Capitalism's rate of decay ( Communication)

[Forstater, Mathew]

some authors used the term "stock" (another 'cattle' related term) prior
to Turgot, to indicate the same thing.  formalist anthropologists such
as Schneider argue that pastoral societies are 'closer' to capitalist
than agricultural ones, implying an easier 'transition' to capitalism,
if not capitalist already (notions of 'pastoral capitalism' and 'modern
capitalism' are put forward, both associated with 'egalitarianism and
freedom'). unbelievable (and nauseating) confusions result in all this,
as cattle are variously 'goods', 'factors of production', and even 'hard
currency' (which leads to analyses of 'inflationary conditions' etc)!
capitalism is not a specific historical mode of production, capital is
not a social relation, the historical becomes universal (the 'end of
history'?). 'saving and investment', 'accumulation' 'credit and debt'
the whole lexicon of bourgeois economics is applied, with supply and
demand diagrams...

-----Original Message-----
From: J. Barkley Rosser, Jr. [mailto:rosserjb at jmu.edu]
Sent: Thursday, August 16, 2001 4:35 PM
To: lbo-talk at lists.panix.com
Subject: Re: Capitalism's rate of decay ( Communication)

Ian,

     Depends on what you mean by its "modern
economic sense."  Schumpeter identifies Cantillon
as having having used it in a somewhat "modern"
way prior to Turgot.  Turgot's key innovation was to
argue that capital arose from voluntary saving, something
picked up and spread shortly thereafter by Adam Smith
(Turgot wrote in 1769).

      BTW, the Romans used the term in the sense of the
principal of a loan, which is certainly one of its modern
economic senses, as well as using the term to describe
cattle.  And, of course, if one wishes to increase a herd
of cattle, one must not kill them for consumption (at least
not right away), but must feed them.  Hmmm.
Barkley Rosser
----- Original Message ----- 
From: "Ian Murray" <seamus2001 at home.com>
To: <lbo-talk at lists.panix.com>
Sent: Thursday, August 16, 2001 4:45 PM
Subject: Re: Capitalism's rate of decay ( Communication)


> 
> > > ============
> > > Who was the first to use the term 'capital'?
> > > 
> > > No googling.....:-)
> > > 
> > > Ian
>  
>      The word "capital" is Latin for a head of cattle.
> A single ox was a "pecus," which also has interesting
> etymological implications.
>       BTW, I have no idea which Latin speaker or writer
> first used the term "capital," but it has been around awhile.
> Barkley Rosser
> 
> =======
> Shoulda' been clearer :-(
> 
> I meant capital in it's 'modern' economic sense....
> 
> And the answer is.....Anne Robert Jacques Turgot
> 
> Ian
> 
>