[lbo-talk] An Orgy of Speculation?

c b cb31450 at gmail.com
Wed Mar 9 12:47:49 PST 2011


Didn't Doug in one of his posts point out that in actuality there is no difference between speculative and productive investment. My grandfather in 1939 took 300 crates of strawberries to market, in which he had "invested/speculated" quite a bit. Then he brought them home and fed them to the hogs, because the highest price offered had been less than the cost of the packaging. Ford invested/speculated quite a bit on the Edsel; not much return.

As Doug pointed out in one of his earliest posts on this thread, the whole dispute is generated by those whose moral sensibilities are roughed up by "speculation" and who think "production" is good. That is, the distinction is precisely a moral not an economic distinction, and moral distinctions are grounded in a false epistemology -- that is they assume that moral statements can be grounded and they can't.

Carroil

^^^^^^ CB: Doesn't Marx make a non-moralistic distinction between M-C-M1 and M-M1 ? The latter is fictitious capital accumulation , I believe. Is fictitious capital speculative investment ?



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