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

From: glevy@PRATT.EDU
Date: Sat Oct 21 2006 - 06:47:27 EDT

> 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?

Hi Patrick:

*Which* underlying theory?  The underlying theory of Bob Pollin, the
late Paul Sweezy, Michel Aglietta, and Suzanne deBrunhoff isn't the
same, is it?

I think there have been attempts at explaining these developments
(e.g. by Robbie Guttermann and Bryan & Rafferty) which need to be
examined and critically accessed.  The point I was trying to make is
that the "plain old story" in Volume 3 doesn't consider the changes
in financial instruments and conditions which have occurred since the
time Marx wrote the drafts for what were later published as Volume
3.  That's not a controversial point, is it?

In solidarity, Jerry

[JL previously wrote:]
> 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.

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