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By Karl Marx

The "forgotten" moment quantity of Capital, Marx's world-shaking research of economics, politics, and heritage, includes the very important dialogue of commodity, the cornerstone to Marx's theories.

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Extra resources for Capital: A Critique of Political Economy, Volume 2

Sample text

As accumulation became increasingly global in nature, capitalism as a whole required harmonization of laws, regulations, and institutions that governed financial markets and other aspects of its reproduction. This required strong and coordinated state policies from within the capitalist orbit, able to confront the rivalry of the noncapitalist bloc as well as any potential challenges from anticolonial and left-wing movements. At the same time, the leading capitalist states remained in sharp competition over access to resources, markets, and influence.

A key feature of the postwar industry that distinguished US companies from their German competitors, however, was the use of petroleum and natural gas, rather than coal, as the feedstock used in the manufacture of synthetic commodities. This shift was made possible by technological developments in petroleum cracking that enabled the utilization of more reactive hydrocarbons and significantly cheapened the cost of production. Indeed, the nomenclature “petrochemical industry,” which began to be commonly used in the late 1930s and early 1940s, signified the shift in feedstock facilitated by this new technology.

394). As the growth in automobile exports indicates, underpinning the transformations in both the scale and scope of production was the second key trend in the global political economy—an intense deepening of the internationalization of capital (Palloix 1977). 2 percent per annum between 1966 and 1973 (Waters 1995, p. 69). Exports became a vital element to the strategic orientation of the largest corporations. Partly enabling this orientation was the development of a new global institutional architecture for trade; from 1963 to 1967 the Kennedy Round of negotiations in the General Agreement on Tariffs and Trade (GATT) led to an average 35 percent tariff reduction, mostly on manufactured goods.

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