[OPE-L:1687] Re: Gold, credit-money and fictitious capital

ma. lourdes r. moll (mlmollo@guarany.cpd.unb.br)
Thu, 4 Apr 1996 05:24:33 -0800

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Jerry wrote en [OPE-L 1639
> I agree that comparing Marx and Keynes is useful and important. However,=
> I was suggesting that we examine more specifically *Post-Keynesian*=20
> perspectives on monetary theory. As part of that, perhaps a comparison=20
> between Keynes and the Post-Keynesians on monetary theory might be=20
> helpful.
Althought without saying this explicity, I was thinking about the post-=20
keynesian discussion on money in Keynes conception.
> Yes, I noticed that line from Suzanne's entry as well. She doesn't=20
> explain its meaning though. What do you believe -- more specifically --=
> it means? [BTW*, there is an interesting comparison between Hayek,=20
> Viner, Hilferding and Marx on this topic in her -- all too brief -- entry=
What I think that Suzanne de Brunhoff means when she talk about the=20
relation between fictious capital and distribution and circulation is preci=
in my comment to Chai-on. Hayek has an idea of fictious capital that is=20
very different. Fictious capital is related to a sort of false money and th=
false character of it is derived=20
from the fact that credit doesn't respect the voluntary saving decision=20
of individuous, implying forced saving. Because of that capital is=20
considered false and this generates crises. Viner has a very good=20
historical work on this type of discussion in the XIX century.

> > The interest of some authors on the development of fictious capital in=
> > our days (Guttmann in USA, Plyhon and Salama in France, for example) an=
> > what is being called in France "financiarisation",.... <snip>

"Financiarisation" is defined as the suprmacy of finance over production,=
the supremacy of short term financial operations over long term investment=

> What are the works by Plyhon and Salama that you are referring to? How d=
> those works differ from Robbie Guttmann's work?
Salama, P. "Du financier =E0 la financeirisation ou l'industrialisation=20
excluante" mimeo, GREITD-CEDI, Paris, 1995.

Plihon , D.-" Desequilibres Mondiaux et instabilite financiere: la=20
responsabilite des politiques liberales: quelques reperes keynesiens",=20
mimeo , projet de chapitre pour Syros , Paris, 1995.
> In OPE-L Solidarity,