viewings. And if the viewer is like me they’d benefit from a few pauses and rewinds here and there as well to make sure one hasn’t missed any of the details. Thanks very much!
I'd recommend Temples of Enterprise for a history of money and credit in antiquity.
Michael Hudson is the GOAT. Temples of Enterprise is his newest book!
That sounds awesome.
Great video. I think value critique is so interesting as you dive further as well.
Never knew how a bank began but now I know and it’s very interesting
Keep it up! These videos are really good. Very well researched. You can become one of the big ML youtubers for sure
WHAT A CLIFFHANGER!! 😆 Great video, very informative.
Ty❤
On first watch this seems much better explained than other videos I've seen on the topic. Will definitely return to it to go through it more slowly since I feel like my grasp of monetary theory is pretty weak.
Marks was really spittin
A source list would be really helpful, we can only take your word for the information in this video, and there is little information on how to look into this further.
@@crankykransky2979 its all from Adam Smith’s wealth of Nations and Marx’s Capital vol. 1.
It’s worth your time to read economist Michael Hudson’s new “Temples of Enterprise” (2024). Also his earlier “..and Forgive Them Their Debts: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year (Tyranny of Debt)” (2018) and the second volume of the Tyranny of Debt series “The Collapse of Antiquity: Greece and Rome as Civilization's Oligarchic Turning Point” (2023).
Marx and then Engels struggled to put together Volume IV of Capital meant to be a kind of history of the economic concept we commonly conceive of now under capitalism now as “profit” but neither finished it. Eventually a student follower edited it and made it publishable and Marx and Engels create a giant masterpiece of an historical examination of all the economic theories that came before them up to and including the time before Engels death. “Theories of Surplus Value (Capital Volume IV)” is an incredible piece of work and analysis.
@@redpen1917 thank you!
@@B_Estes_Undegöetz awesome, I'll start reading some Hudson after I'm finished with "hegemony and socialist strategy" by laclau and mouffe
@@redpen1917 Well, no it's not. You have at 13:50 a quote by Goethe. The citations requested would include more information such as page number, edition, etc. The quote by Goethe is cited in sub-text, admittedly. But what about the early historical "facts" regarding agriculture? And if everything you state about mercantilism is from the two sources you cite (Adam Smith’s wealth of Nations and Marx’s Capital vol. 1), where exactly are they? Those are large volumes and the request to cite is reasonable. I'm not calling into question the ideas you put forth, only that a more thorough citation list be provided to your viewers. Otherwise, nice video!
Can you do a video on value abolition? Theres a pretty good text called "everything mudt go! The abolition of value" that talks about it
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Hi Red Pen! What happened to live videos? I want to rewatch the one where you talked about the Canada problem with nazis
I removed them but if you’re interested in the topic check out issue #70 (2021) on Canada’s relationship to global fascism. coat.ncf.ca/
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Do you have a source list?
@@LvOneRose wealth of nations and capital vol 1
@@redpen1917 My bad, I was expecting a longer list 😅 I would recommend David Graeber's "Debt: the first 5000 years" to add to the topic further.
humans probably knew how to farm before -10000 but didnt because there was no need to
We did at least do some horticulture and tending of wild food sources, yes. But agriculture is a fair bit more intensive
Based on what we know about syntropy and permaculture, there's a good chance people noted the existing life cycle of edible vegetation and learned to optimize it and work within it. Agriculture as we know it isn't actually as productive as systems that work with the natural growth habits of flora.
ughh np it's still commodity backed. Petrodollar, most currencies tethered to it, get debt trapped by the rest of the mumbojumbo about it being a social construct. This only worked under USSR anywayss, inapplicable today.
well youve said that money is only value because of the law which is somewhat correct a little oversimplified but correct
but then do not hint that money does need a state to exist to enforce such laws
Marx was such a genious
He wrongly thought that profit is made by underpaying labor, which it isn't.
17:42 Fiat money has no exchange value. Money has to be a store of value in labour theory, and fiat money is not a product of human labour. You can create 1 trillion dollars with just clicking some buttons on a PC in the federal reserve. You can see how different fiat money is from commodity money in how differently the US GDP behaves when converted to gold ounces.
Good job
David Graber says there's no real anthropological evidence of barter economies. Or something along those lines.
I think he’s right. These are logical rather than historical arguments.
Can you make a video about going beyond money or how a communist society would function without it?
banks except maybe state banks do not have authority to print money or stamp coins
1971 not 1973, Nixon took the us off the gold standard.
It was “temporarily abolished” in 1971 and completely replaced by fiat currency in 1973.
Adam Smith: Capital Should Be Distribute back to the people and the general economy in order to get production going, money hording will destroys nations and economy.
Modern Free Market Advocates citing Adam Smith: "Adam Smith said Capitalism Is Good, Thus Protect those Whom Hordes The Nations GDP."
How is money "hoarded"?
@lochnessmunster1189 look up accumulation of capital and extortion of surplus labor.
@@Huy-G-Le I have. I used to be a Marxist. But this theory isn't correct. All inputs into production will be made more productive due to their incorporation with all the others: including labor.
1189, this is more of you not reading enough more like. Labor isn't the only factors that made a commodity, you missing two other things.
From your comments you haven't even finish reading the first book kapital.
@lochnessmunster1189 fyi, dude even adam smith theory explains this part that you don't understand and that it is so outdated compare to hagel and marx additions.
You clearly have not even read.
Wow dude, you need to read about MMT to understand where money comes from - it’s wasn’t barter -
Well dude, this video is based off Smith and Marx’s analysis.
it's time for you guys to look for CARL MENGER's work.
dialectic materialism is outdated AF
Smith, Ricardo and Marx were correct about labour as the objective basis of a quantifiable measurement of value.
@@redpen1917 that "objectivity" doesn't explain the water and diamonds paradox... Menger's marginal theory does.
They need idealistic contexts in order to meet their theoretical expectations, on the other hand Menger just reads real phenomena.
its based on the socially necessary labor needed to realize their use. for water, being that it is plentiful but high in use value, does not require the same socially necessary labor to produce and realize it in use. finding a diamond, out of the blue, would be considered an anomaly based on the average labor socially needed to produce a diamond.@@inevafreeze4476
@@inevafreeze4476Why should anyone listen to you? Nobody wants to hear about your weird libertarian ideas.
@@inevafreeze4476 what idealistic contexts? Menger's theory seems far less grounded in anything material