Date: Mon, 21 Apr 1997 09:29:48 -0500 From: Doug Henwood <dhenwood-AT-panix.com> Subject: Re: M-TH: Credit boddhisatva wrote: >Credit, most often linked in Marxist writing with the excesses of >capitalism, Huh? Marx thought credit was one of those things that helped capital overcome its own internal barriers, at least for a time. What are these "excesses" of capitalism, and how do they contrast with its normalities and deficiencies? >brings a use-value assessment into the investment process with >interest rates. It therefore discourages market deformities large enough to >unbalance the currency or the economy. It also provides the means, as Rakesh >Bhandari noted, for full employment, because it overcomes the need to invest >wholly out of present receipts (minus that amount of value lost to >unavoidable inefficiencies). This growing money supply anticipates economic >growth, thus keeping the value of the currency ( and therefore previous >investments) stable and rational. If it fails to anticipate that growth, the >interest rate markets signal that fact. This is incomprehensible. Doug --- from list marxism-thaxis-AT-lists.village.virginia.edu ---
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