Rosa Luxemburg and debt as an instrument of imperialism

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Luxemburgo expresaba su oposición a los líderes socialistas cuando afirmaban que esta fase expansionista de fuerte crecimiento del capitalismo demostraba que éste había superado las crisis periódicas.

Eric Toussaint

103 years ago Rosa Luxemburg was shot dead and her body thrown into the Landwehr channel in Berlin.However, she could not be erased from history, since her life and her work are extremely relevant in our search for a better world.We reproduce this article to pay tribute to her legacy, which continues to inspire millions of people even today - Cadtm

In his book, the accumulation of capital [1], published in 1913, Rosa Luxembourg [2] dedicated a chapter in the question of international loans [3] to show common major capitalist powers of the time used the credits granted by their bankers to thePeriphery countries to exercise economic, military and political domination.She paid special attention to the analysis of the new independent states of Latin America after Lasuerras de Independencia in the 1820s, as well as the indebtedness of DeGipto and Turkey during the 19th century without forgetting China.

He wrote his work in a period of international expansion of the capitalist system, both in terms of economic growth and geographical expansion.At that time, in the social democracy of which he was part (German Social Democratic Party and Social Democratic Party of Poland and Lithuania - Shared territories between the German Empire and the Russian Empire), a significant number of socialist leaders and theorists supported colonial expansion.This was the particular case in Germany, France, Great Britain and Belgium.All these powers had developed their colonial empires in Africa mainly at the end of the 19th and early twentieth centuries.Rosa Luxembourg was totally opposed to this orientation and denounced the colonial looting and the destruction of traditional (often community) structures of precapitalist societies for expanding capitalism.

Rosa Luxembourg expressed her opposition to these same socialist leaders when they claimed that this expansionist phase of strong growth of capitalism showed that she had exceeded periodic crises, the last of which went back in the early 1890s. Rosa Luxembourg denounced this visionthat gave a false interpretation of the functioning of the capitalist system.Rosa she opposed fiercely since this vision of an influential part of social democratic leaders served as a basis and justification for an increasingly collaborative attitude with the capitalist governments of the time [4].

When writing the accumulation of capital, Rosa Luxembourg aimed to build a fundamental argument to counteract the pro-colonial and collaboration orientations of classes within the social democracy against which he had been fighting since the late 1890s. Objective, whose origins date back to 1906-1907, when he gave a Marxist economy course at the SPD school of paintings, the German Social Democratic Party in Berlin. Indeed, on this occasion, to prepare her lessons, she immersed himself again in the reading of Capital and deduced from her that there was an error in the demonstration of Karl Marx regarding the enlarged reproduction scheme of capital [5] . She was in particular to find the solution to this problem so she made an enormous effort to analyze the evolution of capitalism during the 19th century. It should be noted that Marx, in capital, develops his theoretical demonstration as if the capitalist society had reached a stage in which there were only capitalist relations in society. He analyzes capitalism in his pure state.

Rosa Luxemburg starts from the verification, made even by Marx in a series of writings such as the Grundrisse [6] (which had not had the opportunity to read because this part of Marx's work had not yet been published) or chapter XXIV of theBook 1 of Capital "The so -called original accumulation" [7], according to which capitalism, in its expansion, destroys the traditional structures of non -capitalist societies that are conquered during the colonial phase

With respect to the role of colonial looting, it is worth mentioning the Marx of Capital: «The discovery of the gold and Argentine regions of America, the reduction of natives to slavery, their burial in the mines or its extermination, the beginningOf conquest and looting in the Eastern Indies, the transformation of Africa into a kind of commercial dock for the hunting of black skins, these are the idyllic processes of primitive accumulation that the capitalist era in its dawn indicate. "

It is also in this chapter that Karl Marx places a formula that indicates the dialectical link between the oppressed of the metropolis and those of the colonies: «In general, the covert slavery of the salaried workers in Europe demanded, as a pedestal, slaverySans Phrase (without reservations) in the New World ».He ends this chapter by stating that "capital comes to the world dripping blood and mud through all pores, from feet to the head."

Marx describes the destruction of traditional textile factories in India during the British colonial expansion.He also analyzes the destruction of non -capitalist relations that existed in Europe before the mass extension of capitalist relations.But when he tries to highlight the laws of operation of the capitalist system, he raises as a hypothesis that capitalism totally dominates the set of production relations and therefore has already destroyed or / and absorbed entirely to the precapitalist sectors [8]

What is very enriching in the Rosa Luxembourg approach is its enormous capacity for critical thinking and its willingness to confront the theory with practice.She is inspired by Karl Marx expressing a fundamental agreement with him, but that does not prevent her from correctly or mistakenly questioning certain conclusions of this one.

A point where Rosa Luxembourg totally agrees with Karl Marx is the issue of unequal relations between capitalist powers and countries where precapitalist production relations are still largely present.These countries are subject to the first to exploit them to continue their expansion.Rosa Luxembourg, as Marx, shows in particular that capitalist powers find an exit for their manufactured products by imposing them in precapitalist societies, particularly through the signing of free trade agreements.

Latin America countries that conquered their independence in the 1820s

If we took the example of the Latin American countries that conquered their independence in the 1820s, we observed that they imported manufactured products, mainly from Great Britain, a power with which they had hired international loans to make these purchases.The governments of the Latin American countries that borrowed from the London bankers spent most of the sums provided in the British market by buying all kinds of goods (military equipment that went from weapons to uniforms, team goods for extractive industries orFor agriculture, raw materials).Then, to pay their international loans, the indebted states resorted to new loans that were used both to pay previous loans and to import even more manufactured products from Great Britain or other creditor powers (see https://www.cadtm.org/america-Latina-debt-y-libre) [9].

Rosa Luxembourg affirms in his 1913 book that loans "constitute the safest way for the old capitalist countries to maintain control of young countries, control their finances and exercise pressure on their foreign, customs and commercial policy" [10].

As an illustration of the penetration of manufactured products from the ancient European capitalist countries such as Great Britain in the new independent countries in Latin America, we can mention George Canning, one of the main British politicians of the 1820s [11]. He wrote in 1824: «The thing is done; The nail is set, Latin America is free; And if we do not sadly break our affairs, it is English »”. Thirteen years later, the English consul in La Plata, Argentina, Woodbine Parish, could write, speaking of a gaucho (pastor) of the Argentine Pampa: »Take all the pieces of his clothes, examine everything that surrounds him and except what Be leather, what will be not to be English? If his woman has a skirt, there are ten possibilities against one that is Manchester's manufacturing. The boiler or pot in which she cooks, the ordinary crockery cup in which she eats, her knife, her spurs, the brake, the poncho that covers it, all are effects carried from England. ” [12]

To achieve this result, Great Britain did not need to resort to the military conquest (although, when he considered it necessary, he did not hesitate to use force as in India, Egypt or China).She used two very effective economic weapons: international credit and the imposition of abandonment of protectionism.

Rosa Luxembourg insists on the role of international loans to colonial countries or "independent" states (such as the young republics of Latin America or Egypt and China) to finance large infrastructure works (railroad construction, construction of the Suez channel,etc.) or purchases of expensive military team in the interest of the great imperialist powers.Thus, she writes: "International indebtedness linked to the construction of railroads and the increase of armaments accompanies all phases of capitalist accumulation."

He also states that "the contradictions of the imperialist phase manifest very clearly in the contradictions of the international loan system."

Rosa Luxembourg, as Marx had done a few decades earlier, insists on the role of the financing of railroads throughout the planet and especially in peripheral countries subject to the economic domain of imperialist powers.He speaks of the frenzy of the loans used for the construction of railroads: «Despite all periodic crises, European capital benefited so much from this madness that, around 1875, the London Stock Exchange was affected by a loan fever in loan feverabroad.Between 1870 and 1875 loans were hired in London for 260 million pounds sterling, which immediately led to rapid growth in exports of English goods to overseas countries. »

At the end of the 19th century, after the bankers of London, those of Germany, France and Belgium arrived.

Following the wake of Great Britain, the German, French and Belgian imperialisms appear that begin to massively lend to the countries of the periphery.

Rosa Luxembourg describes this evolution: “For twenty years there has been only a new phenomenon: German, French and Belgian capitals have participated together with English capital in investments abroad, and in particular in loans.Between the 1850s and the end of the 1880s, the construction of the railroad in Asia Minor was financed by English capital.Then, the German capital invaded Asia Minor and undertook the execution of the huge construction project of the Anatolia and Baghdad railway.German capital investments in Turkey lead to an increase in German exports to that country.These amounted to 1896 to 28 million Marcos, in 1911 to 113 million Marcos;In 1901, only for Asian Turkey, included 12 million and, in 1911, 37 million frames «.

Rosa Luxembourg shows that colonial and imperialist expansion allows ancient European capitalist countries such as Great Britain, France, Germany, Belgium (we could add Italy and the Netherlands), in which there is a situation of capital leave, use these capitals not Used to provide or invest in peripheral countries that, from there, constitute a profitable exit. She writes: “Unemployed capital did not have the possibility of accumulation in their country of origin due to lack of demand for additional products. But abroad, where capitalist production has not yet been developed, an additional demand emerged or by force in non -capitalist circles. ” It is that by destroying the small traditional local production, European manufactured products take the place of precapitalist domestic production. Peasant communities or impoverished artisans from African, Asian or American countries are forced to start buying European products such as British, Dutch and Belgian textiles. Those responsible for this situation are not only European capitalists, they are also local ruling classes in peripheral countries that prefer to specialize in import-export trade instead of investing in local manufacturing industries (as I have shown with respect to Latin America In the debt system in chapters 2 https://www.cadtm.org/la-deud -possible). They prefer to invest the capitals that have accumulated to extract raw materials (mining, for example) or cultivate cotton and sell these gross products in the world market, instead of transforming them locally. They prefer to import manufactured products of old Europe instead of investing in local transformation industries and producing for the domestic market.

Egypt victim of international loans

In the case of Egypt, that Marx had not studied in depth, Rosa Luxembourg points out another phenomenon.To pay the external debt contracted with the bankers in London and Paris, the indebted Egyptian government submits the Egyptian peasantof the peasants.Rosa Luxembourg shows how the overexploitation of the peasantry by methods that are not purely capitalist (that is, they are not based on wage labor relations) benefit the accumulation of capital.

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Rosa Luxembourg describes the process summarized above. She explains that the Egyptian workforce «was still composed of peasants forced to free work, and the State assumed the right to dispose of them without reservations. The Fellahs were already used by thousands in the construction of the Kalioub dam and the Suez channel; Now they were busy building dikes and channels, and cultivating the properties of the viceroy. The Jedive (= the Egyptian sovereign, Eric Toussaint's note) now needed for himself the 20,000 servants he had made available to the Suez company, hence the first conflict with French capital. An arbitration sentence of Napoleon III granted the Suez company compensation of 67 million frames; The Jedive accepted this sentence with the greatest provision because he could take that sum of the same Fellahs that were subject to conflict. Then the channeling work began. A large number of steam machines, centrifugal pumps and locomotives to England and France were commissioned. By hundreds, these machines were sent from England to Alexandria, then they were transported by boat by the channels and the Nile, and then to camel loins inside the country. To work the earth, even more steam plows were needed since in 1864 an epidemic had decimated cattle. These machines also came from England. ”

Rosa Luxembourg describes the numerous purchases of whole teams and companies made by the Egyptian sovereign to British and French capitalists.And she raises the question: "Who provides capital for these companies?"And she replies: "International loans."All these equipment and companies were used to export mainly agricultural raw materials (cotton, sugar cane, indigo, etc.) and to complete the construction of the Suez channel to promote world trade dominated by Great Britain.

Rosa Luxembourg describes in detail the succession of international loans that gradually drag Egypt and its people to an endless abyss.She shows that the conditions imposed by bankers make it impossible to pay capital because you have to constantly borrow interest.

The sums of money, from the loans, which really arrived in Egypt were much lower, although the bankers demanded and received very high amounts as reimbursement.Let's take as an example the 1862 loan: European bankers issued Egyptian titles for a nominal value of 3.3 million pounds sterling, but sold them to 83 % of their nominal value, so Egypt received only 2.5 million pounds, add to the one who had to discount the commission of the bankers.The amount that had to reimburse Egypt in 30 years rose to about 8 million pounds taking into account the amortization of capital and the payment of interest.

It is easily understood that this debt growth and the required interest rates were unsustainable.The financial conditions that were imposed by the bankers made reimbursement impossible.Therefore, Egypt had to continue borrowing to be able to continue the payments of the previous debts.

Let us leave the voice to Rosa Luxembourg, which lists an impressive series of loans granted in abusive terms for the benefit of the lenders: «In 1863, a year before his death, Said Pasha [13] hired the first loan with a nominal value of 68 68 Millions of frames, but who, after deducting commissions, discounts, etc., stayed at 50 million net frames. He bequeathed this debt to Ismail [14], as well as the Suez treaty that imposed a contribution of 340 million frames to Egypt. In 1864, Ismaïl obtained a first loan with a nominal value of 114 million with a 7% interest rate and a real value of 97 million with 8.25% interest. This loan was spent in a year, 67 million were used to compensate for the Suez company (...). In 1865, the Anglo-Egipcio bank granted the first of the so-called »Daira loans». Jedive's private property was used as a guarantee for this loan, which had a nominal value of 68 million at 9% interest rate and a real value from 50 million to 12%. In 1866, Frühling and Göschen granted a new loan with a nominal value of 60 million and a real value of 52 million; In 1867, the Ottoman Bank awarded a loan with a nominal value of 40 million, with a real value of 34 million. The pending debt then rose to 600 million. To consolidate part of it, it was hired with the Oppenheim Bank and Neffen a loan worth 238 million to 4%, Ishmail actually received only 162 million to 13.5%. This sum allowed to organize the great celebration of the inauguration of the Suez Canal, which was held before all the personalities of the world of finance, the courts and the half European world. A luxurious madness was deployed on this occasion; In addition, a new commission of 20 million was offered to the Turkish boss, the Sultan. In 1870, Bischoffshein and Goldschmidt granted a loan for a nominal value of 242 million to 7%, and for a real value of 100 million to 13%. Then, in 1872 and 1873, Oppenheim granted two loans, one, modest, from 80 million to 14%, and the other very important, with a nominal value of 640 million to 8%; The latter managed to reduce the pending debt in half, but as used to exchange letters of exchange that were in the hands of the European bankers, only 220 million meant.

In 1874, an additional loan of 1,000 million frames was attempted in exchange for an annual income of 9%;But it only brought 68 million.Egyptian values were quoted 54% below their nominal value.In thirteen years, since the death of Said Pasha, the public debt had gone from 3,293,000 pounds sterling to 94,110,000 pounds sterling, that is, approximately 2 billion frames.Banking was at the door. ”

Rosa Luxembourg rightly states that this seemingly absurd loan series produced great dividends for bankers: «At first glance, these financial operations seem to be the height of the absurd.A loan expels the other, the interest of old loans is covered by new loans.We pay the huge industrial orders made to English and French capital with the money provided by English and French capital.

But in reality, although everyone in Europe sighed and lamented the crazy management of Ismail, European capital obtained unprecedented profits in Egypt, a new version in that country of the biblical parable of fat cows, unique in the world history of the world ofcapital.And, above all, each loan was an occasion of a usurative operation in which they were in the hands of the European bankers 1/5 and even 1/3 or more than the allegedly borrowed sum ».

Then it shows that it is the Egyptian people, in particular the mass of the poor peasants, the Fellahs, who pay the debt: «However, these usural benefits should be paid in one way or another. Where to get the media? Egypt had to deliver them, and the source was the Egyptian Fellah. It was the peasant economy that ultimately supplied all the elements of the great capitalist companies. He provided the land, since the so -called Jedive properties, acquired at the expense of the villages by looting and blackmail, had taken immense proportions for some time; They were the basis of channeling plans, cotton and sugar plantations. The peasant economy also provided a free labor, which also had to cover its own maintenance costs throughout the period of its exploitation. The technical miracles created by European engineers and European machines in the channeling, transport, agriculture and industry sector were achieved thanks to the forced labor of the peasants. Huge peasants worked at the Kalioub dam and the Suez Canal, the construction of railways and dikes, in cotton plantations and in sugar factories; They were exploited without limits and passed from one job to another according to the needs of the moment. Although the technical limits of the use of forced labor for the purposes of modern capital will manifest at all times, this insufficiency was compensated by the absolute domination exerted on the labor: the amount of workforce, the duration of the exploitation, the Living and labor conditions of labor depended completely on the goodwill of capital.

In addition, the peasant economy provided not only land and labor, but also money, through the tax system. Under the influence of the capitalist economy, extorted taxes to small farmers became more and more heavy. The land property tax constantly increased: at the end of the 1860s, it amounted to 55 frames per hectare, while the large properties only paid 18 frames per hectare and the royal family did not pay taxes in their immense domains. To this were added special taxes, for example, those destined to the maintenance of the channeling work that were used almost exclusively for the viceroy properties; They promoted 2.50 frames per hectare. The Fellah had to pay, for each datile palm that he owned, a tax of 1.35 frames, for the cabin where he lived, 75 pence. In addition, there was a personal tax of 6.50 frameworks that each male individual over ten years had to pay. ”

The more the debt with European capital increased, the more money it had to be extorted to the peasant economy.In 1869, all taxes increased by 10% and were collected in advance by 1870. In 1870, land property taxes increased by 10 frames per hectare.The villages of Alto Egypt began to depopulate, the huts were demolished, the land was fallow to avoid paying taxes.In 1876, the Datilee palm trees increased by 50 pence.Whole peoples prepared to tear down their datile palm trees which had to be disabled.It is said that in 1879, 10,000 Fellahs died of hunger north of Siut for lack of money to pay the irrigation tax of their fields and after killing their cattle to avoid paying taxes. ”

Rosa Luxembourg concludes this part by writing: “He had already taken the Fellah until the last drop of his blood.The Egyptian State had fulfilled its function as a money collector at the service of European capital;There was no need for him.The Jedive Ismail (Pasha) was fired.Capital could now liquidate operations ».

Rosa Luxembourg shows how British capital seizes bargain prices of what still belonged to the State, and once this was done, how it makes the British government find a pretext to invade militarily Egypt and there to install its domination that, remember, lastedUntil 1952.

Rosa Luxembourg explains that "only a pretext for the final blow was expected: it was provided by the rebellion of the Egyptian army, hungry for European financial control, while European officials received huge salaries, and by a masses revolt caused in Alexandria that I was bleeding. In 1882, the English army occupied Egypt, to never abandon it. The submission of the country was the culmination of the great capital operations in Egypt for twenty years, and the last stage of the liquidation of the Egyptian peasant economy by European capital. Here we realize that the apparently absurd transaction between the capital provided by European banks and European industrial capital was based on a very rational and very healthy relationship from the point of view of capitalist accumulation, although Egyptian purchases were paid by The capital borrowed and the interests of a loan were covered by the capital of another loan. If abstraction of all intermediate levels that hide reality, we can reduce this relationship to the fact that the Egyptian economy was largely absorbed by European capital. Huge extensions of land, considerable labor forces and a large number of products transferred to the State in the form of taxes, were ultimately transformed into accumulation of European capital. ”

As I wrote in the debt system about Egypt http://www.cadtm.org/la-deudand the nationalization of the Suez Canal on July 26, 1956 so that, for a fortnight of years, Egypt again tries a partially autonomous development ».

Conclusion: The analysis of Rosa Luxembourg on the role of international loans as a mechanism to exploit peoples and as a subjugation instrument of peripheral countries to the interests of the dominant capitalist powers is of great news in the 21st century.Basically, the mechanisms that Rosa Luxembourg revealed continues to function today in forms that must be analyzed rigorously and must be fought.

I would like to point out that it was an invitation to participate in September 2019 at a conference in Moscow about Rosa Luxembourg that gave me the opportunity to study his work again and prepare the material found in this article.The conference was organized by young university professors completely independent of the government and was supported by the Rosa Luxembourg Foundation.

Translated by Alberto Nadal

CADTM

Notas

[1] The book The accumulation of capital can be downloaded for free at https://www.marxists.org/espanol/luxem/1913/1913-lal-acumulation-del-capital.pdf

[2] Rosa Luxembourg, born on March 5, 1871 in Zamosc in the Russian Empire (current Poland), was killed on January 15, 1919 in Berlin during the German revolution by low soldiers by order of members of the social democratic government chaired byFriedrich Ebert.Rosa Luxemburg was a socialist, communist, internationalist and a Marxist theoretical militant.It is advisable to read the biography of Rosa Luxembourg written by one of her combat companions, Paul Frölich, first published in 1939. In Spanish, see Paul Frölich: Rosa Luxemburg.Life and work.Madrid, Fundamentals, 1976 and a more recent Paul Frölich, Rosa Luxemburg - Life and work, published in 2013 by IPS editions, Buenos Aires, Argentina.Of the original 1940, Rosa Luxemburg: Her life and work of her.Edition by Cecilia Feijoó and Demian Paredes.

[3] Chapter 30, entitled International Loans, can be downloaded for free at https://www.marxists.org/espanol/luxem/1913/1913-lal-acumulation-del-capital.pdf

[4] Rosa Luxembourg, as more people, fought against what was called "ministerialism," which had been the subject of great debates within the second international, in particular in the 1907 Congress. A resolution condemned in particular the ministerialism that followedto the experience of the participation of Alexandre Milrand, a French socialist leader, in the Waldeck-Rousseau government from 1899 to 1902. considered too moderate, was excluded from the French Socialist Party in 1904. Despite the resolution of the 1907 Congress of the 1907Second International Many social democratic leaders who voted hypocritically will not hesitate to enter different governments during World War I.

[5] For a presentation of the problem of capital reproduction schemes and the contributions of Rosa Luxembourg, Nicolas Boukharine, Rudolf Hilferding and others, reading Ernest Mandel, late capitalism, was, 1972;In 1997, the final version of the work was published in French, with unpublished texts by Mandel, plus a preface by Daniel Bensäid and an epilogue of Jesús Albarracín and Pedro Montes;There is no Spanish version.EDITIONS OF THE PASSION à Paris.ISBN 2-906229-31-8

[6] Carlos Marx, Grundrisse, in Spanish, at https://www.nodo50.org/gpm/einstein/grundrisse_tomo_i.pdf.Karl Marx, Manuscrits of 1857-1858, Dits «Grundrisse», Les Éditions Social, Paris, 2011. Another edition in French: Karl Marx, Gundisse der Kritik der Politischen Ökonomie, 6 vol, Éditions 10/18, Paris, 1972.

[7] Carlos Marx, Capital Volume I, http://biblio3.url.edu.gt/libros/captom1.pdf.See in particular the XXIV capigo entitled the so -called original accumulation.

[8] Rosa Luxembourg writes about this: “Therefore, the Marxist scheme of expanded reproduction fails to explain the accumulation process as produced in historical reality. What is this about? Simply to the assumptions of the same scheme. This scheme aims to expose the accumulation process, under the assumption that capitalists and workers are the only consumers. We have seen that Marx places consciously and consciously, in the three volumes of Capital, as the theoretical assumption of his analysis, the general and exclusive domain of capitalist production. Under these conditions there is, in effect, as in the scheme, more social classes than capitalists and workers (...). But this assumption is a theoretical resource; In reality there has been or there is a capitalist society that is enough for itself, in which capitalist production exclusively dominates ”(the accumulation of capital, at the beginning of chapter XXVI. https://www.marxists.org/espanol/ Luxem/1913/1913-lal-acumulation-of-capital.pdf). Marx would certainly agree with Rosa Luxemburg when she claimed "there has not been a capitalist society that is enough for itself, in which capitalist production exclusively dominates", but this did not prevent him from raising a theoretical hypothesis with the capitalist relations as the only really existing ones.

[9] I have analyzed this in chapters 1 and 2 of debt system.History of the sovereign debts and their repudiation, Icaria, Barcelona, 2018 https://www.cadtm.org/System-deudto the creditors https://www.cadtm.org/simon-bolivar-en-el-laberinto-de

[10] Rosa Luxemburg, Chapter XXX entitled International Loans.All the quotes of Rosa Luxemburg present in this article come, unless otherwise indicated, of Chapter 30 entitled International Loans of Capital Accumulation, which is downloadable at https://www.marxists.org/espanol/luxem/1913/1913-Lal-acumulation-of-capital.pdf

[11] George Canning, senior official of the United Kingdom Foreign Ministry, became prime minister in 1827. Appointment in the open veins of Latin America, PG 145.

[12] Woodbine Parish, Buenos Aires and the provinces of the Rio de la Plata, Buenos Aires, 1852. Cited even Eduardo Galeano, the open veins of Latin America, 21st century, 2003. pg.149.

[13] Said Pacha, born in 1822 and killed in 1863, was the sovereign (Jedive) of Egypt from 1854 to 1863.

[14] Ismail Pacha, born in 1830 and killed in 1895, was the sovereign of Egypt from 01/18/1863 as of 8/08/1879.