Re: globalization/fictitious K

[Chris Burford <cburford@xxxxxxxxxx>]

I like Steve Wright's reference to rubber bands, but I don't see that
they are in logical opposition to the law of value.

Doesn't the law of value express itself mediated by a nexus of
expectations, by the individual and by society, about what is useful, and
what is tradable? And as for the trade in promissory notes to the tune of
is it 3 trillion dollars a day, carried out by those who toil at their
terminal screens more diligently than ever we do on this list, isn't the
value of a promise highly liable to be elastic, according to people's
expectations of your likely ability to repay?

Isn't, to be concrete, the fight between Japan and the US at the moment
about how elastic the international financial framework should be?

Who says rubber bands are not an integral part of the labour theory of value?

Chris Burford.


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