[lbo-talk] An Orgy of Speculation?

[michael perelman]

Yes, but not the way it is supposed to work.  Capital stock aged in
the post WWII period.  The lack of competition at the beginning of the
Golden Age allowed the system to weaken.  Once industry became
beholden to a more impatient finance, the faced a higher profit bar.
Otherwise, the firm would be shut down or, at least, a takeover would
displace top management.

On Sat, Mar 5, 2011 at 5:32 PM, Doug Henwood <dhenwood at panix.com> wrote:
>
> On Mar 5, 2011, at 8:22 PM, michael perelman wrote:
>
>> Although
>> manufacturing profits did not fall s much as they might have because
>> the least profitable enterprises closed down or moved offshore.
>
> Isn't that the way capitalism works?
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-- 
Michael Perelman
Economics Department
California State University
Chico, CA
95929

530 898 5321
fax 530 898 5901
http://michaelperelman.wordpress.com