On Dec 9, 2013, at 9:54 AM, Carrol Cox wrote:
The article begins:
*** Costas Lapavitsas’s ‘Profiting Without Producing’ highlights the
corrosive effect of finance
Profiting Without Producing, How Finance Exploits Us All , by Costas
Lapavitsas, Verso, £20/$29
Where were the Marxists in 2008, when the demise of Lehman Brothers
almost
brought about the collapse of capitalism? They were writing long
academic
texts, which only five years later would put the crisis in an
appropriate
theoretical and historical context.***
*****
The premise here is false.. The "collapse of the economy" has no
necessary
relation to "the collapse of capitalism."
Equally false is the subtitle. It is capital in the sphere of
production that exploit--and it is the productive laborers, not "us
all," who are the exploited ones. Finance is part of the circulation
sector and exerts its destructive effects by diverting surplus value
from profit-of-enterprise into the parasitic channels of interest,
rent, and executive compensation.
Shane Mage
"Thunderbolt steers all things." Herakleitos of Ephesos, fr. 64
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