> I think you have to understand this in terms of the characteristic forms of behaviour of capitalists versus earlier exploiting classes. What was new about capitalists was the drive to unlimited accumulation. Marx showed that this led to a contradiction in the falling rate of profit. If on the other hand the upper class become less capitalistic, and more like the old wasteful aristocracy, then the specifically capitalist contradiction that led to the falling rate of profit is removed. They loose their residual economiclly progressive role by ceasing to be capitalists, but unproductive and wasteful ruling classes have been not uncommon in the past.<
Hi Paul C:
Well, this would mean (PZ take note - from either a Smithian or Marxian perspective)
that if capitalists were only more 'wasteful' over the long-run in terms of unproductive
expenditures then their long-run r would increase. I'd call that a perverse result!
In solidarity, Jerry
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Received on Mon Nov 29 15:39:00 2010
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