From: ope-admin@ricardo.ecn.wfu.edu
Date: Thu May 18 2006 - 07:51:12 EDT
Chai-on and others: When you send a message to the list, please
don't include the list _address_ (OPE-L@SUS...) in the _body_
of the post. / In solidarity, Jerry
----- Original Message -----
From: 이채언
Sent: Thursday, May 18, 2006 12:33 AM
Subject: [RE][OPE-L] 'advancing' money
I mean the free credit which the workers give to the capitalist by the
delayed receipt of money wages with no intrerest charge.
When a capitalist makes an employment contracts with the workers, he/she
advances a variable capital with the obligation to pay a month later (with
free interest). His/her obligation itself is a part of the advanced
capital.
chai-on
--------------------------------------- [ Original Message ]
--------------------------------------
Sender : Jerry Levy < Gerald_A_Levy@MSN.COM >
Date : 2006-05-17 23:00:38
S u b j e c t : [OPE-L] 'advancing' money
> 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
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