Capitalism is an exchange economy in which most wealth, from ordinary consumer goods to vast industrial plants and other producer goods, takes the form of commodities, or items of wealth that have been produced with a view to sale on a market.
Although states have intervened in capitalism ever since it came into existence, in so far as the aim was merely to interfere with the operation of world market forces, their intervention was only at the level of the division, not the production, of surplus value. However, over the past 100 or so years, there has been a definite trend in capitalism for states to go beyond merely trying to distort the world market, and to involve themselves in the actual production of wealth by establishing and operating state enterprises.
If state capitalism is not socialism, what is? In other words, if state ownership and management of production does not amount to the abolition of capitalism but only to a change in the institutional framework within which it operates, what would be the essential features of a society in which capitalism had been abolished?
This new edition contains material omitted from previous versions.
"This slim volume accurately describes some of Marx's basic precepts - the labour theory of value, the commodification of production, the development money and exchange economies, the formation of classes and class struggle - as first set out in Capital, The Grundrisse and Theories of Surplus Value. [...] the authors - who implicitly identify with the rather exotic far left of Anarcho-communism, impossibilism, council-communism, Bordigism and Situationism - do, raise some interesting points regarding socialism and capitalism. The two are regarded as being mutually exclusive, which is probably correct, especially so in the age of globalization. [...] where do you go from here as regards politics. The authors' answer is unequivocal: the full programme of socialism. A moneyless, stateless, classless society based upon the production of use-values rather than exchange-value, and from each according to his/her ability, to each according to his/her needs. And moreover this programme to be carried out at a global level. To their credit the authors take some time detailing the everyday and administrative nuts and bolts of such a new order so cannot be accused of simply slogan-mongering and bluster. [...] the ideas and views put forward in the book offer a very challenging read, and it is perhaps significant that publications of this sort are now beginning to make an appearance. More power to their elbow." - Chartist, Jan/Feb 2014
"The first part of the book is a straightforward account of what capitalism actually is, a task that it is as necessary as ever given the immense sea of confusion which surrounds the term. The idea that capitalism can be defined as individual enterprise or ownership, a conception shared both by the openly capitalist right and the allegedly anti-capitalist left, still has to be confronted and rejected: it was central to the ideology pervading the 'Occupy' movements of 2011, where notions of making the rich pay their taxes, abolishing bankers' bonuses, defending public ownership etc were extremely tenacious despite the waning influence of the established organisations of the left within these movements. [...] We have few criticisms of this section of the book [...] The essay 'The thin red line and non-market socialism in the 20th century' complements the essay by Adam Buick in the sense that it shows that most of the officially accepted varieties of 'socialism' are actually proponents of state capitalism and can thus be seen as a left wing of capitalism. [...] Overall, we find this essay to be based on a positive and constructive premise: that throughout the 20th century, a genuine vision of socialism has been maintained by a number of political currents which have shared five key points in opposition to the false conception of socialism propagated by the left wing of capital: production for use; distribution according to need; voluntary labour; a human community; opposition to capitalism as it manifests itself in all existing countries. He categorises these currents as follows: anarcho-communism; impossibilism (groups like the SPGB); council communism; Bordigism; situationism. These groups make up the real socialist tradition of the 20th century." International Review, September 2013
