by Michael Roberts
That brings me to discuss the role of law in trying to make the economy work better for bourgeois interests – an area that has been badly neglected. How is the law used to protect the interests of capital against labour; national capital interests against foreign rivals; and the capitalist sector as a whole against monopoly interests?
Last year, there were a number of books that came out that helped to enlighten us both theoretically and empirically on the laws of motion of capitalism. But I think I missed one. It is The great leveler by Brett Christophers, a professor in human geography at Uppsala University, Sweden.1 His book looks at the nature of crises under capitalism from a refreshingly new angle. He says that we need to examine how capitalism is continually facing a dynamic tension between the underlying forces of competition and monopoly. Christophers argues that, in this dynamic, law and legal measures have an under-appreciated role in trying to preserve a “delicate balance between competition and monopoly”, which is needed to “regulate the rhythms of capitalist accumulation”.
He reckons this monopoly/competition imbalance is an important contradiction of capitalism that has been (more…)