[lbo-talk] India: Marx invoked to break Lefts FDI barrier

[Jim Devine]

On 8/1/05, Doug Henwood <dhenwood at panix.com> wrote:
> >See also Harry Shutt, The Trouble with Capitalism, chapter on Coping
> >with the Capital Glut:  "the inevitable consequence of maintaining a
> >high return on the capital stock as a whole is that yet more
> >investible funds will be generated for which outlets must be
> >found...Hence the effort now needed to sustain the market value of
> >capital resembles the futile labor of Sisyphus..."

Doug: 
> Hmm, capitalism has travelled a lot more ground over the centuries
> than Sisyphus ever did.

I haven't read Shutt, but the metaphor looks like it applies only to
the era of neo-liberalism. The effort to raise profit rates suppresses
consumer demand, which causes a surplus of capital. (cf.
http://www.lines-magazine.org/articles/chris.htm)

-- 
Jim Devine
"I am not a Keynesian." -- John Maynard Keynes