[lbo-talk] Michael Hudson - 'From Marx to Goldman Sachs: The Fictions of Fictitious Capital'

c b cb31450 at gmail.com
Wed Aug 4 07:01:45 PDT 2010


socialismorbarbarism

Correct. I'm mocking Hudson's argument. I don't like it at all. Not one little bit. I think it is the kind of argument that can make one deeply misunderstand capitalist power, if taken seriously.

^^^^^^^

CB: Please elaborate.

Frankly, I kinda like Hudson's argument. I don't think of it so much in terms of the parasite metaphor, but with the idea that there is a long term objective tendency for capital to concentrate wealth in its finance capital sector. Nothing personal against the finance capitalists, just "they" are where the money is concentrated. We Marxists have to make that objective observation about the historical tendency of capitalism.

Centralization and concentration are important concepts in Marx's understanding of the historical tendency of capitalism.



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