Crisis/Credit from 1861-1863.

Apt quote on crisis and credit from Marx’s notebooks on the ‘Exchange of Money with Labour Capacity’

‘In all countries where the capital-relation is developed the worker’s labour capacity is only paid for after it has functioned as such. In this connection it can be said that everywhere the worker gives credit to the capitalist, by the day or by the week; this is due to the special nature of the commodity he is selling. The worker hands over to him the use of the commodity he sells, and only receives its exchange value or price after it has been consumed. //In times of crisis, and even with isolated bankruptcies, it is then revealed that this credit given by the workers is no mere phrase, since they do not get paid.//’

Still a good description of the slew of high street chains, such as HMV, that have gone into administration in the last few days and still haven’t paid their workers:

 

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About HR

Deep in the adjunct crackhole.
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