> [EMAIL PROTECTED] wrote: > > >Doug Henwood (correctly) insists that the same firms are often both > >financial and industrial, but this dualism really amounts to a > >schizophrenia. > > Yeah, but the dualism is sort of hardwired into the M-C-M' formula, no? More than that, in a debate on taxation I heard a professor of finance note that most "non-financial" corporatiions engage in enough financial transactions to make them relevant for tax treatment. (This is an issue, for instance, in value-added taxation where the definition of the firm's proceeds may or may not include the fruits of financial asset management.) MBS
