Harry,
You're right in that many landowners' rents were
being recycled into local industrial start-ups
via local banks. But in many of the largely
non-industrializing parts of England, such as the
eastern counties, the rent money, passed on from
the country banks to the London joint stock
banks, were joined by other deposits from the
London merchant class, huge profits from abroad
(India, America, Africa, etc) and the growing
London middle-classes who were earning far more
than they knew what to do with. These streams
added substantially to the agricultural land
rents in order to be available for industrial investment.
Keith
At 17:35 30/08/2011, you wrote:
Ray,
Marx had it right in Volume III of Das Kapital
("Capitalist production as a whole."). Not that
anyone reads Volume III. Mostly, avid communists
read a condensation of Volume I and learn about
the siphoning off of "surplus value".
In Volume III, Marx pointed out that the
Industrial Revolution was financed by the rents
of the large landowners. So the capitalists -
factory managers, directors, and suchlike - were
attacked but not the people who, in the
background, really owned the capital - the landlords.
He also importantly pointed out that "surplus
value" inevitably disappeared into rents.
But, then, as I said, who reads Volume III?
Harry
\\\\\\\\\\\\\\\\\\\\\\
On Mon, Aug 29, 2011 at 11:24 AM, Ray Harrell
<<mailto:[email protected]>[email protected]> wrote:
The Arts have been in an equilibrium depression
since 1929. The problem of cost exceeding
surplus or productivity lag is not the problem
here however. The problem is one group of
people who are feeding off of the rest of the
world. Thats an older problem. More like
the Europeans feeding off of the Native
populations during empire. Obama and Krueger
could do something but they would have to be
revolutionaries of the type of the early FDR.
REH
From:
<mailto:[email protected]>[email protected]
[mailto:[email protected]] On Behalf Of Keith Hudson
Sent: Monday, August 29, 2011 11:39 AM
To: RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION
Subject: Re: [Futurework] President Obama will
nominate Alan Krueger chairman Council of Economic Advisers.
And Alan Krueger, employment specialist though
he might be, will no more be able to create jobs
for America than Austan Goolsbee did.
Most economists, politicians and senior civil
servants cannot conceive of the possibility that
most of the Western advanced world is now locked
into a particular urban way of life in which
there is no space, energy or daily use of time
for significant new consumer products -- even if
they could be imagined. As it is, there is
nothing new on the horizon that can be remotely
compared with the significance that the radio,
car and television had. These are just three of
the long line of unique consumer goods -- the
buying power -- that motivated the industrial
revolution of the last 300 years. During that
period there was always a tangible item that
individuals at every social level aspired to
possess. Today, there isn't such a list. As far
as products in daily use are concerned (repeat:
in daily use) even the poorest in an advanced
country can enjoy much the same as the richest.
We've almost certainly reached a steady-state
economy. It hasn't been planned but it's been
initiated by the breakdown of the credit system.
Of course, President Obama will never dare say
so, nor will any other president for at least
another generation. By this time, if governments
are going to exist at all in the form that we
know them today, politicians will be seriously
thinking not how to create jobs but how to
educate children and young people in order to
share the highly specialized jobs that remain
once our manufacturing, transport and retailing
systems have become largely automated.
Keith
At 15:14 29/08/2011, you wrote:
Content-Type: multipart/alternative;
boundary="----=_NextPart_000_0007_01CC6634.7A651840"
Content-Language: en-us
Obama to name Krueger for key economic post
by <http://msnbc.com>msnbc.com news
services Aug. 29, 2011
<http://www.readability.com/articles/okbolvvf?legacy_bookmarklet=1>Read
Later
Jon Roemer / Princeton
President Barack Obama will nominate Princeton
Universitys Alan Krueger to be chairman of the
White House Council of Economic Advisers.
WASHINGTON President Barack Obama will
nominate Princeton Universitys Alan Krueger to
be chairman of the White House Council of
Economic Advisers, a White House official said Monday.
If his nomination is confirmed by the Senate,
Krueger will succeed Austan Goolsbee in the
White House economic post. Goolsbee left the
position earlier this month to return to his
teaching post at the University of Chicago. The
departure was a blow for the White House as
Goolsbee had been a high-profile spokesman on the economy.
A labor economist, Krueger is likely to provide
a voice inside the administration for greater
action to bring down unemployment and deal with
the problem of long-term joblessness, according
to The
<http://www.msnbc.msn.com/id/44311574/ns/business/>WallStreet
<http://www.readability.com/articles/okbolvvf?legacy_bookmarklet=1#rdb-footnote-1>1
Journal.
Krueger served as assistant Treasury secretary
for economic policy during the first two years
of the Obama administration, meaning he has
recently cleared the sometimes treacherous
Senate confirmation process, the Journal noted.
The Krueger decision comes as Obama prepares to
unveil a jobs package in a speech planned for
shortly after the September 5 Labor Day holiday.
With U.S. unemployment at a stubbornly high 9.1
percent and amid fears the economy could slide
back into recession, Obama is under pressure to
show he is doing all he can to bolster growth.
----------
References
<http://www.readability.com/articles/okbolvvf?legacy_bookmarklet=1#rdb-footnote-link-1>^<http://www.msnbc.msn.com/id/44311574/ns/business/>
WallStreet ( www.msnbc.msn.com) (
<http://www.msnbc.msn.com/id/44311574/ns/business/>http://www.msnbc.msn.com/id/44311574/ns/business/
)
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Keith Hudson, Saltford, England
<http://allisstatus.wordpress.com/2011/08/>http://allisstatus.wordpress.com/2011/08/
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Futurework mailing list
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Keith Hudson, Saltford, England http://allisstatus.wordpress.com/2011/08/
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