I guess one question here is why Ford, Chrysler and GM didn't
re-invest profits into accumulating their industrial capital. One, if
the goal was to reach a certain level of production to stay
competitive in the world (what is the benchmark now, 2 million
vehicles per year?), the most obvious solution was to acquire stakes
in and control of other car companies and attempt integration of
production. Two, this very easily moves over to finance and
speculative finance because of the way such deals were run by
investment banks able to put together the 'leverage' to finance the
deals (while taking a huge cut for themselves). Three, what is most
surprising though is how these companies all say at the same time that
they are in effect 'bankrupt' and need federal loans to stay solvent.
So did management as ownership strip out so much money from these
companies to enrich themselves (so they could, for example, speculate
on other things)? So much for the idea that management even tries to
act in the best interest of the company.

A different area of inquiry and analysis is how so much of the
political economies we produce in have become owned by 'holding
companies', which ultimately are owned by private equity groups and
things like hedge funds (who invest for 'institutional investors'),
while these private equity groups and hedge funds are dominated by US
and UK 'interests'.


Marxism-Thaxis mailing list
To change your options or unsubscribe go to:

Reply via email to