[OPE-L:1285] weakness and vulnerabilities

Michael Perelman (michael@ecst.csuchico.edu)
Sun, 3 Mar 1996 11:26:26 -0800

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In raising the question of weaknesses and vulnerabilites, I was thinking of
following Marx's approach to look at the nature of the capitalist system to
see where its weakest points might be. Certainly, the credit system
makes capitalism vulnerable. I have not looked at the numbers, but merely
drawing our money out of the banking system within a short period of time
could set off a crisis, except that the Fed would obviously take counter=

On a broader level, I think that the concept of fictitious capital, and I
would suggest that it could be extended to what me might call fictitious
value, represents a broader approach to this subject.

I would also suggest comparing Marx's analysis of universal labor with the
current attempt to put "intellectual property" up on some some sort of sacred

Michael Perelman
Economics Department
California State University
Chico, CA 95929

Tel. 916-898-5321 E-Mail michael@ecst.csuchico.edu