Xxxx Xxxxxx xxxxxxxxxx at xxxxxxxxxxxxx.xxx
Sat Mar 17 02:27:34 MST 2001

Speculation can be a Marxist concept. Mandel uses it in the _Second Slump_.
Speculation appears when capital accumulates _above and beyond_ established
channels of trade and production. As a result, capitalists move their
earnings into stockpiling, herding, carry trade, international arbitrage,
and so forth, hoping to profit from currency risks. They can't, because
there are limits to which you can make profit out of speculative finance
due to the unstable nature of capitalist markets. US economy is proving
this nowadays. Speculation is a sign of a crisis of over-production, the
buble economy, hot money ("fictious capital" as Marx said)

bye, Xxxx

At 10:51 PM 3/16/01 -0500, you wrote:
>     Henry answered my question about the stock market with one word,
>"speculation." I did ask for a Marxist perspective. "speculation" is not a
>Marxist concept, is it?

Xxxx Xxxxx Xxxxxx
Ph.D student
SUNY at Albany
Nelson A. Rockefeller College
Department of Political Science
135 Western Avenue, Milne 102
Albany, NY, 12222

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