Interest and Profit


They fought about it in Shakespeare’s time.

Shakespeare wrote a play about it. A character emerged depicting the essence of it. Shylock in “The Merchant of Venice”—a portrait of capitalism, in the period of transition from the feudal system.

Can you take a pound of flesh and spill not a drop of blood? That was the restriction Portia, the self-proclaimed lawyer, tried to impose on Shylock in Shakespeare’s play. The pound of flesh was the interest Antonio would have to pay if he didn’t return the 3 thousand ducats he borrowed on time. Portia excoriated Shylock’s capitalist greed while defending his right to be a Jew, in a time of intense anti-Semitism.

David M. Boje, Professor of Management at New Mexico State University, says of the play, “this is a critique applicable to today’s global corporate model of financial capitalism …

“…Shakespeare brilliantly portrays a conflict between courtly (feudal) usurer’s capitalism and bourgeois merchant’s capitalism, the triumph of the new forms of adventuring over the old in the 16th century.”

In those times, usury (excessive interest) or even a normally accepted amount was considered a very bad sin in certain Islamic and Christian nations. Today, it’s the normal way of doing business and is one of the pillars of the capitalist system. Money making money.

However, money is only a medium of exchange. It has no intrinsic value. It replaces a barter system. All classical economists, including Adam Smith and David Ricardo, recognize some form of the labor theory of value where the value of a commodity is determined by the amount of labor-power that goes into producing it.

Karl Marx brought a new paradigm to the understanding of capitalism with the hypothesis that “profit is derived from the surplus-value that is extracted when workers put in more labor than is necessary to pay the cost of hiring their labor-power’.

This led him directly to the concept of the class struggle, the relations of production between capital and labor. Capitalism can only exist through the exploitation of the working class.

We’re in another period of transition, today—the next stage in our evolving economic system. Will it be socialism or something else?

Can we imagine a society where interest and profit do not exist?

Perhaps it was the road not taken when societies emerged from feudalism, with the lord dominant over the serf. Or even earlier, before the formation of class systems when human societies consisted of hunters and gathers, where members of the tribe were equal in some form of primitive communism.

Well, let’s see. The first thing we’ll have to learn, to achieve such a state on a higher level, is to bring out the best in people, not the worst—and to do that we must recognize that human nature is complex and is made up of both.

Compassion and a desire to serve one’s fellow man is as strong a drive in people as is greed. For a society, the stratagem must be to make the common good the standard behavioral form. The competition is in doing the best for mankind—rather than, “as long as I get mine, the devil take the hindmost”.

In the context of our country, in the failing state of capitalism, how do we save ourselves? Instead of making some pacts with the future, we are clinging to the failures of the past.

Our current attempts at health care reform are a good example.

In a show at providing universal health care for the nation, the people’s representatives dare not let these toxic words—socialized medicine or public option—cross their lips. Apparently, governments are no longer here to help our citizens. Powerful corporate entities, known as the health insurance industry, a part of the oligarchy that runs this country, won’t allow it. They literally own a good many of our Congressmen and Senators, enough of them to stop any kind of meaningful health care reform. Citizens are brainwashed into thinking that what helps the insurance industry helps them.

You can fool some of the people some of the time.

The rest of us are fighting back. The fight won’t be complete until the money changers are driven from the temple. If you can live with the mixed metaphor, we, the people, must take back our Congress, elect legislators that will represent us, not the special interests. Then, we might feel that we have a government that works.

If not, history will do it for us.

Instead of “The Merchant of Venice”, we will have to look to Shakespeare’s “Macbeth” or “Richard IIII” for a more violent solution.

One way or another, in Marx’s own words, “Capitalism will dig its own grave.”

STEPHEN FLEISCHMAN, writer-producer-director of documentaries, spent thirty years in Network News at CBS and ABC. His memoir is now in print. See www.amahchewahwah.com, e-mail stevefl@ca.rr.com



STEPHEN FLEISCHMAN, writer-producer-director of documentaries, spent thirty years in Network News at CBS and ABC. His memoir is now in print. See www.amahchewahwah.com, e-mail stevefl@ca.rr.com

Weekend Edition
November 27-29, 2015
Andrew Levine
The Real Trouble With Bernie
Gary Leupp
Ben Carson, Joseph in Egypt, and the Attack on Rational Thought
John Whitbeck
Who’s Afraid of ISIS?
Michael Brenner
Europe’s Crisis: Terror, Refugees and Impotence
Pepe Escobar
Will Chess, Not Battleship, Be the Game of the Future in Eurasia?
Ramzy Baroud
Forget ISIS: Humanity is at Stake
Vijay Prashad
Showdown on the Syrian Border
Dave Lindorff
Gen. John Campbell, Commander in Afghanistan and Serial Liar
Colin Todhunter
Class, War and David Cameron
Jean Bricmont
The Ideology of Humanitarian Imperialism
Dan Glazebrook
Deadliest Terror in the World: the West’s Latest Gift to Africa
Mark Hand
Escape From New York: the Emancipation of Activist Cecily McMillan
Karl Grossman
Our Solar Bonanza!
Mats Svensson
Madness in Hebron: Hashem Had No Enemies, Yet Hashem Was Hated
Walter Brasch
Terrorism on American Soil
Louisa Willcox
Grizzly Bears, Dreaming and the Frontier of Wonder
Michael Welton
Yahweh is Not Exactly Politically Correct
Joseph Natoli
A Politics of Stupid and How to Leave It Behind
John Cox
You Should Fear Racism and Xenophobia, Not Syrian Refugees or Muslims
Barrie Gilbert
Sacrificing the Grizzlies of Katmai: the Plan to Turn Brooks Camp Into a Theme
Rev. William Alberts
The Church of “Something Else” in “an Ecclesiastical Desert”
Andrew Gavin Marshall
Bank Crimes Pay
Elliot Murphy
Cameron’s Syrian Strategy
Gareth Porter
How Terror in Paris Calls for Revising US Syria Policy
Thomas S. Harrington
Jeff Jacoby of the Boston Globe and the Death of Ezra Schwartz
Michael Perino
The Arc of Instability
Yves Engler
Justin Trudeau and Canada’s Mining Industry
Tom H. Hastings
ISIS and Changing the Game
Lars Jørgensen
Vive la Résistance
John Halle
A Yale Education as a Tool of Power and Privilege
Norman Pollack
Syrian “Civil War”?: No, A Proxy War of Global Confrontation
Sheldon Richman
Let the Refugees In
James Anderson
Reframing Black Friday: an Imperative for Déclassé Intellectuals
Simon Bowring
UN Climate Talks 2009: a Merger of Interest and Indifference
Ron Jacobs
Rosa Luxemburg–From Street Organizer to Street Name
Aidan O'Brien
Same-Sex Sellout in Ireland
David Stocker
Report from the Frontline of Resistance in America
Patrick Bond
China Sucked Deeper Into World Financial Vortex and Vice Versa, as BRICS Sink Fast
Majd Isreb
America’s Spirit, Syrian Connection
James A Haught
The Values of Jesus
Binoy Kampmark
British Austerity: Cutting One’s Own Backyard
Ed Rampell
45 Years: A Rumination on Aging
Charles R. Larson
Chronicle of Sex Reassignment Surgery: Juliet Jacques’s “Trans: a Memoir”
Jeffrey St. Clair - Alexander Cockburn
CounterPunch’s Favorite Films
November 26, 2015
Ashley Nicole McCray – Lawrence Ware
Decolonizing the History of Thanksgiving