[OPE-L:1591] Gold, credit-money and fictitious capital

glevy@acnet.pratt.edu (glevy@acnet.pratt.edu)
Wed, 27 Mar 1996 17:59:38 -0800

[ show plain text ]

Maria wrote in [OPE-L:1581]:

> I've read Guttmann's "How Credit-Money Shapes the Economy: the
> United States in a Global System" and I'm particularly interested in
> developing ideas and works about fictious capital and its increasing in
> actuality. I'm examining the brazilian case in this topic. Maria

Let's see if we can jump start this thread. Some questions:

(1) Since a number of people have read Robbie's book, would anyone care
to offer a critical review?

(2) Allin and Riccardo suggested looking at Randall Wray's _Money and
Credit in Capitalist Economies_ (Elgar). How do the two books differ?
Would anyone dare to advance a critique of Wray's book and/or
Post-Keynesian theories of money? Are there areas where Marxists can
learn from this research and, if so, what areas specifically and what
are the implications for Marx's theory of money?

(3) Alain Lipietz in _The Enchanted World_ (Verso,1983) suggested that
the distinction between the "exoteric economy" ("which is immediately
visible and has its own apparent laws") and the "esoteric economy"
(whose workings can not be seen directly") has relevance for
understanding credit-money, fictitious capital, and inflation. Do
others agree that this is a valid and/or important distinction?

(4) How has fictitious capital affected the accumulation process in both
advanced capitalist nations and in less developed capitalist economies
*since the debt crisis of the 1980's*? Of what importance are these

The above are offered in the spirit of attempting to stimulate discussion
on a topic that I know a lot of listmembers are interested in. Other
questions, as well as answers to the above, are therefore welcomed.

In OPE-L Solidarity,