[lbo-talk] An Orgy of Speculation?

[c b]

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 ?