On 10/29/05, Michael Perelman <[EMAIL PROTECTED]> wrote: > I agree, but then the arbitrage remains, even if weakened. That was my > initial point.
but the resistance to the equalization effect of arbitrage on wages and the like doesn't seem to come from the existence of pre-capitalist modes of exploitation the way it did under merchant capitalism. There are feudalesque systems out there, but they were subordinated to industrial capitalism a long time ago. BTW, the price equalization effect of arbitrage has occurred almost completely. -- Jim Devine "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
