[OPE-L:995] Re: Pure and Normal

Paul Cockshott (wpc@clyder.gn.apc.org)
Wed, 7 Feb 1996 16:21:56 -0800

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an interest rate which exceeded the value of money.  Marx calls the
interest rate an irrational price, but it's still a price.

[I realize this comment intersects an earlier and unfinished debate with Paul about the nature of the interest rate. That issue, while important, is secondary here, where the concern is to show a coherent alternative to Marx's value-theoretic account of capitalist exploitation.]

Paul ---- I regard calling interest payments the price of money both irrational and confusing.

On the other hand I think that Gil is justified in saying that in certain circumstances, that of the putting out system, capital can be accumulated on the basis of producers selling their output at below its value. Is this, however, any different from the secondary form of profit that exists in capitalism in general whereby the retail trade obtains its profit by purchasing goods at below their value?