Julio Huato wrote: >... there are different > possible configurations of this "financial system." Some of them > could, in principle, reduce substantially the turbulence.
and some of them can increase turbulence. The main distinction these days (hi Doug!) is between the Anglo-American system centered on stock markets and the more European or Japanese system centered on bank ownership of shares. As Julio notes, though capitalism requires a financial system, that system has "relative autonomy" so that its nature is not determined exactly by the capitalist system. Thus Engels could contrast financial crises arising from non-financial sources (e.g., a sustained fall in the profit rate) and those arising from within finance itself. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
