Charles Brown wrote: > CB: If today is the negation of the negation of merchant capital, there > would be somethings from ole merchantilism superceded and some preserved (or > resurrected)
today's capitalism clearly involves the trading "moment" of the circuit of capital (C - M - C, where C = a commodity and M = money). What merchant capitalism lacks (and today's capitalism has) is the capitalist production "moment" (M - C ... P ... C - M') with production (P) being organized in a capitalist way. Both merchant capitalism and today's capitalism involve monopoly (and monopsony) in product markets, though there's also a much larger competitive element in today's capitalism: there wasn't much of an equalization of the rate of profit between sectors under merchant capitalism. -- Jim Devine "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
