> > Date: Mon, 29 Jan 2001 13:11:34 -0500
>> From: Doug Henwood <dhenwood at panix.com>
>> >Do I hear the distinction between 'bad' speculative capitalists and 'good'
>> >productive capitalists?
>> Leave it to an industrialist to try to make it.
>
>Ah, you tease.
But with a purpose. Leave it to an industrialist to try to disguise the essentially money-grubbing nature of his superficially virtuous pursuits!
>Still and all, there remains a good argument--beyond even such
>(personalistic) empirical observations as Miller/Volcker or
>RubinSummers/O'Neill--for contemplating financial CIRCUITS (not
>fractions) of M-M' in contrast to C-M-C'-M' (as I think we debated
>some weeks ago?).
But where does the increase (assuming it is positive) in the quantity of M come from in the M-M' circuit? Unless it's pure magic money, in which case it will soon be rendered worthless, it's got to come out of production - a share of wages or profits. It may appear to emerge from itself, but we don't trust mere appearances, do we?
> Doug, don't you have the Kees van der Pijl book,
>The Making of an Atlantic Ruling Class (Verso, 1984), to check the
>appendix on this matter?
Yup, it's here somewhere. Will do.
Doug