Re: [OPE-L] SV: [OPE-L] what is irrational in the functioning of capitalism?

From: Paul Cockshott (wpc@DCS.GLA.AC.UK)
Date: Wed Nov 29 2006 - 14:22:31 EST

I agree with Paul Z on this, a capitalism made up of competing self
Companies would have a pure urge to accumulate. Since there a legal
restraints on companies owning themselves - buying up all their own
shares, there is always a conflict of interest between the firm - a
personification of abstract capital, and the shareholders who are
personifications of the rentier interest. The rentier may have some of
the attributes that Rakesh attributes to the capitalist in general.

-----Original Message-----
From: OPE-L [mailto:OPE-L@SUS.CSUCHICO.EDU] On Behalf Of Paul Zarembka
Sent: 29 November 2006 19:17
Subject: Re: [OPE-L] SV: [OPE-L] what is irrational in the functioning
of capitalism?

Rakesh's conception below is a neoclassical, i.e., the drive for
consumption drives economic activity.  Marx's conception is that luxury
consumption is basic to simple reproduction, but not to accumulation of

Luxury consumption is the drive of the feudal lord.  Of course, the
capitalist also participates in it.

Paul Z.

--On Tuesday, November 28, 2006 11:43 PM -0800 Rakesh Bhandari
<bhandari@BERKELEY.EDU> wrote:

> All his [capitalists] spending--on luxuries today and in capital
> motivated by the pursuit of luxury.

THE HIDDEN HISTORY OF 9-11-2001   --"a benchmark in 9/11 research",
Volume 23 (2006), RESEARCH IN POLITICAL ECONOMY, P.Zarembka, ed.,

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