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View Diary: Anti-Capitalist Meet-up: 20th and 21st century capitalism (part II: neoliberalism and globalisation) (94 comments)

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    NY brit expat

    Arbitrage (a fancy name for buying cheap and selling dear) has occurred for time immemorial, but it is not the basis for any system of production, because it is simply a merchant's method or strategy of engaging in trade, i.e., exchange. It produces no wealth aka use values. Forcible expropriation of property holders, e.g. via State power employed for the benefit of private accumulators, is likewise not a system of wealth production.

    And even if a capitalist today engages in precisely the same strategies described by Marx in the section on Original Accumulation, said capitalist is not engaging in Original Accumulation, because it's not "original" anymore: it's not part of the process of the "origins" of the capitalist system.

    "When Adam delved and Eve span, Who then was a gentleman?" Fr. John Ball (1381)

    by Le Gauchiste on Sun Jan 23, 2011 at 05:10:15 PM PST

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