final words, for now...

Chris Matthew Sciabarra cms10 at
Tue Sep 7 09:54:33 MDT 1999

Sam Pawlett raises some interesting points.  Something I will follow-up on
in due course... I don't believe that cycles and crises are endogenous to
market systems -- but they are endogenous to systems like the ones we've
had wherein there is a close relationship between the state and the banking
sector.  I've alluded to this in previous posts, and hope to follow-up in
Now, back to work...

At 01:11 PM 9/6/99 -0700, you wrote:
>Chris Matthew Sciabarra wrote:
>John Stuart Mill once said that
>> if you favor a certain doctrine, it is always good to come up with people
>> who will criticize it, just to keep you on your toes.
>Usually I don't argue with libertarians anymore it only strengthens
>their analysis...
>  I can only say in response that the "state
>> capitalist" systems he refers to are almost all going thru convulsions at
>> this point.
>All capitalist systems go through convulsions the question is why....
>  The libertarian viewpoint is an answer to the
>> one-sided perspective put forth by Engels, and adopted by all too many
>> socialist theorists, who said that monopoly, booms and busts, and other
>> crises are brought about strictly by economic factors.  "At no point
>> whatever are robbery, force, the state or political interference of any
>> kind necessary," he said.  This economism is empirically false; the state
>> is always involved -- and has always been involved -- in the process.
>But the question becomes why,historically, has the state been involved
>in the economy rather than just pure, unfettered market forces. Marx and
>Keynes demonstrated through their demolition of Say's law,conclusively
>in my view, that pure market economies are inherently unstable. Business
>cycles and crisis are endogenous to market capitalism.
>Sam Pawlett

Chris Matthew Sciabarra, Visiting Scholar
NYU Department of Politics
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New York, New York  10003-6806
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