1. Theories of Capitalism & Postcapitalism
Seminar 4: Class
Dr Harry Pitts

2. Hey there coal miner, you can be who you want to be…

3. The Great British Class Survey
Elite – the most privileged class with high levels of all three capitals; their high amount of economic capital sets them apart
Established Middle Class – gregarious and culturally engaged, with high levels of all three capitals although not as high as the Elite
Technical Middle Class – a new, small class with high economic capital but seem less culturally engaged, with relatively few social contacts
New Affluent Workers – a young and active group with medium levels of economic capital and higher levels of cultural and social capital
Emergent Service Workers – young and often found in urban areas, this is a new class with low economic capital but high levels of 'emerging' cultural capital and high social capital
Traditional Working Class – although not the poorest, this class scores low on all three capitals; they tend to be older than the others
Precariat – the most deprived class with low levels of economic, cultural and social capital; their everyday lives are precarious

4. We are the 99%: The people vs the elites?

5. Corbyn on wealth creation

6. Questions for discussion
What is class from the perspective of critical theory?
How does the understanding of class as an antagonistic social relation differ from other theories of class in capitalist society?
Does the Great British Class Survey reflect the reality of class society, empirically or theoretically?
Is the central class divide in contemporary capitalism really that between the 99% and the 1%?
What relations and social forms does this distinction obscure?
Does class really boil down to the people versus the elites?
Can we wealth be created and shared more fairly?

7. Back to Bonefeld: social constitution & class
For Bonefeld, the study of the value-form does not exclude labour power, class, surplus-value and separation, but presupposes them. Valorisation is predisposed upon the pursuit of profit.
Profit cannot occur from the exchange of equivalents. Someone must lose out. Thus surplus value cannot be absent from the conceptualisation of the value-form, but immanent within it.
Because of the centrality of surplus value to the value form, class is the ‘critical category of the entire system of capitalist wealth'.
It 'appears in the form of an equivalent exchange […] between unequal values’. Expressed in this ‘real’ appearance is the ‘surplus value that has been ‘pumped out of the workers’’, in Marx’s words.
Thus, Adorno can make his claim that, as Bonefeld puts it, ‘the mysterious character of the value form lies ‘in the concept of surplus value’ (2014, p.102).
Class is central to this in that profit ‘entails the class relationship between the buyer of labour power and the producer of surplus value as seller of labour power’ (2014, p.43).
This in turn implies the pre-existence of labour power as a commodity. The condition of this is primitive accumulation, the forceful and continued separation of workers from the means of subsistence. This sets them to market with only their potential to labour to sell.
Of which more next week!

8. The value-form cannot be considered in abstraction from the continued unfolding of a historical process:
The separation of one class from the means of subsistence, through enclosure, dispossession and coercion.
The creation of a class of workers, with another class purchasing their only means of survival, the commodified potential to labour.
The continuing contemporary role of state and capital in reproducing and enforcing this separation.
From each other, from nature, from property, from independent means, this division proliferates on a daily, national and global basis.
This history is not something of the distant past, but a continuing state of affairs that must be reproduced.
The equivalence of exchange that theories of the value-form explore has its basis in the pursuit of profit by way of unequal exchange. This unequal exchange is predicated on a classed society.

9. Bonefeld follows Adorno in understanding society as ‘antagonistic from the outset’.
This shifts the focus of the critique of political economy from economic form to political (2014, pp.10-11).
Important here: Bonefeld's sensitivity to the ‘fire and blood’ that sustains the value-form (2014, p.90).
Understood like this, it is clear that the value-form does not ‘come about…and maintain itself just like that'. Its 'reality is neither given nor assured’ (2014, p.175).
A way out?