davel [he/him]

Pronouns he/him
Datetime Format RFC 3339
Country Union of Turtle Island Socialist Republics
  • 32 Posts
  • 490 Comments
Joined 1 year ago
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Cake day: June 27th, 2023

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  • davel [he/him]@lemmygrad.mltoMemes@lemmygrad.mlLibs be like
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    2 days ago

    To be fair, the establishment dictionary definitions of those words are about as useless as the urbandictionary definitions.

    Even the Wikipedia definitions have their issues, because they’re written in the register of liberal/bourgeois hegemony. Just look at “totalitarianism”: it’s Arendtian horsepoo theory. Hannah Arendt came from a wealthy family and so unsurprisingly was anticommunist, and her work was funded & promoted by the CIA.




  • I’ll preface this with IANAE either, but I have been following Michael Hudson for the last few years.

    I don’t think it’s strictly necessary for the profitable SOEs to prop up the unprofitable ones. In principle anyway (and if one ignores international trade), all of the SOEs could be run at a loss. The state creates Yuan out of thin air to pay for things. The prices they set for SOE goods & services don’t necessarily have to reflect the costs at all. This allows them great flexibility in using prices to influence the consumption of each good & service. The only real limit is to not print too much money too quickly without destroying some of it through pricing/taxation.

    Edit to add: In practice you can’t completely unmoor prices from costs. For instance, if you do that without also imposing rationing, you’ll get gray market arbitrage.


  • davel [he/him]@lemmygrad.mltoGenZedong@lemmygrad.mlLeftypedia imploded.
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    7 days ago

    there is also capitalism in state industries when they are run for profit

    Are any of the state run industries actually run for profit? Because if so, I wonder why, because I can think of no reason why they’d need to make a profit. The Chinese state can and does print as much of its sovereign fiat money as it pleases. They might run some things “for profit” as a form of taxation. The purpose of taxation at the sovereign state level is not to accumulate money but to destroy money, removing it from the economy.

    I never really thought about what if any foreign currency-denominated profits the Chinese state might be trying to make. I guess I just assumed that all state industry is for domestic use.