From: Ian Wright (wrighti@acm.org)
Date: Tue Jul 01 2008 - 16:01:16 EDT
> In particular there will be pressure to allow either: > > 1. The enterprises which have large surpluses to lend at interest to other firms, > > 2. An indirect market for labour power in the form of subcontracting. High wealth co-ops > would hire low wealth ones to do work for them at unfavourable rates. > > Either of these would result in a dynamic polarisation process leading to the > formation of a class of rentier co-ops and an exploited class of producer co-ops. If the rich co-op gets equity-capital in the poor co-op then, yes, that is exploitation. But if equity-capital is not a legal property form then we would simply have rich co-ops lending money to poor co-ops. Is this bad from a socialist point-of-view? (this is a genuine question, not a rhetorical one). It seems to me that lending money at interest is not exploitation. The lender postpones their consumption for a future data, the borrower gets to consume now, and effective demand is smoothed. A natural rate of interest on the loan will preserve the lender's spending power through time. This is an equal exchange. I understand your concern that some kinds of income inequality will lead to capital concentration and therefore a monopoly in capital. _______________________________________________ ope mailing list ope@lists.csuchico.edu https://lists.csuchico.edu/mailman/listinfo/ope
This archive was generated by hypermail 2.1.5 : Thu Jul 31 2008 - 00:00:08 EDT