If we consider the further evolution of industrial capitalism into state-monopoly capitalism (imperialism), by the end of the 19th century, we see a further purposive, but unconscious, transformation. Private industrial capitalism comes to an end, except in its reactionary remnants, as small capital, in the hands of the petty bourgeoisie, the precarious self-employed and so on. Industrial capital becomes socialised capital, in the form of the joint stock company and cooperative. This socialised capital is the collective property of the “associated producers”, i.e. the workers and managers employed in the company. The functional role of the private industrial capitalist comes to an end, just as happened previously to the landed aristocracy.
The socialised industrial capital, objectively, the collective property of the associated producers, who merely borrow loanable money-capital, to acquire it, creates new forms of property, new social relations, and new ideas. This is not yet a new mode of production. It is more like a metamorphosis of the existing mode of production, based on capital and commodity production. As Marx notes, in Capital III, Chapter 27, both the joint stock company and the cooperative are “transitional forms of property”, between capitalism and socialism. In the workers cooperatives, Marx notes, the contradiction between capital and labour is resolved by the workers becoming their own capitalist.
In the joint stock company – the modern form of which is the huge multinational corporation – the capital is, objectively, just as much the collective property of the workers employed in the company as is that of the cooperative. But, unlike the workers cooperative, the workers do not exercise control over their collective property. Instead, control is enshrined in law as resting with shareholders, who are not the owners of that capital, but simply creditors of the company, people who lend money-capital to it, in exchange for interest. Just as in the past, even when the landlord class lost all of their social function in production, they used their control of the political regime, not only to obtain rent, as a deduction from profits, but also to control the conditions under which their rents were set, so now, as the private capitalist has lost their social function in production, they have used their control of the political regime, not only to obtain interest/dividends, as a deduction from profits, but, also, to control the conditions under which that interest/dividends is obtained.
These underlying, objective, social elations are obscured, even in the worker cooperative. In the worker cooperative, it is not the fact that the capital is the collective property of the workers that appears as the basis of their control over it, but the fact that they are also shareholders. In other words, in most worker cooperatives, the workers themselves put up a small amount of their own money to finance the company, and, in return, obtain a share, which entitles them to interest/dividends on the money they advance. This gives the appearance of making this no different to any other joint-stock company, except that, whilst the interest/dividends may be proportional to the money loaned to the company, in both cases, the same is not true in relation to the exercise of control.
In a worker cooperative, every worker gets an equal vote. In a joint stock company, the more shares you have the more votes you have. In consumer coops, another variation appears. It is not the workers that get to exercise control over their collective capital – or even, often to be able to become shareholders in it – but those who consume its commodities. They become members, and get a single vote, by buying a single share; but the dividend they receive is proportional to how much they spend, as consumers, with the coop. Where the joint-stock company entrenches control with the existing, bourgeois ruling-class, because they are the ones with vast amounts of loanable money-capital, and able to buy the most shares, the consumer coop tends to entrench control with the permanent upper echelons of the cooperative management. Consumer shareholders have no direct involvement in the day to day operation of the cooperative, as the workers do, and so come to rely on what they are told by the upper management. The shareholders rarely even turn up to meetings, leading the coops permanent bureaucracy to exercise control. Its why the trades union and social-democratic bureaucrats prefer this model as against the worker cooperative.
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