The matter Julio refers to has made clearing operations, once fairly simple, a matter of immense complexity creating very highly paid positions for the scattering who grasp current clearing house issues.
I guess those salaries would be part of the extra drain on the surplus Julio speaks of. Carrol > -----Original Message----- > From: [email protected] [mailto:pen-l- > [email protected]] On Behalf Of Julio Huato > Sent: Saturday, July 20, 2013 1:54 PM > To: Progressive Economics > Subject: [Pen-l] Financialization > > A quick note out of nowhere. > > For whatever reason, I've had to read a number of papers on the > so-called phenomenon of "financialization," and nowhere have I found > mention of Marx's insightful point that the development of modern > banking and financial organizations entails the centralization of > myriad functions that, otherwise, individual capitals would have to > perform, but much less efficiently (i.e. with a greater expense of > society's surplus labor globally considered). This centralization > accomplished by modern centralized finance -- Marx noted -- tends to > reduce the faux frais (the waste of surplus labor time) of capitalist > reproduction regarded as a totality. In our times, one has to view > Wall Street, the City of London, and to a lesser extent Zurich, Tokyo, > Frankfurt, etc. as rationalizing an enormity of minute transactions > that, without the "scale economies" in question, would require an > enormous expenditure of global surplus labor time scattered across the > system. Now, this is a structural phenomenon, separate from the > cycles, generally speaking. Here, I mean e.g. that the gradual > dismantling of Bretton Woods, which spanned the forex financial boom > from the 1970s on, that later on managed to undo Glass-Steagall, etc. > further expanding the "industry," has to be distinguished from the > secular process of centralization and economy of surplus value that > Marx referred to as linked to the development of modern finance. > > Comments? > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
