Walter Rodney - Capitalism Quotes

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Like its progenitor, capitalism, fascism is totally opposed to socialism. Fascist Germany and Italy attacked both the other capitalist states and the Soviet Union, which was still the only socialist state in the world by 1939. The defeat of fascism was therefore a victory for socialism, and at the same time it preserved the other capitalist nations from having to take the historically retrograde step of fascism.

Walter Rodney
Capitalism has created its own irrationalities such as a vicious white racism, the tremendous waste associated with advertising, and the irrationality of incredible poverty in the midst of wealth and wastage even inside the biggest capitalist economies, such as that of the United States of America.

Walter Rodney
However, the peasants and workers of Europe (and eventually the inhabitants of the whole world) paid a huge price so that the capitalists could make their profits from the human labor that always lies behind the machines. That contradicts other facets of development, especially viewed from the standpoint of those who suffered and still suffer to make capitalist achievements possible. This latter group are the majority of mankind. To advance, they must overthrow capitalism; and that is why at the moment capitalism stands in the path of further human social development. To put it another way, the social (class) relations of capitalism are now outmoded, just as slave and feudal relations became outmoded in their time.

Walter Rodney
Slavery is useful for early accumulation of capital, but it is too rigid for industrial development. Slaves had to be given crude non-breakable tools which held back the capitalist development of agriculture and industry. That explains the fact that the northern portions of the U.S.A. gained far more industrial benefits from slavery than the South, which actually had slave institutions on its soil; and ultimately the stage was reached during the American Civil War when the Northern capitalists fought to end slavery within the boundaries of the U.S.A. so that the country as a whole could advance to a higher level of capitalism.

Walter Rodney
Gold is required in large quantities only in a society which produces a very large economic surplus and can afford to transform part of that surplus into gold for prestige purposes (as in India) or into coinage and money to promote capitalism (as in Western Europe).

Walter Rodney
That is a profound revelation of the difference between capitalist and pre-capitalist societies; and when capitalism came into contact with the still largely communal African societies, it introduced money relations at the expense of kinship ties.

Walter Rodney
In speaking of the European slave trade, mention must be made of the U.S.A., not only because its dominant population was European but also because Europe transferred its capitalist institutions more completely to North America than to any other part of the globe, and established a powerful form of capitalism—after eliminating the indigenous inhabitants and exploiting the labor of millions of Africans.

Walter Rodney