I was thinking more in terms of Marx's understanding of merchant capitalism as a system in which profits were made by arbitrage rather than by improving methods of production.
On Sat, Oct 29, 2005 at 02:54:40PM -0700, Jim Devine wrote: > > Today's outsourcing doesn't seem qualitatively different from 1950s > capitalism. Instead of operating factories in two or twenty different > states of the US, a company instead operates them in two or twenty > different countries. New "globalized" capitalism does involve taking > advantage of wage differentials, but so did the move by US > manufacturing from the Northeast to the South. > -- > Jim Devine > "Segui il tuo corso, e lascia dir le genti." (Go your own way and let > people talk.) -- Karl, paraphrasing Dante. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu
