Not to be a vulgar Marxist or anything, but the rentier class took to
monetarism because they saw it as a strategy to attack inflation and the
aspirations of an uppity working class. Of course ideology played an
important part in its triumph, but the politicians most identified with
this ideology
Not to be a vulgar Marxist or anything, but the rentier class took to
monetarism because they saw it as a strategy to attack inflation and the
aspirations of an uppity working class. Of course ideology played an
important part in its triumph, but the politicians most identified with
this ideology
Fully chastened by Marx's warning that those who try to explain interest
rates according to some necessitous law are engaging in "mysticism &
pedantry," I'll take a shot here. Interest rates rise and fall for
"economic" reasons, like changes in the demand for and supply of loanable
funds or liquid
Fully chastened by Marx's warning that those who try to explain interest
rates according to some necessitous law are engaging in "mysticism &
pedantry," I'll take a shot here. Interest rates rise and fall for
"economic" reasons, like changes in the demand for and supply of loanable
funds or liquid
Thanks for reply from Paul Cockshott.
He says:
Trond asks what is the difference between an economic
and a political determination of interest rates?
He says that we have a ruling class that benefits from high
interest rates and has a long tradition of ar
Thanks for reply from Paul Cockshott.
He says:
Trond asks what is the difference between an economic
and a political determination of interest rates?
He says that we have a ruling class that benefits from high
interest rates and has a long tradition of ar
I don't quite understand Trond's reasoning re. the money
market. If I read him right, he's saying that widespread
insolvencies somehow tell the possessors of liquidity that
the rate they are charging for lending the stuff is
unreasonably high -- i.e., that insolvencies lead to a
reuction in the r
I don't quite understand Trond's reasoning re. the money
market. If I read him right, he's saying that widespread
insolvencies somehow tell the possessors of liquidity that
the rate they are charging for lending the stuff is
unreasonably high -- i.e., that insolvencies lead to a
reuction in the r
Trond asks what is the difference between an economic
and a political determination of interest rates?
He says that we have a ruling class that benefits from high
interest rates and has a long tradition of arguing for that.
This is all true, but it does little to explain why interest
rates shoul
