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On Fri, 2 Jun 2000, Chai-on Lee wrote:
> [Paul C] said: "I agree that banking as a whole is a
> deduction from surplus value."
> No. Only the profit of the banking capitals (not the banking
> capital) is a deduction from surplus value. Banking capital
> itself is not a flow but a stock, which is not spent.
I think Paul understands this fine.
> I argue the banking capital is a part of the whole social
> capital although it is unproductive. Even in the
> manufacturing, unavoidable unproductive capitals are
> included in the category of the capital stock.
I can see a case for this, if one is trying to measure a "social
rate of profit". The fixed capital in banking is certainly
accumulated past labour, and it was accumulated by capitalist
enterprises in the expectation of profit, even if it does not
serve as a means of extracting surplus value from current
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