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<title>Slog - Comments on Répondent</title>
<link>http://slog.thestranger.com/2008/10/repondent</link>
<description>Steven Shaviro just got me thinking. I read this passage in his penultimate post, &quot;Crisis&quot;... [O]rgies of destruction of capital, such as we are witnessing now, are part and parcel of the “creative destruction” (Schumpeter’s term, very much following Marx’s observations) that is the modus operandi of capitalism. Individual capitalists may suffer (though usually far less than the rest of us do), but these convulsions clear up the system, unclog it, so that new rounds of exploitation and capital accumulation may then take place......I read the passage and thought about another passage on page 104 of Raymond William&apos;s book Marxism...</description>
<copyright>Copyright 2008</copyright>
<pubDate>Fri, 17 Oct 2008 13:27:25 -0800</pubDate>
<lastBuildDate>Sat, 18 Oct 2008 03:55:57 -0800</lastBuildDate>
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<item>
<title>Comment by Vince</title>
<description><![CDATA[<p>And both, as an expression of the body politic, have faults and limitations imposed by human fraility.</p>]]></description>
<author>Vince</author>
<link>http://slog.thestranger.com/2008/10/repondent#c1177750</link>
<guid>http://slog.thestranger.com/2008/10/repondent#c1177750</guid>
<category>Money</category>
<pubDate>Fri, 17 Oct 2008 13:45:21 -0800</pubDate>
</item>
<item>
<title>Comment by i have a medium penis</title>
<description><![CDATA[<p>however you want to slice it, they both need to die...</p>]]></description>
<author>i have a medium penis</author>
<link>http://slog.thestranger.com/2008/10/repondent#c1177752</link>
<guid>http://slog.thestranger.com/2008/10/repondent#c1177752</guid>
<category>Money</category>
<pubDate>Fri, 17 Oct 2008 13:46:55 -0800</pubDate>
</item>
<item>
<title>Comment by max solomon</title>
<description><![CDATA[<p>i actually followed that.</p>]]></description>
<author>max solomon</author>
<link>http://slog.thestranger.com/2008/10/repondent#c1177761</link>
<guid>http://slog.thestranger.com/2008/10/repondent#c1177761</guid>
<category>Money</category>
<pubDate>Fri, 17 Oct 2008 13:54:47 -0800</pubDate>
</item>
<item>
<title>Comment by scary tyler moore</title>
<description><![CDATA[<p>it's not nice to wank in public, charles.</p>]]></description>
<author>scary tyler moore</author>
<link>http://slog.thestranger.com/2008/10/repondent#c1177762</link>
<guid>http://slog.thestranger.com/2008/10/repondent#c1177762</guid>
<category>Money</category>
<pubDate>Fri, 17 Oct 2008 13:54:54 -0800</pubDate>
</item>
<item>
<title>Comment by Cookie W. Monster</title>
<description><![CDATA[<p>Charles,</p>

<p>Please ignore @4 - hater.<br />
</p>]]></description>
<author>Cookie W. Monster</author>
<link>http://slog.thestranger.com/2008/10/repondent#c1177811</link>
<guid>http://slog.thestranger.com/2008/10/repondent#c1177811</guid>
<category>Money</category>
<pubDate>Fri, 17 Oct 2008 14:36:05 -0800</pubDate>
</item>
<item>
<title>Comment by ellarosa</title>
<description><![CDATA[<p>not to worry, cwm@5, charles is quite adept at ignoring his detractors.  i kind of grudgingly admire that about him.</p>]]></description>
<author>ellarosa</author>
<link>http://slog.thestranger.com/2008/10/repondent#c1177952</link>
<guid>http://slog.thestranger.com/2008/10/repondent#c1177952</guid>
<category>Money</category>
<pubDate>Fri, 17 Oct 2008 17:30:44 -0800</pubDate>
</item>
<item>
<title>Comment by shizawn</title>
<description><![CDATA[<p>I hope there are oil fields in heaven.</p>]]></description>
<author>shizawn</author>
<link>http://slog.thestranger.com/2008/10/repondent#c1177995</link>
<guid>http://slog.thestranger.com/2008/10/repondent#c1177995</guid>
<category>Money</category>
<pubDate>Fri, 17 Oct 2008 19:00:39 -0800</pubDate>
</item>
<item>
<title>Comment by Morgan</title>
<description><![CDATA[<p>When comparing the decline of the American empire with emerging markets one can think of it in terms of classical economic theory.  </p>

<p>Means of production in the classical economic theory are:<br />
 <br />
Capital (characterized by return on investment)<br />
Labor (characterized by wages and pension)<br />
Technology (characterized by technology lifecycle and R&D expenditure)<br />
 <br />
For an economy at the early stages of capitalism, cost of capital is wildly high. That is why, in most emerging markets, real interest rate (interest rate - inflation) is typically high. At the same time, return to labor, characterized by wages, is typically much lower than developed markets. Technology, on the other hand, is most of the time "stolen", in the sense that an outdated, labor-intensive and cheaper technology is employed and almost no technological breakthrough happens. <br />
 <br />
In contrast, for an economy in the late stages of advanced capitalism, cost of capital is low thanks to the abundant capital stock accumulated over the earlier stages of capitalism. Wages are typically high thanks to automation and lack of slack in the labor market. Technology, shielded by intellectual property laws, is constantly improved and adapted.<br />
 <br />
It is worth to note that in a hypotethical economy where real interest rate (the return to capital) is zero, communism prevails. In such an economy, you can only create value by "consuming labor" or "producing technology". Capital is definitely necessary but the marginal utility of capital is zero. </p>

<p>Anyway...  </p>]]></description>
<author>Morgan</author>
<link>http://slog.thestranger.com/2008/10/repondent#c1178080</link>
<guid>http://slog.thestranger.com/2008/10/repondent#c1178080</guid>
<category>Money</category>
<pubDate>Sat, 18 Oct 2008 03:45:24 -0800</pubDate>
</item>
<item>
<title>Comment by Morgan</title>
<description><![CDATA[<p>The marginal utility of Cheney is rapidly approaching zero.</p>]]></description>
<author>Morgan</author>
<link>http://slog.thestranger.com/2008/10/repondent#c1178081</link>
<guid>http://slog.thestranger.com/2008/10/repondent#c1178081</guid>
<category>Money</category>
<pubDate>Sat, 18 Oct 2008 03:55:57 -0800</pubDate>
</item>


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