From: Jerry Levy (Gerald_A_Levy@MSN.COM)
Date: Wed May 17 2006 - 10:00:38 EDT
> Marx argues that the workers give free credit to the capitalist!
Hi Chai-on,
Good point, but _within Marx's period analysis_ there must be M advanced
for MP and LP _before_ there can be production. To the extent, _in
practice_, that wage-workers make an 'advance' to capitalists then it takes
the form of labor activity not money.
> If a capitalist starts his business with borrowed money, does he
> advance nothing at all?
I'm not sure I understand the question. Even with borrowed money,
capitalists must still as a condition for production in the next period
(within the formula C - M {MP; LP} ... (P) ... C' - M') advance
(the borrowed) money.
In solidarity, Jerry
This archive was generated by hypermail 2.1.5 : Wed May 31 2006 - 00:00:03 EDT