Part II of IV in the series The Specter that Still Haunts: Locating a Revolutionary Class in Contemporary Capitalism-Imperialism In … Continue reading Things Done Changed
Revolutionary Initiative is pleased to announce a new four-part series from Comrade Kenny Lake to appear on our website and … Continue reading The Specter that Still Haunts: Locating a Revolutionary Class within Contemporary Capitalism-Imperialism – A Four Part Series
[From behindthenumbers.ca. See original source for graphic slideshow.] The conventional narrative about the performance Canada’s big banks during the financial … Continue reading Canada’s Secret Bank Bailout
[From Zero Hedge. – Simon, RI] A new study by Deloitte confirms everyone’s worst fear (and every millionaire’s wettest dream): … Continue reading The Rich Are About To Get Very, Very Rich: Study Finds Global Millionaire Wealth Set To More Than Double By 2020
[One of the outcomes of the most recent acute crisis in imperialism is just how naked the functioning of the … Continue reading Litte Atoms Podcast: John Lanchester – Whoops! Why Everyone Owes Everyone and No One Can Pay
In an announcement that largely went unnoticed last week, U.S. Steel said it plans to close down the blast furnace at Stelco’s Hilton Works in Hamilton, Ontario.
Hilton Works was once the main steelmaking operation of what was once Canada’s largest integrated steelmaker. Its demise exposes how Stelco has been reduced to a mere shell of its former glorious self. Indeed, since purchasing Stelco in 2007, U.S. Steel has strived to shutter the Stelco factories, even forcing the Harper government to sue the American company for reneging on promises to keep Hilton Works open and for selling American-made steel in the Canadian marketplace.
Yet the tragedy of Stelco highlights an alarming trend in the development of finance capital. In many respects, Stelco fell victim to the parasitic phenomenon of investment and hedge funds preying upon manufacturing companies and, basically, raping them of their capital. As witnessed by the credit crisis, finance capital has become less about investing in the productive capacity of the economy, and more about sucking out whatever profits exist in often vulnerable and shaky industrial sectors. Continue reading “Finance Capital Turns Parasitic”