(The following is a guest post by Roger Gathman, author of the weblog Limited, Inc.)
What would one have said, in 1976, about Tronti’s essay and the future it forecast? Here is my tendentious and unfair opinion: one of the things one could have forecast is that, as the privileged site of production became less and less like a nineteenth century factory, the term 'factory' would experience a metaphorical creep. And that this creep would disguise the increasing blurring of the analytic distinction between production and consumption, and thus miss what distinguishes the Keynesian period from its predecessors.
Let’s illustrate this with a little story. When Tonti writes: “… capital reach[ing] a high level of development it no longer limits itself to guaranteeing collaboration of the workers - i.e. the active extraction of living labour within the dead mechanism of its stabilisation - some-thing which it so badly needs. At significant points it now makes a transition, to the point of expressing its objective needs through the subjective demands of the workers, ” I imagine he was not thinking of the embodiment of that demand in union pensions. But, indeed, in the forties, fifties, sixties and the seventies, a lot of money flowed into union pensions (I am talking about the U.S.), and that money did a lot of things. I’m not talking about the most colorful things, like the way Teamster pension funds built Las Vegas. I’m talking about your standard pension investments in equities in general. In the eighties, those funds – to the disappointment of the new breed of body snatching Randians, eager to take down the traditional enterprise structures and replace them with a new structure dedicated to the proposition that an enterprise is an aphid, and the upper management is a super-ant – were mobilized by the traditional managers of capitalist enterprises against the LBO merchants. Schwab and Thomas, in a review of Union pension investment patterns published in Michigan Law Review, Feb 98, were much more prescient about labor and its place in influencing the internal composition of the capitalist enterprise than Tronti was in 1976:
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