Date: Fri, 27 Jun 1997 21:11:21 -0500
From: Doug Henwood <dhenwood-AT-panix.com>
Subject: M-TH: Re: Malloy: finance capital


rakesh bhandari wrote:

>For example, it is a
>the center of a new book with the inane title The Judas Economy, covered by
>laudatory reviews by "progressive establishment" figures and written by an
>editor at Business Week.

Bill Wolman, and his wife, Anne Colamosca. They're not revolutionaries, but
inane they're not. Wolman studied with Paul Baran at Stanford, and wrote
the blurb that MR used in ads in the 1960s and 1970s.

Anyway, I don't disagree with much of what Malloy said. I argue in my book
Wall Street (http://www.panix.com/~dhenwood/LBO_home.html) that since the
financial markets are the ways through which the ownership and control of
big industry is organized, it's impossible to speak of fundamentally
antagonistic interests, or the superiority of finance. Historically
speaking, as James Livingston shows in his fine book on the Federal
Reserve, industrialists and financiers were united in their passion for
regulating money, first through gold (in the late 19C) and then through a
central bank (in the early 20C). Livingston shows that contemporaries were
deeply aware that the new public corporate form depended on stable stock
and bond markets, since these firms appeared to capital as certificates
denominated in money.

Doug

--

Doug Henwood
Left Business Observer
250 W 85 St
New York NY 10024-3217 USA
+1-212-874-4020 voice  +1-212-874-3137 fax
email: <mailto:dhenwood-AT-panix.com>
web: <http://www.panix.com/~dhenwood/LBO_home.html>




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