On Jul 20, 2013, at 2:54 PM, Julio Huato wrote:
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.
Whatever Marx noted (a citation would have been helpful), it certainly had nothing to do with *modern* centralized finance, whose very inception dates to a century or more after the writing of Das Kapital. When Marx used the term *faux frais* he specifically was referring to the "necessary but unproductive expenses" (overhead costs) of the circulation process that count as circulating constant capital, not as a "waste" of surplus-labor time. In any event, the hypertrophy of the FIRE and Merchandising sectors makes it quite odd to see such a vast diversion of capital and labor from productive to unproductive employments viewed as a reduction of "waste" rather than as the very exemplar of modern capitalist parasitism and waste.
Shane Mage This cosmos did none of gods or men make, but it always was and is and shall be: an everlasting fire, kindling in measures and going out in measures. Herakleitos of Ephesos
_______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
