In anti-Duhring, it's true that Engels suggested the need for socialization of capitalist losses. But there's nothing like fiscal policy in either Marx or Engels that I've seen.
Somewhat in line with Brad's point (but not concerning gold), in CAPITAL, vol. 3, ch. 30 [http://marxists.org/archive/marx/works/1894-c3/ch30.htm], Marx does criticize the government's debt: "The accumulation of the capital of the national debt has been revealed [where? by whom?] to mean merely an increase in a class of state creditors, who have the privilege of a firm claim upon a certain portion of the tax revenue. [jump to footnote] The public fund is nothing but imaginary [fictitious?] capital, which represents that portion of the annual revenue, which is set aside to pay the debt. An equivalent amount of capital has been spent; it is this which serves as a denominator for the loan, but it is not this which is represented by the public fund; for the capital no longer exists. _New wealth must be created by the work of industry_; a portion of this wealth is annually set aside in advance for those who have loaned that wealth which has been spent; this portion is taken by means of taxes from those who produce it, and is given to the creditors of the state, and, according to the customary proportion between capital and interest in the country, an imaginary capital is assumed equivalent to that which could give rise to the annual income which these creditors are to receive. (Sismondi, Nouveaux principes [Seconde édition, Paris, 1827], II, p. 230.)" [emphasis added] Marx seems to assume that "industry" must be done by the "private sector." Under state capitalism, industry could be organized by the government. Julio Huato wrote: > I wrote: > >> But the part that comes to my mind is one from the 1859 Contribution >> (a footnote?), in the context of monetary and banking crisis, were > > Just to add that in Anti-Duhring (part 3, Socialism), Engels kind of > touches on the issue Brad raises (why didn't Marx note that public > spending can prevent or alleviate a crisis?). -- 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
