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The drive for profit in the capitalist sector is behind the inexorable expansion of credit. A fall in the rate of profit promotes speculation. If the capitalists cannot make enough profit producing commodities, they will try making money betting on the stock exchange or buying various other financial instruments.

“What the story of the Great Depression and WW2 shows is that once capitalism is in the depth of a depression, there must be a grinding and deep destruction of all that capitalism had accumulated in value in previous decades before a new era of expansion becomes possible.”

I’ve read too much Chandler. This one is getting to be a little tedious.

Marx was on the money.

I’m thoroughly enjoying this book but the Verso edition has so many frustratingly simple spelling and punctuation errors - sometimes multiple errors on a single page. For example, using “wore” instead of “were” or missing full stops etc.