Do not rush to judge Costas' book on the basis of this review or even the title. I have not read it myself, but I think that if it is in your area of interest and you have a chance to read it, you will benefit from it. Costas has been thinking about these issues long and hard. I do not share his and Ito's views in their Money and Finance book, but it is worth pondering.
On Monday, December 9, 2013, Shane Mage wrote: > > On Dec 9, 2013, at 9:54 AM, Carrol Cox wrote: > > The article begins: > > *** Costas Lapavitsas’s ‘Profiting Without Producing’ highlights the > corrosive effect of finance > > Profiting Without Producing, How Finance Exploits Us All , by Costas > Lapavitsas, Verso, £20/$29 > > Where were the Marxists in 2008, when the demise of Lehman Brothers almost > brought about the collapse of capitalism? They were writing long academic > texts, which only five years later would put the crisis in an appropriate > theoretical and historical context.*** > > ***** > > The premise here is false.. The "collapse of the economy" has no necessary > relation to "the collapse of capitalism." > > > Equally false is the subtitle. It is capital in the sphere of production > that exploit--and it is the productive laborers, not "us all," who are the > exploited ones. Finance is part of the circulation sector and exerts its > destructive effects by diverting surplus value from profit-of-enterprise > into the parasitic channels of interest, rent, and executive compensation. > > > > Shane Mage > > "Thunderbolt steers all things." Herakleitos of Ephesos, fr. 64 > > > > >
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