O’Connor Notes

O’Connor Notes - James O'Connor Notes...

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James O’Connor Notes Fiscal Crisis of the State Accumulation Legitimation Capitalism has internal contradictions between accumulation and legitimation. Vital functions— Construction of infrastructure Defense of foreign market, security from foreign threats, foreign resources/inputs Taxation as the mechanism of financing vital functions Tax and budgetary problems 1. Capitalism is dependent on the State. 2. Capitalism naturally has product that could be surplus due to insufficient demand and surplus labor force. 3. No matter how high incomes become, there will ALWAYS be person budget limitations on consumption. These limits will always be less than what capitalists COULD produce. Thus capitalism faces problems of INSUFFICIENT DEMAND. 4. Surplus labor force is a problem because a. Creates a strong market necessary to provide demand for capitalist capacity—and poverty restricts the size of the market b. A dissatisfied working class could be the basis of popular protest which could overthrow the capitalist system. 5. Capitalism is dependent on the state to provide PUBLIC GOODS—a public good is a necessary commodity or attribute essential to either the doing of business or to
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O’Connor Notes - James O'Connor Notes...

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