To crashlist subscribers:
Environmental problems can be said to increase costs--say because
pollution needs to be cleaned up, or resources become more difficult to
extract. The increasing costs can be expressed in the concept of "the
second contradiction of capital" (see _Is Capitalism Sustainable?_ [1994],
pp. 162-163). The "first contradiction of capital" involves inadequate
demand (or excess capacity), which in Marxist terms is overproduction or
underconsumption.
I've been thinking lately that the first and second contradictions
of capital have been countervailing each other: one tends to decrease
prices, while the other tends to increase them. The price of oil
reflects, in part, the fact that petroleum is a non-renewable
resource; however, less economic activity in Asia has a deflationary
impact.
Milton Takei
Eugene, Oregon, USA
<[EMAIL PROTECTED]>
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