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The Forum > Article Comments > Capitalism may be unwell but it is not dead. > Comments

Capitalism may be unwell but it is not dead. : Comments

By John Passant, published 30/12/2008

Workers can build on capitalism and create a new world where the economic crisis is consigned to a museum and war and want becomes a memory.

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Nice to see you try correcting me again dio. Last time it was for supposedly being "socialist", "Marxian/ist" and implicitly "anti-capitalist", all because I oppose Adam Smith and his British East India Co. bosses' "free-trade" monster.

dio, the context of the discussion around your "false distinction" was the Iraq War. You still seem to have two sorting in-trays for your time in the OLO discussion room: "capitalist" / "socialist"; "state" / private", and so on. It's robotic, boring, and I think you'll agree if you reflect on it - quite pointless.

No taxes? That's probably where references to mercenary armies (from next and myself) come in and blow away your pretty colored chalk-dust picture of Adam Smith's free-trade and African slave enterprise. I think you've been severely conned by the British East India Company.
Posted by mil-observer, Saturday, 3 January 2009 8:29:13 AM
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Passy “ability of workers to create a new world.”

Only if they can find a board of management -

But those skills don’t come cheap, as soon as we recognize division of labour, we are ready for division of reward.

“Second, the labour theory of value has been challenged, but not undermined.”

Nor has it been proven. It remains a theory clung to by those incapable or unwilling to accept the realities of life –

that deployment of deferred consumption (savings) into speculative opportunity (business venture) to acquire the necessary pre-requisites of production, only partly produced through deployment of labour (buildings, plant, equipment, stocks etc), are worthy of a prior charge to the rewards of the business, before those of wages for labour.

“something to do with low profit rates.” I check the PE ratios on shares, that will tell you how the “low profit rates” are doing. If the P/E goes below 12, the stock price tends to go up, if it increases above say 20 the stock price is overvalued and it will come down (check out what happened immediately prior to the 2000 dotcom bubble burst).

The nature of capitalist system is profit and asset backing are reflected in the market value of the share, shares tend to reflect a base assets value enhanced by good yields and ‘tuned’ by adjusting the dividend policy (dividend yield).

It works so much better than when Michael Milken was deciding on the value of his junk bonds, which is no different to when “government” autonomously determines the value of anything beyond the reach of a free market.
Posted by Col Rouge, Saturday, 3 January 2009 10:04:48 AM
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Passy, history has proven that certain capitalists can only be honest while they are winning, but it is when they begin to lose that they can become more sneaky.

Modern banks have made it worse by backing up the sneaky ones.

Also Passy, the problem with the term de-regulation is that it encourages not only too much recklessness in the the monetary system, but also much too much deliberate crookedness.

That is why Adam Smith suggested that while a state might let capitalism run freely, it did not mean that the state must not always have its mind on its role or purpose.
Posted by bushbred, Tuesday, 6 January 2009 12:25:12 PM
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