Date: Tue, 25 Jul 1995 07:22:08 +1000 From: P8475423-AT-vmsuser.acsu.unsw.EDU.AU Subject: Re: SUBJECTIVITY, HEGEL'S ABSOLUTE, SELF-EXPANDING CAPITAL Rakesh recently posted: In particular, I am fascinated by Schumpeter's attribution to capital of the Kali-like power to destroy the very structures it once created. ... I can't claim to have been following this thread closely, but I will make a comment on this observation on Schumpeter, which I think refers to his concept of "creative destruction"--correct me if I'm wrong, Rakesh. That concept refers to the manner in which capitalist competition drives technological innovation, which generates products which, to some extent, render existing capital (machinery) obsolete, thus diminishing their profitability and rendering the associated capital (finance) a blow. But while this is a destructive process to those capitals "destroyed", Schumpeter saw it as a fundamental component of capitalism's ability to renew itself. Cheers, Steve Keen --- from list marxism-AT-lists.village.virginia.edu --- ------------------
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