[lbo-talk] Capitalism on Derivatives?

[c b]

Julio Huato
2. Finance, as defined under the NAICS is many things. I haven't read
them all, but the few Marxists I've read seem to completely miss the
*fact* that there is an aspect of finance that is *productive* -- of
use value, value, and surplus value. To the extent finance is
intertemporal trade, finance enhances the mass of value and surplus
value. It is productive, because it enables *labor cooperation* over
time among firms, industries, etc. Just like there's a cross sectional
division of labor. There's a temporal division of labor. We're
standing on the shoulders of giants. Marx wrote that credit was a
productive force. Indeed. (A productive force is a force -- ultimately
labor -- that produces use values.)

^^^^^^^
CB: It's believable that finance work creates use-value and
exchange-value. It seems a stretch that the proportion of the total
value they create is as great as their cut of the total loot -anyway ,
interesting concept., intertemporal labor cooperation coordination.