Rakesh Bhandari wrote:
>Moreover, Carchedi examines how falling profitability can be staved off by
>advanced capitals through the mechanisms of unequal exchange. In recent
>analysis he also also explored the hidden appropriation of value in the
>seignorage priviliges from the dollar as the world reserve currency.
>
>Relevant citations to all this work can be found in Guglielmo Carchedi's
>Frontiers of Political Economy (London: Verso, 1991) and past issues of
>*Capital and Class*.
>
>If you are willing this time to offer more than the snide comment that
>Carchedi's work reads like badly written reports from the Financial Times
>with bad algebra, I would be more than happy to read it.
I've tried several times to hack my way through Frontiers, and found the
cost/benefit ratio unfavorable every time. I'll give it another shot.
All these mechanisms for "staving off" falling profitability! Maybe they
haven't merely deferred crisis, but outwitted it. It might be a better use
of a Marxist's time to figure out how to organize to end this destructive &
polarizing system than to devise elaborate theories of how it will do
itself in.
Doug
