Marx, an analyst of real businesses? You must be crazy.

Well, before you arrive at that conclusion, consider the following:

Procurement time, lead time, inventory management, freight costs, and supply chain management: these are terms commonly encountered by business analysts and participants alike on an everyday basis. Contemporary corporations, such as Amazon and Walmart, have developed elaborate interconnected networks of warehouses and logistics management systems that reduce the 'turnover time' (the two-day delivery method) and facilitate the circulation of capital. Any analyst of the world capitalist system cannot help but notice how geopolitical tensions over supply chains, semiconductors, GPUs, and rare earths tie into the circuits of contemporary global capitalism. A serious analyst of capitalism must, therefore, pay close attention to the "CIRCULATION" of Capital.

But what is the circulation of Capital? How does the world capitalist system connect retailers and financiers with networks of direct-producers ---- Marx's exploited classes in Volume 1--- and suppliers that are spread out across the entire planet? What does Marx's theory say about the 'subsumed classes', or the classes in society that do not directly participate in the production of surplus-value, but facilitate or provide conditions of existence to it? How do we incorporate bankers, merchants, and financiers into the circuit of capital?

Volume 1 of Capital deals with the PRODUCTION of surplus-value to demonstrate how MORE value is extracted from workers than they receive in wages. The core of capitalist accumulation is thus the stolen value of workers. But what happens once this value is stolen? Does the capitalist keep all of it? Does he make distributions out of it? To whom are these distributions made and why? These questions are at the heart of Capital Volume 2. With this aim, this week the dialectic goes to work to explore the amazing world of Marx's Capital, Volume II: The Circulation of Capital.

About

The Dialectic at Work is a podcast hosted by Professor Shahram Azhar & Professor Richard Wolff. The show is dedicated to exploring Marxian theory. It utilizes the dialectical mode of reasoning, that is the method developed over the millennia by Plato and Aristotle, and continues to explore new dimensions of theory and praxis via a dialogue. The Marxist dialectic is a revolutionary dialectic that not only seeks to understand the world but rather to change it. In our discussions, the dialectic goes to work intending to solve the urgent life crises that we face as a global community.

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