[lbo-talk] the Grundrisse and credit

Mike Beggs mikejbeggs at gmail.com
Tue Jan 17 02:40:58 PST 2012


On Tue, Jan 17, 2012 at 4:06 PM, Michael Pollak <mpollak at panix.com> wrote:


> But I think don't think we have to choose between Graeber's view and that of
> sophisticated leftist economics.  I think they are supplementary.

Look, I think there's a lot to like in the book. I'm not sure why some of it makes me grumpy. Well, maybe I do. It's not an anarchist-Marxist thing - it's actually the chartalism that grinds my gears!


> But IMHO (and to repeat, I haven't finished the book either -- although like
> most of the rest of you have supplemented it with the excellent interviews
> with Graeber by Doug and Sasha Lilley) the dynamics Graeber has unearthed
> seem to provide a frame for understanding several hugely central things that
> economics has never been very good at explaining (unless I've missed it?):
> the importance of the reserve currency and it's relation to the military
> power of a hegemon.

I haven't read that bit yet so I shouldn't comment... but I think I'm actually with the mainstreamers on this one - I don't think it's that big a deal for the hegemonised, though it certainly makes it easier to borrow for the hegemon to borrow.) Also, it seems to me that it's accounted for by a kind of network effect, a snowballing.

Mike



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