in very terse terms, I think that Marxists can make their understanding of credit and financial instruments more complete, more concrete, and more sophisticated by learning from Keynes and the Keynesians (such as Minsky, but not "new Keynesians" such as Mankiw) without sacrificing the Marxian understanding of capitalism. The financial system represents M - M', the individual earning of profit (i.e., dividends, and/or capital gains) simply by trading money and paper obligations, which is totally parastic on industrial capital (M - C ... P .... C' - M'). The redistribution of surplus-value (in finance) is dependent on its actual production (via exploitation in the production of goods and services). Keynes and his followers provide more understanding of the complications of M - M'. However, I'd say that Marx's 19th century description of speculative booms and crashes remains remarkably descriptive.
hari kumar wrote: > I must ask for your patience at what may seem to economic experts an > impossibly naive question. Perhaps it is also an impossibly awkward answer > to give in a snippet of an email, but whatever hints you may have, I am > interested in. > > I acknowledge that I have also have not been able to watch all the posts > (nor those on Louis's list) over the last two years. Perhaps you all > addressed this in detail - and pointing to the relevant post(s) will be > fine. Alternatively if there are key analyses/books that you could > recommend, I would be very grateful. > > Simply put I am asking the following. I believe that Marx and Lenin had > sertainly considered the role of credits etc, and this seems not anything > different except in scale and in speed. Is that correct or is that rather > stupid? Do the modern systems demand fundamental revisions of M or L in > terms of their economic main fundamentals (as opposed to their political > anlayses). If so which ones warrant this updating, and what are these > updates? -- 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
