Re: [Marxism-Thaxis] Super Capitalism, Super Imperialism and Monetary Imper...

2009-01-06 Thread Waistline2
In a message dated 1/6/2009 2:21:58 A.M. Eastern Standard Time,  
jann...@gmail.com writes:

An industrial capital  formation as a historically  distinct sector of 
capital
no longer exist. I am not  aware of one  single economist of note that speaks
of an industrial sector of   capital. Not one. The existence of Chrysler, Ford
or GM does not mean a  sector  of capital called industrial capital exists.
Industrial capital  without  industrial capitalists cannot exists. 

Whoah, wait  a minute. Are you trying to argue against Lenin or Marx here?
I think Lenin  does contribute to Marxism in many ways (pay me and I'll
write a book about  it), and I think much of what Lenin wrote about has
relevance to  understanding the historic formations that reach into
this post-modern  episteme. I'm not sure what a serious economist is
nowadays and think for the  most part I couldn't give a shit.

CJ

Comment
 
The issue was never Lenin's contribution to the treasure house of  Marx.
 
Economic forms and their corresponding political form was being  discussed. 
 
Marx describes the details of the genesis of the industrial capitalist. The  
industrial capitalist is called industrial because he personifies a stage of 
 development of the productive forces. Manufacturing capital correspond with 
a  period of man - hand, production as a primary mode. Usury capital 
conjures a  vision of non-connection with production, money lending. Merchant 
capital 
 conjures a vision of capital from the purchase and sell of things.  
Merchant. 
 
Marx tended to wed a historically specific form of capital to a stage or  
phase of development of the productive forces, but this is not unique to Marx.  
People once named themselves after instruments of production like Smith. Is  
not the governor of California last name translated as Arnold Blacksmith?  

Speculative as in speculative capital conjures a vision. 
 
For a solid decade economist and non-economist alike have discussed the new  
financial products and all of them without exception, agree that these 
products  are intangibles and complex math formulas. Today these math formulas 
are 
tied to  debt one way or another. Capital as an imaginary - notional, value is  
impossible but there it is. Capital without value. Capital without value means 
 no labor component because capital is a social relations of production.  
Production of commodities. 
 
We have finally hit the historical wall. 
 
The thing fundamental to understanding real world finance capital today is  
to identify what sector is writing the political agenda as an expression of  
their domination over the total capital. 
 
In respects of President elect Obama, he will gyrate in his policies  between 
productive capital and speculative capital and not an industrial  capital 
and finance capital. Today, financing infrastructure development or  auto 
production for that matter - putting people to work, is not an act and  
expression 
of industrial capital, but the productive capital of the  financier. The 
industrial as a class died for Christ sake.  
 
Produced the data to confirm the existence of an industrial sector of  
capital in 2009. (Not you!) 
 
Where are the industrialists in America today? Out of a population of 300  
million, surely one must still exists, having survived in the cracks - giant  
cracks, of finance.  
 
One cannot be said to be inconsistent with Marx by identifying and naming a  
sector of capital by its connection or non-connection to a state of 
development  of the productive forces and how it strives to realize an expanded 
value. 
Hence,  speculative capital and its domination over the total capital. Finance 
capital  has a non-productive sector. The industrial capital formation was 
eaten up  Pac-man style by finance capital. 
 
Dude, its all finance capital. 

Lenin most certainly contributed to the treasure house of Marxism and his  
contribution won the honor of an ism, Leninism. Leninism is a political  
doctrine of combat. On the other hand Marx name is associated with an economic  
doctrine as well as a political doctrine. Leninism is not an economic doctrine  
because Lenin did not pioneer a new way of looking at economy. Nor did  Lenin 
pioneer a new method of approach to the study of society. Lenin was a  Marxist. 
 
The ideas that nothing has changed since Lenin is just intellectual  laziness 
and a refusal to admit that things change at best and dogmatism at  worse. 
 
GMAC not GM is the master of GM. GMAC is GM. 
. 
Dude, its all finance capital.
 
Waistline 
 
 
**New year...new news.  Be the first to know what is making 
headlines. (http://www.aol.com/?ncid=emlcntaolcom0026)

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Re: [Marxism-Thaxis] The Crash of 2008 and Historical Materialism (6)

2009-01-06 Thread Waistline2
Comrade Case puts forth several points as immediate and partial solution to  
the 2008 crisis. These points begin with: 
 
1). Economic infrastructures, including much of the financial system must  
be further socialized. This is necessary to begin the large institutional  
restructuring process without which recovery is impossible. Institutions whose  
failure creates systemic risk must be nationalized in whole or in part. (end  
quote). 
 
The infrastructure is the physical components - applied technology, upon  
which sits the organization of a company or society. For instance the military  
infrastructure or society infrastructure of roads, communications,  
transportation, and so on. The infrastructure of the financial sector is the  
buildings, 
desks, computers, communications system, hardware and software;  underlying 
technology and tools giving systems shape; and how people are  organized to use 
them. 
 
The computer and software is at the very heart of the new non-banking  
financial infrastructure and made it possible for the speculative sector of  
capital 
to consolidate itself as a dominating class. The speculators and  speculative 
capital serves no socially useful purpose owing to its detachment  from 
production. 
 
Speculative capital dominating and writing the agenda for capital, by  
definition causes systemic risk because it’s tendency is to converts productive 
 
capital into speculative capital. 
 
Beginning in the 1980s this meant asset stripping and fire sales of  
companies. Here is another danger to Chrysler Motors being owned by Cerberus,  
with 
the company also owning 51% of General Motors. Also, the auto producers  suffer 
from overcapacity, with roughly 30% of their capacity permanently not  
utilized. Perhaps abolition of non-productive capital is in order? 
 
2). At the same time well-functioning markets must not disappear, but in  
fact improve. A big government, more socialist, regime can correct many  
instabilities, can improve the distribution of wealth to moderate inequality,  
and it 
can train and pay intellectuals and scientists to invent new ideas, but  it 
is notably less successful at deploying the benefits of new technology  
throughout an economy, at least insofar as the myriad of unimportant  
transactions 
between producers and consumers of goods and services are  concerned.  (end 
quote). 
 
The size of government is depended on the underlying technology and  division 
of labor that defines the infrastructure upon which it sits and  operates, in 
the last instance. However, government can be inflated by political  means or 
the payroll padded as it is called. If technology is rendering labor  
superfluous in one sector of the economy after the other, government must also  
be 
affected. Government can be looked at in the same five period context that  
defined eras of the industrial system and capital. The major task of government 
 
is to create the structural programs and policies that allow the economy to  
function. For example, when the government was the instrument of the farmers,  
that government did the things necessary to protect and expand the farm. The  
Indians were annihilated and cleared from the fertile lands, slavery was  
protected and extended, shipping lanes for export were cleared and frontiers  
expanded. 
 
As the farm gave way to industry, the government transformed itself into a  
committee to take care of the new needs of industry. At that point, government  
began to grow. Industry needed literate workers, so the school system 
expanded  under a Secretary of Education. The army needed healthy young men to 
fight 
the  wars brought on by industrial expansion, so a school lunch program was 
started.  As industry got big, a Department of Housing and Urban Development 
provided  order to the chaotic, burgeoning cities it created. Government became 
big  government in order to serve the needs of industry as it became big 
industry.  The workers were kept relatively healthy and the unemployed were 
warehoused in  such a manner as to keep them available for work with every 
industrial  
expansion. 
 
Why would we need a big government today? 
 
Government does not have to be enlarged to put people to work. Other than  
giving the mandate and serving as watch dogs, government does not have to be  
involved at all. In virtually every single city in America there already exist  
non-governmental labor agencies in the form of temporary help businesses and 
 non-governmental training and hiring agencies. It is these agencies that 
need to  be contained in their pursuit for profits. 
 
Many layers of government only function to service capital interests, and  
would be abolished immediately with a communist government. A host of  
non-governmental agencies can be created whose purpose is the economic, social  
and 
cultural development of the proletarian masses. 
 
3). The reuniting of finance capital with production capital to fully  

[Marxism-Thaxis] Systemic Threat?

2009-01-06 Thread Charles Brown
Re: [PEN-L] Systemic Threat?
Eubulides
Thu, 10 Nov 2005 20:34:29 -0800

On 11/10/05, raghu [EMAIL PROTECTED] wrote:

 Hi Carrol,

 For financial economists, systemic threat means a situation where the
 regular functioning of the financial markets (i.e. the equity, forex and
 the futures markets) is disrupted, e.g. by a liquidity crisis caused by
 say the insolvency of a major institution.

 More than any systematic, organized opposition, the major threats to
 capitalism today are its own internal contradictions. I disagree that
 crises come and crises go. The last time there was a major capitalist
 crisis was arguably during the Great Depression, which did lead to
 earth-shaking events. Capital emerged intact perhaps stronger from WW2,
 but there is no guarantee that will happen again.  A capitalist crisis
 e.g. from a derivatives collapse could be a Progressive Opportunity.

 --raghu.


-

Capitalist crisis certainly reflects the contradiction between
exchange value and use value on which commodity production systems
rest, since it exhibits a simultaneous increase of unfulfilled need
and of unused capacity to meet need. Crises are inherent in a system
where the proximate motive for production is surplus value, and the
meeting of need is achieved as a contingent byproducts of the pursuit
of profit. This analysis cannot, however, support the conclusion that
the capitalist mode of production is contradictory in the sense of
posing  logically inconsistent requirements for its own reproduction,
of being, in fact impossible. Crisis must be seen as part of the
normal pattern of successful reproduction of capitalism.

Finance appears to be a critical mediating channel between changes in
underlying parameters of accumulation like the markupp and the ebbing
of aggregate demand associated with the realization phases of crises.
The disruption of the financial system is itself one of the most
dramatic manifestations of such crises. But the circuit of capital
analysis tends to confirm the view that financial problems have their
origin in systematic effects of capital accumulation. Crises are not
primarily financial, and no reform of the financial system alone can
eliminate the tendency to crisis.

[...]

Furthermore, if the persistence and severity of crises depend on the
persistence of financial imbalances, there are presumably strong state
measures available to avoid systemic catastrophe. The financial system
is a system of promises, and a financial crisis is a situation where a
large number of such promises cannot be met consistently. If the state
can achieve an orderly dissolution of enough financial promises, it
can create a situation where accumulation can proceed, as long as
there is a surplus value potentially available in the unpaid labor of
productive workers.

This last remark calls into serious question the idea of a final or
ultimate crisis of capitalist production arising from purely from the
predictable effects of accumulation. Economic crises may become more
severe in their social impact as larger parts of the population depend
on capitalist production to meet an ever larger part of their need.
But if social labor is capable of producing a surplus, it is hard to
see why a society that agreed on capitalist principles could not
arrange to have that potential surplus take the form of a surplus
value. [Duncan Foley Money, Accumulation and Crisis 1986].

If you don't hit it it won't fall.




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[Marxism-Thaxis] The Crash of 2008 and Historical Materialism (2)

2009-01-06 Thread Charles Brown
 Exactly. Though I would recommend the whole of Part IV of _Capital_
Vol. I to get the whole swoop on the Industrial Revolution.

Part IV: Production of Relative Surplus Value

Ch. 12: The Concept of Relative Surplus-Value 
Ch. 13: Co-operation 
Ch. 14: Division of Labour and Manufacture 
Ch. 15: Machinery and Modern Industry 

Marx defines the last technological revolution in this Part. My thesis
on what is revolutionary in the current situation of fundamental change
in the technological regime starts with Marx's definition of industry
in Part IV. The essential two aspects are Co-operation and Machinery.
Currently, the development of machinery ( computers and robots are parts
of machines) has negated the cooperative aspect.  The culmination of the
revolution in communication and transportation has allowed the
capitalists to _reverse_ the trend, noted by Marx in Part IV, of bigger
and bigger factories, more and more local concentration of workers. This
constitutes a qualitative change _in the terms that Marx defined. So ,
it defines a _Marxist_ revolution  in science and technology
fundamentally transforming the industrial system that _Marx_ defined in
Part IV of _Capital_ I.


^
In one swoop Marx describes the concrete dialectic in the development
of  the 
industrial process, as it emerges from manufacture. 
 
Here, then, we see in Manufacture the immediate technical foundation
of  
Modern Industry. Manufacture produced the machinery, by means of which
Modern  
Industry abolished the handicraft and manufacturing systems in those
spheres of  
production that it first seized upon. The factory system was therefore

raised,  in the natural course of things, on an inadequate foundation.
When the 
system  attained to a certain degree of development, it had to root up
this 
ready-made  foundation, which in the meantime had been elaborated on
the old lines, 
and to  build up for itself a basis that should correspond to its
methods of  
production. 
 
Chapter Fifteen: Machinery and Modern Industry 
_http://www.marxists.org/archive/marx/works/1867-c1/ch15.htm_ 
(http://www.marxists.org/archive/marx/works/1867-c1/ch15.htm)  
 
Industrial society as the primary mode of production is the sublating
of  the 
manufacturing process and basis of agrarian society. In a few words,
the  
domination of machinery as the primary means by which society
reproduces itself.  

^^^
CB: Machinery plus Co-operation ( Co-operation is Marx's term

http://www.marxists.org/archive/marx/works/1867-c1/ch13.htm 


Chapter Thirteen: Co-operation



 

Capitalist production only then really begins, as we have already seen,
when each individual capital employs simultaneously a comparatively
large number of labourers; when consequently the labour-process is
carried on on an extensive scale and yields, relatively, large
quantities of products. A greater number of labourers working together,
at the same time, in one place (or, if you will, in the same field of
labour), in order to produce the same sort of commodity under the
mastership of one capitalist, constitutes, both historically and
logically, the starting-point of capitalist production. With regard to
the mode of production itself, manufacture, in its strict meaning, is
hardly to be distinguished, in its earliest stages, from the handicraft
trades of the guilds, otherwise than by the greater number of workmen
simultaneously employed by one and the same individual capital. The
workshop of the medieval master handicraftsman is simply enlarged.

At first, therefore, the difference is purely quantitative. We have
shown that the surplus-value produced by a given capital is equal to the
surplus-value produced by each workman multiplied by the number of
workmen simultaneously employed. The number of workmen in itself does
nor affect, either the rate of surplus-value, or the degree of
exploitation of labour-power. If a working-day of 12 hours be embodied
in six shillings, 1,200 such days will be embodied in 1,200 times 6
shillings. In one case 12 × 1,200 working-hours, and in the other 12
such hours are incorporated in the product. In the production of value a
number of workmen rank merely as so many individual workmen; and it
therefore makes no difference in the value produced whether the 1,200
men work separately, or united under the control of one capitalist. 

^^^

This does not mean that primitive modes of producing no longer exist.

^
CB: Agree


 With 
the  emergence of machine society, what constitutes a qualitative
change in the 
mode  of production is a revolution that reconfigures the underlying 
principles by  which the sum total of all machines operates.

CB: Yes ! Plus Co-operation.  The factories brought larger numbers of
workers together in one place than Manufacture , too.




 In this sense we are 
speaking of  the laws of mechanical motion.






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[Marxism-Thaxis] The Crash of 2008 and Historical Materialism (4)

2009-01-06 Thread Charles Brown
Speculation as speculative capital, denotes something different than  
speculation - risk taking, on the part of finance capital during the era of  
Lenin. 
Speculative capital as a concept means investment and risk taking on the  basis 
of financial institutions more than less detached from production of  
commodities. Speculative capital as a form and sector of capital rises to  
domination 
on the basis of revolution in the productive forces.

^
CB: The speculation that Lenin discusses is essentially the same as all the 
other speculation down through the centuries. It's moneylending. 




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[Marxism-Thaxis] Does industrial capital exist ?

2009-01-06 Thread Charles Brown
  
WL: I am not  aware of one single economist of note that speaks 
of an industrial sector of  capital.


 

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[Marxism-Thaxis] Lenin philosophy blog

2009-01-06 Thread Charles Brown




And see:

http://www.marxists.org/archive/elkonin/works/1971/stages.htm 

Also important to note that Piaget, in attempting to work out a
description of the 'sciences of man', integrates Marxism into his
system.

CJ


CB: What are some of the specifics of that integration ?







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Re: [Marxism-Thaxis] Super Capitalism, Super Imperialism and Monetary Imperialism

2009-01-06 Thread Doug Henwood

On Jan 6, 2009, at 3:25 PM, Charles Brown wrote:


 CeJ jannuzi


 Poor CB,he can't even tell when I agree with him. Dude, if you would
 stop soaking your ass in places like A-hole list, Marxmal and Liberal
 Bored Observer, maybe we could communicate occasionally.

 CJ


 ^
 CB: As a linguist , you know it takes two to communicate (smile)

What a dazzling use of language from our linguist! Missed it first  
time around, because CeJ goes straight to /dev/null.

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[Marxism-Thaxis] Industrial organization of production

2009-01-06 Thread Charles Brown
 CB: Sure. The goal is a class_less_ society. The working class is an 
exploited/oppressed class. The aim in no exploiting or exploited classes. 

But in the transitional stage, the working class is the ruling class. That's 
before the total abolition of classes. 

 

^^ 



 and that the essence of capitalism is NOT private 
property plus the market, 


^^^ CB: Capitalism's essence is that commodity production and exchange ( the 
market) dominates the whole economy , and the vast majority oflabor is becomes 
a commodity ( wage-labor). Feudalism and slavery had private property, but 
commodity production ( production for exchange, not use) was in only a small 
section of the whole economy. Labor power as a commodity was in only a small 
segment too. 


and that it cannot be transcended by merely 
abolishing private proprty and the market but that the industrial 
organization of production must be eliminated. 




I don't know what industrial organization of production means. 

^^^ CB: See Part IV of _Capital_ Vol. I. Marx gives the Marxist essentials of 
The Industrial Revolution - Cooperation and Machines. 

Part IV: Production of Relative Surplus Value 

Ch. 12: The Concept of Relative Surplus-Value Ch. 13: Co-operation Ch. 14: 
Division of Labour and Manufacture Ch. 15: Machinery and Modern Industry 
http://www.marxists.org/archive/marx/works/1867-c1/ch12.htm ^^^ 





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[Marxism-Thaxis] Blacks versus the New Deal

2009-01-06 Thread Charles Brown


Charles,

I don't know whether the KKK lynched anybody in 1916, but not only
wasn't that the question, but an accurate answer to it doesn't enter
into what we were discussing...which was Harry Truman's 1922
membership in the KKK.

In that context, the point of your eagerness to begin using the KKK
generically is lost on me.

ML

^^
Mark,

I looked over the thread before I posted last, and there was no one question. 
There were several questions , and I am free to introduce new questions, as you 
know.  The thread is Blacks and the New Deal. So , obviously, the topic is 
not just whether Harry Truman was in the KKK in 1922. 

As to generic use of KKK , think about it for about a nano-second , and 
you'll get it I'm sure. 

 However, I appreciate your specialized historical knowledge of the KKK , and 
your teaching me that there was a two phased history to the KKK.

I do think that the Dixicrats who left the DP in 1948 likely represented the 
Jim Crow views of the KKK , official and knockoff.  

As to Harry Truman, by 1948  he was a major player in doing unKlanly stuff, 
like writing an  Executive Order integrating the armed forces.

Tell us when your new book is finished.

Charles






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Re: [Marxism-Thaxis] Evidence please. Productive . Industrial capital U have the

2009-01-06 Thread CeJ
The ideas that nothing has changed since Lenin is just intellectual  laziness
and a refusal to admit that things change at best and dogmatism at  worse.

GMAC not GM is the master of GM. GMAC is GM.
.
Dude, its all finance capital.

I'm not sure I'm following your arguments. One, who here has said that
nothing has changed since Lenin? Two, who here has said we should
ignore 'finance capitalism' and speculation? Three, the categories you
are talking about are analytic ones, not ontological ones. I'm not
even sure they get to the psychological motive of most capitalists.
They simply describe the way capital functions in the transformative
social process. Often investors have only one motive (they have been
all but guaranteed a 12-20% annual return on their investment, even
more if the window given is 3-5 years). Their money goes towards
industrial and financial ends. In times of a bubble, since everyone
wants that 12-20% return they put their money into whatever they think
will get them that higher return. If manufacturing cars in Detroit
would get that--or at least convince them it could get that--they
would put their money there. Consider the Madoff scandal. Two years
ago he was one of the go-to guys who could get investors that high
rate of return. Now he is an alleged Ponzi scheme broker. What is the
difference between now and two years ago? No one believes in his
scheme anymore. I'm not sure if such speculative craziness goes all
the way back to the Tulip Bubble, but it has been in world capitalism
for quite some time. It's main attraction? The higher rate of return
promised. Why do people become convinced? Because they saw so-and-so
and so-and-so-and-so get 20% last year. Whether it is individual
investors or CALPERS or Harvard, the thinking is the same and is
exploited the same.

So could you re-state what you are trying to argue here? I just don't get it.

CJ

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Re: [Marxism-Thaxis] Super Capitalism, Super Imperialism and Monetary Imperialism

2009-01-06 Thread CeJ
What a dazzling use of language from our linguist! Missed it first
time around, because CeJ goes straight to /dev/null.

Hey since irony is out this year (leftists have a world to save), I'll
take that as a compliment, even from someone like Duff Henwood. Thanks
Duff, and Happy New Year to you. BTW, please don't post links to porn
sites to this list--keep them on your Liberal Bored Observer outlet
only. Thanks.

CJ

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Re: [Marxism-Thaxis] Super Capitalism, Super Imperialism and Monetary Imperialism

2009-01-06 Thread CeJ
CB: As a linguist , you know it takes two to communicate (smile)

Extended quotes aren't communication if no one reads them, and they
seem to bring in a third party, don't they?

CJ

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Re: [Marxism-Thaxis] Lenin philosophy blog

2009-01-06 Thread CeJ
CB: What are some of the specifics of that integration ?

That's a good question. I'll get back to you on that. I have a work on
the philosophy of 'human' sciences by Piaget (he was commissioned to
write it a few years before Lyotard was commissioned to tell us about
the post-modern episteme) but in paper only. My Piaget resources
online are mostly non-existent. I do know Piaget admired the work of
Vygotsky once he found out about it and that they had useful exchanges
(if I remember my reading from twenty years ago, when I thought
philosophy of science for the social sciences was an interesting
topic).

Again, going from memory here, I think Piaget uses the term 'means of
production' in an expanded sense that I like to think Marx would have
loved.

CJ

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[Marxism-Thaxis] Piaget and Marx (Stems from Re: Lenin philosophy blog)

2009-01-06 Thread CeJ
CB: What are some of the specifics of that integration ?

First, a correction. I must have imagined any Piaget-Vygotsky
correspondence. Piaget only found out about Vygotsky's work after his
death, through contact with people who studied under Vygotsky.

Second, we have discussed this before (or at least Piaget as a
philosopher of social science of the 20th century, a status the
Anglo-analytic traditions ignore), but since that time I have found
more online, including a straightforward Marxist critiques of Piaget
(Lektorsky, Durak):

http://www.marxists.org/glossary/people/p/i.htm#piaget-jean

http://www.marxists.org/reference/subject/philosophy/works/fr/piaget2.htm

http://www.marxists.org/archive/lektorsky/subject-object/ch01.htm#s2

http://www.marxists.org/archive/vygotsky/works/comment/piaget.htm

http://tomweston.net/PiagetDurak.pdf


---
I will follow up on that use of the term 'means of production' as that
fascinates me more than the 'dialectic' one, which we already
discussed anyway. I think Durak's charge (after a quick scan read, so
don't hold me responsible for not understanding Durak just yet)
against Piaget of 'idealism' holds, then it makes all structuralists
and Frege idealists as well.

CJ

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Re: [Marxism-Thaxis] Evidence please. Productive . Industrial capital U have...

2009-01-06 Thread Waistline2
Seems to me you do in fact get the distinction between productive capital  
and speculative capital. A good Ponzi scheme is not back until it collapses.  
Profits to be made from that side of the business constituting productive  
capital has never been bad business. 
 
On the other hand this category called industrial capital sector or a  
crack between industrial capital and finance (finance!!) is well . . .  

Industry = industrial capital. How amusing. 
 
The industrial capitalists can be found in your local museum, standing to  
the left of the merchant capitalist.
 
Wait a minute. Because GE also sells commodities and some one must sell  
these commodities to the consumer, its capital is really a form of merchant  
capital because someone brought the product from GE, and sold it to someone  
else. 
 
Buy such a thinking man a beer. 
 
I did follow some of the links CB provided and it seem to me he had not  read 
them. 
 
Waistline 




In a message dated 1/7/2009 1:12:16 A.M.  Eastern Standard Time, 
jann...@gmail.com writes:

Speculation as speculative capital, denotes something different  than
speculation - risk taking, on the part of finance capital during  the
era of  Lenin. Speculative capital as a concept means investment and  risk 
taking on the  basis
of financial institutions more than less  detached from production of
commodities. Speculative capital as a form and  sector of capital rises
to  domination on the basis of revolution in the  productive forces.

The irony is--I would bet my money!--that so  much money pours into
speculative finance because the motive behind moving  the money is
thinking like this: this is a surer and higher return on my  money than
anything else, including direct investment into something  producing a
good or service.

Take GE, it makes most of its money (or  at least up until recently) as
a straightforward finance capital firm through  its financial arms. It
also makes money manufacturing for military,  governments  or for
markets where it almost enjoys a monopoly. And one  of the best ways to
make money manufacturing for the US military is simply to  win the big
contract and then squeeze profits out of all the sub-contractors  who
actually do all the work.

CJ
 
**New year...new news.  Be the first to know what is making 
headlines. (http://www.aol.com/?ncid=emlcntaolcom0026)

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