[lbo-talk] Stock Markets vs the Real Economy

[Adam Proctor]

I don't have time to dig into this much further, but it seems to me that drives toward "financialization" are driven by world historical financial/productive/monetary conditions that leave many corporations (GE, GM, etc) awash in extra liquidity that then leads to the M-M' circuit of finance capital.   I'm with SA, in that I'm not sure a distinctive "move" to finance from production can really be held up when examined closely.  David McNally's recent _Global Slump_ traces this phenomena in far better detail than I can, at the moment.  This move to finance from production is backed the stagnation theories that, McNally rightly claims, do not give sufficient credit to the incredibly revolutionary and productive forces of Neoliberalism, of course, under the logic of capital alone.

-Adam

Sent from my iPhone

On Aug 10, 2011, at 4:06 PM, c b <cb31450 at gmail.com> wrote:


> In support of MP's idea, the head of General Motors already in the
> 1930's said something like "GM doesn't make cars; it makes money".
> 
> Harpo
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