[Marxism] The value (price and profit) of everything | Michael Roberts Blog
lnp3 at panix.com
Thu Apr 26 06:19:35 MDT 2018
Finance is clearly unproductive. But it is not just finance that is
unproductive. Real estate, commercial advertising and media and many
other sectors are not ‘productive’ because the labour employed does not
create new value but instead just circulates and redistributes value and
surplus value created. And it is the profitability of the productive
sectors that is key to a capitalist economy, not the overall amount of
use values produced.
Moreover, was there nothing wrong with capitalism before finance (and
‘financialisation’) emerged after the 1970s? Were there no crises of
overproduction and investment, no monopolies and rent-seeking before the
1970s? Was there a wonderful productive, competitive, equal capitalist
mode of production existing in the 1890s, 1930s or even in the 1960s?
And why did finance suddenly emerge in the 1970s, leading to the GDP
measure being altered to account for it?
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