Doug Henwood dhenwood at panix.com
Sat Sep 16 11:30:12 MDT 1995

At 12:50 PM 9/16/95, Maoist Internationalist Movement wrote:

>MIM replies: Thank you Doug. This post shows how struggle leads to
>advance, because I forgot to raise what you did so crisply.
>I left out appreciation/speculation. Have you noticed what has
>happened in California? Ordinary people who bought houses in
>California a generation ago, many are now millionaires or well
>on their way. When you think about how much income $150,000 in
>assets generates, you can see the potential.

Update your history comrade; have you checked Calif housing prices lately?

>Now just because a capitalist sells an investment and
>immediately proceeds to sink the money into another investment
>doesn't mean there was no M', does it Doug? It would be
>vulgar Marxism to say there is only M' when the capitalist
>diverts some of the M' to other forms consumption.

A speculative gain, which is what a price increase is, is very different
from profits or interests, which are slices of surplus value.



Doug Henwood
[dhenwood at panix.com]
Left Business Observer
250 W 85 St
New York NY 10024-3217
+1-212-874-4020 voice
+1-212-874-3137 fax

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