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The Key Question About The Crisis of Our Times

From Kate Soper’s review of Jason W. Moore’s Capitalism in the Web of Life: Ecology and the Accumulation of Capital.

Had it had to pay for the bounty of nature or any of its debts to the labour of animals, slaves, the reproductive and domestic work of women, and so on, [capitalism] could never have existed. ‘The great secret and the great accomplishment of capitalism’, claims Moore, ‘has been to not pay its bills.’ Historical capitalism, moreover, has been able to resolve its recurrent crises until now only because of its continued success in ripping off what it should have been paying for, only because it has always managed to extend its zone of appropriation faster than it zone of exploitation – to overcome exhausted means or ‘natural limits’ to further capitalization, by engineering, with the help of science, technology and conducive cultural-symbolic forces, ever new means of restoring cut-price supplies of food, energy, labour and materials. Cartesian talk of Nature’s wreaking revenge on Humanity at some indefinite point in the future overlooks the often spectacular ways in which capitalism has overcome its socio-economic obstacles to growth. Particularly impressive in this respect has been its capacity to harness new knowledges in the service of economic expansion – as, for example, in the critical use made of cartography in the seventeenth century, or of time measurement, and other quantifying systems. Extensive historical illustration of all these devices and accumulation strategies is provided in the various sections of Moore’s book covering the colonizations of capitalism over the centuries, the territories thereby opened up for fresh labour exploitation, and the frontiers marked out for acquisition of pivotal resources at key historical moments (sugar, corn, silver, iron, oil, etc.).

But if apocalyptic formulation of nature’s limits is mistaken, Moore does also accept that capitalism may well now be running into the buffers, or, in others words, running out of the sources of the Four Cheaps [i.e., food, energy, labor power, and raw materials], and into a situation in which overcapitalization is left with too few means of investment and further accumulation. The problem here, he suggests, is a longue durée tendency for the rate of accumulation to decline as the mass of capitalized nature rises. In the process, accumulation becomes more wasteful due to increased energy inefficiency and the toxicity of its by-products; the contradiction between the time of capitalism (always seeking to short-cut that of environmental renewal) and the time of natural reproduction is made more acute; the eco-surplus declines, and capital has nowhere else to go other than recurrent waves of financialization. The key question, then, to which Moore continually returns without any clear answer, is whether the crisis of our times is epochal or developmental; whether, against the odds, new sources of accumulation will be located, or whether the combination of physical depletion, climate change, stymied investment opportunities and new anti-systemic movements now indicate a terminal decline.