Re: [OPE-L] The growing global market for derivatives and swaps

From: Patrick Bond (pbond@MAIL.NGO.ZA)
Date: Fri Oct 20 2006 - 02:49:06 EDT

Sorry for the delay.

Jerry, you're correct. But DeBrunhoff, Aglietta, Harvey, Sweezy, Pollin
and others analysed these developments in updating Marxian finance
theory. There's nothing wrong with that underlying theory... is there?

Jerry Levy wrote:
> Hi Patrick and Jurriaan:
> In significant ways, it's not the plain old story told in Volume 3, etc.
> For example, there is at least in some advanced capitalist nations the
> rise in working-class savings and the rise in credit card indebtedness by
> the working class.  The growth of pension funds and mutual funds
> owned (but not controlled) by working-class families isn't part of the Vol.
> 3 story either.
> In solidarity, Jerry
>> No paradox, sounds like plain old overaccumulation of financial capital,
>> as described in Vol 3, and later by Grossmann, Mandel, deBrunhoff,
>> Harvey, etc, not so?
>> Jurriaan Bendien wrote:
>>> It's  certainly a long way from Das Kapital to the mindboggling,
>>> astronomic  financial transactions we can see happening these days.
>>> Putting it in plain language, I think a paradox in the world economy
>>> these  days is that there is supposedly a "savings glut", yet also, a
>>> massive and growing amount of indebtedness. So you have growing
>>> savings, and growing debts, at the same time.

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