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So my questions are these: 1. Is State Power the Qualitative mirror of the Quantitative Power of Capital? 2. Can the legibility of society be used to Qualitatively measure the State’s ability to creorder society? 3. If the answers to 1. & 2. are yes, would there be a correlation between the Power of the State, and the Power of Capital?
In a mature capitalist state, State Power and Capital Power are intertwined and inseparable. They are not mirrors of one another, nor is one qualitative and the other quantitative. They are, for all intents and purposes, one and the same. Yes, Dominant Capital is presented as all carrot (promises of liberty and the pursuit of happiness), and the State is presented as all stick (threats of and the use of legalized force), but Dominant Capital has captured the State, who by then has delegated many of its most important powers, including the power to create money, the power to control the money supply and limited sovereign immunity (aka limited liability), to Dominant Capital.
Once a state has delegated the power to create money to finance (aka Dominant Capital), finance will inexorably transform that state into an oligarchy or plutocracy, regardless of the state’s nominal constitutional form (monarchy, republic, liberal democracy, social democracy, communist).
What is happening in China right now is very interesting in that the state clearly has maintained control not only over the power to create money, but over finance generally. China may be the only “capitalist” state that controls capital instead of being controlled by it.
- This reply was modified 1 week, 6 days ago by Scot Griffin.