Re: [A-List] Internal contradictions of capitalism

To: a-list@xxxxxxxxxxxxxxxxxxx
Subject: Re: [A-List] Internal contradictions of capitalism
From: Hudsonmi@xxxxxxx
Date: Mon, 2 Feb 2004 13:24:06 EST

I'm not sure what Gowan's position is, so I can't comment on it.
      Regarding debt and "live labor," a mortgage is literally the dead hand of the past. The debt overhead acts as a dead hand making the employment of capital and hiring of labor uneconomic for debt-ridden countries. That is what forces austerity programs in third world countries, after all.
      Here in the US, Wall Street is escaping not only from the New Deal but from industrial capitalism. Why build a factory and hire people to make 9% when you can make twice that without risk in a financial and real estate bubble?

      Michael Hudson

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Thread context:
- [A-List] "So why was Lord Hutton chosen? ", Chris Burford Mon 02 Feb 2004, 09:47 GMT
  - Re: [A-List] "So why was Lord Hutton chosen? ", Michael Keaney Mon 02 Feb 2004, 14:33 GMT
- Re: [A-List] Internal contradictions of capitalism, Hudsonmi Mon 02 Feb 2004, 09:46 GMT
  - RE: [A-List] Internal contradictions of capitalism, bon moun Mon 02 Feb 2004, 14:17 GMT
  - <Possible follow-up(s)>
  - Re: [A-List] Internal contradictions of capitalism, Hudsonmi Tue 03 Feb 2004, 07:24 GMT
  - [A-List] Internal contradictions of capitalism, Sabri Oncu Tue 03 Feb 2004, 07:36 GMT
  - Re: [A-List] Internal contradictions of capitalism, Hudsonmi Tue 03 Feb 2004, 15:24 GMT
  - [A-List] Internal contradictions of capitalism, Sabri Oncu Wed 04 Feb 2004, 05:27 GMT
  - Re: [A-List] Internal contradictions of capitalism, Hudsonmi Wed 04 Feb 2004, 11:19 GMT

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