WL>>Seems to me you do in fact get the distinction between productive capital and speculative capital. A good Ponzi scheme is not back until it collapses. Profits to be made from that side of the business constituting productive capital has never been bad business. <<
I never said I didn't get such a distinction (although why do I not like that term 'productive' capital? Will get back to you about that.) For the purposes of analysis Marx, Lenin, Veblen and Keynes all make such a distinction. I don't think any would deny how they overlap in the 'magic of profit-taking' of capitalism. Industrial capitalists like what the UK, US had in the 19th century might not exist today (afterall, they were people in the 19th century), but we can still use the term 'industrial capital'. I just refuse to go over the ontological or exegetical deepends (as so many Marxists are wont to do). But I do detect a thesis in your posts WL. I just don't know that it means anyone else is wrong about the current crisis of capital. CJ _______________________________________________ Marxism-Thaxis mailing list Marxism-Thaxis@lists.econ.utah.edu To change your options or unsubscribe go to: http://lists.econ.utah.edu/mailman/listinfo/marxism-thaxis
