economic globalisation. SR debate on finance capital.

jones/bhandari djones at uclink.berkeley.edu
Sat Aug 19 11:46:34 MDT 1995


Thanks to Carrol for reference to the debate in SR in the early 70s,
especially this parenthetical comment:

>(Fitch also refused to admit that depreciation was part of cash flow--that is,
>available for either replacement of the depreciated capital *or* available to
>invest elsewhere.)

This leads me to ask: what are we to make of Lenin's idea about the
overripeness of capital? Is this concept related to the growth in
depreciation allowances to which Carrol refers here?

Did Lenin explain "investment elsewhere" as a result of the disincentives
posed to further internal accumulation, esp. in backward agricultural, by
the social power of a landlord class which, though it would appropriate
value created, could not be challenged by industrial capital for fear of
the precedent such a challenge would create for the elimination of property
claims in general?

Rakesh



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