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Paul C makes a fair point - it wasn't a very good example.
Try this instead -- take a cotton-spinning enterprise which has
(a) spare capacity
(b) at the end of a day's work
(i) enough cotton inventory to sustain tomorrow's production at the present
level
(ii) yarn which is sold realising surplus value of £100
(c) plans to increase output the day after tomorrow.
The planned output increase will require an increase in capital advanced of
£100.
Rather than buy the extra inventory required now, the managers put the £100
in the bank for a day.
What's the status of the £100 while it's in the bank?
Julian
> -----Original Message-----
> From: clyder [SMTP:wpc@dcs.gla.ac.uk]
> Sent: Wednesday, May 03, 2000 1:28 PM
> To: ope-l
> Subject: [OPE-L:2996] Re: RE: Re: Defining accumulation
>
> Julian
> > I *mostly* agree with Paul C's comments in #2990.
> >
> > But I'd emphasise that what's important, in the context which my
> original
> > message was responding to, is his point that the stock of capital is
> > "embodied in material objects" -- clearly something that's embodied in
> > something else is in some way different from that something, and
> confusing
> > the two will lead to problems.
> >
> > >From the way that I've selected Paul's word for quotation, it will be
> > apparent that what I'm doubtful about is the "necessity" of capital
> being
> > embodied in material objects -- suppose I sell 100 shares in Microsoft,
> wait
> > two days while the price falls, then buy 100 Microsoft shares and invest
> the
> > difference in Amaxon.com: what's my capital embodied in during the
> interval?
> >
>
> This is a very important point.
>
> In my opinion there is no capital involved in any of these transactions.
> All
> that is
> happening is that titles to property are changing hands at speculative
> prices.
> Capital is no more involved in these transactions than it would be if you
> speculated
> in old postage stamps.
>
> You are confusing your personal wealth with capital which is a rentier
> delusion.
>
>
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