[lbo-talk] New Imperialism or New Capitalism?

[Jonathan Nitzan]

Sure, Marx saw capital accumulation as a transformation from money to 
commodities to more money. But the underlying unit in which this 
transformation was measured  was abstract labor, a unit that no one has 
ever seen and that is logically impossible. Although Marx understood the 
process of financial capitalization better than most, he also believed 
that, in the final analysis, this process oscillated around the path 
charted by the the production of surplus value. This is where we get the 
notion that finance can get "delinked" from production -- but then how 
can you get delinked from a quantum you do not and cannot know?

Charles Brown wrote:


> What about the fact that in Vol. II of _Capital_, Marx characterizes 
> capitalist accumulation as accumulation of money,i.e. finances, not 
> capital   -  M-C-M', not C-M-C' ?  Not ownership of variable and 
> constant capital in the form of control of material activity in the 
> form of labor power expressed or means of production, but of filthy 
> lucre ?
>  
>  
> CB
>
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