In raising the question of weaknesses and vulnerabilites, I was thinking of
following Marx's approach to look at the nature of the capitalist system to
see where its weakest points might be. Certainly, the credit system
makes capitalism vulnerable. I have not looked at the numbers, but merely
drawing our money out of the banking system within a short period of time
could set off a crisis, except that the Fed would obviously take counter=
actions.
On a broader level, I think that the concept of fictitious capital, and I
would suggest that it could be extended to what me might call fictitious
value, represents a broader approach to this subject.
I would also suggest comparing Marx's analysis of universal labor with the
current attempt to put "intellectual property" up on some some sort of sacred
pedestal.
-- Michael Perelman Economics Department California State University Chico, CA 95929Tel. 916-898-5321 E-Mail michael@ecst.csuchico.edu