RE: marx on money

[Doug Henwood <dhenwood@xxxxxxxxx>]

On Fri, 4 Mar 1994, Jim Devine wrote:

> (1) does money-lending lead to the creation of surplus-value or is that
> simply an illusion arising from the fetishism of commodities?
> Here, I believe, Steve Keen and I agree: it is the latter. Gil Skillman
> disagrees with us.

Depends on what's done with the borrowed money, doesn't it? If it is
invested productively & profitably, yes; if it goes to buy groceries or
rubies, no. An awful lot of borrowing these days goes to the latter sort
of spending - not to mention government spending.

Doug

Doug Henwood [dhenwood@xxxxxxxxx]
Left Business Observer
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