Start with a simple question: if investment drives productivity and growth, what happens to a society that keeps choosing consumption over capacity? We trace a straight line from Marx’s core mechanics to Kalecki’s equations, then use that line to cut through fashionable theory detours—value-form shortcuts, communization fantasies, and techno-feudal hot takes. The result is a clearer picture of why profits can soar while real investment sags, why the dollar’s “miracle” masks fragility, and why printing more money can’t manufacture machine tools, skills, or energy.

We lay out four regimes that help decode the past 70 years: Fordist reinvestment that pushed productivity up, extractive reinvestment that scaled capacity through coercion, subsistence stagnation where neither investment nor exploitation rises, and neoliberalism’s defining mix—low investment, high exploitation, and asset hoarding. From there, we unpack how U.S. trade deficits and financial inflows fed capitalist consumption while weakening the incentive to build. Debt and soft budgets smoothed the ride, but they didn’t fix profitability on new capital or reverse the long slide in productivity growth. The numbers point to a coming snap-back to trend, not a new golden age.

China’s path raises the stakes. Sustained high investment, tighter discipline on capitalist consumption, and strategic upgrading are pushing the global cost curve down and forcing others to respond. That doesn’t make China post-capitalist; it does show how targeted capacity-building can escape the stagnation trap. The practical lesson isn’t romantic—it’s logistical. Real constraints matter: inputs, machine tools, power, training, and time. Risk management beats magical thinking; autarky is a myth, but resilience is a plan. We argue for redirecting surplus toward compounding productivity, treating statistics as instruments not idols, and rebuilding the industrial backbone that reduces market domination over everyday life.

If you’re tired of theories that skip the engine room, this conversation connects the dials: profits, investment, productivity, debt, trade, and class incentives. Subscribe, share with a friend who loves charts more than slogans, and tell us: what’s the first capacity you’d rebuild?

Links referenced: 
https://open.substack.com/pub/nicolasdvillarreal/p/contra-capital-as-abstract-domination?r=2m9aw&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false

https://open.substack.com/pub/nicolasdvillarreal/p/an-economic-theory-of-maximalist?r=2m9aw&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false

https://open.substack.com/pub/nicolasdvillarreal/p/a-sketch-of-a-revision-to-orthodoxy?r=2m9aw&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false

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