Tag Archives: bedlam

A Footnote to IT WAS BEDLAM! Lewis Corey was a pseudonym for Louis Fraida, one of the founders of the U.S. Communist Party. In a letter to Marcuse dated August 16, 1960, Raya Dunayevskaya replied at length to his request for references to the American literature dealing with the issues of “the transformation of the laboring class under the impact of rationalization, automation and particularly, the higher standard of living.” This was in...

IT WAS BEDLAM!  From The Decline of American Capitalism by Lewis Corey (1934): Capitalist production saves on labor and multiplies the productive forces. But two contradictions arise which constantly torment capitalist enterprise. Saving on labor decreases relative wages and limits the conditions of consumption. This sets in motion the forces of excess capacity, sharpened competition, and mounting distribution costs. These costs absorb much, if...