[PEN-L:10994] Re: K/Y ratios

["Karl Carlile" <joseph@xxxxxxxxx>]

KARL: Rakesh is the title mentioned below available in electronic
form
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On 22 Jun 97 at 17:58, Doug Henwood wrote:

Date:          Sun, 22 Jun 1997 17:58:21 -0700 (PDT)
Reply-to:      pen-l@xxxxxxxxxxxxxxxxxxxxxxxxx
From:          Doug Henwood <dhenwood@xxxxxxxxx>
To:            Multiple recipients of list <pen-l@xxxxxxxxxxxxxxxxxxxxxxxxx>
Subject:       [PEN-L:10986] Re: K/Y ratios

rakesh bhandari quoted from:

>Paul Mattick, 1983. *Marxism: last refuge of the bourgeoisie?*

I've long wondered about that title. Just how does Marxism offer this
refuge?

Thanks for posting that very illuminating quote, Rakesh. The U.S.
capital/output ratio rose through the 1970s even as profitability was
falling; the ratio began falling about the time profits reversed their
slide and started heading upwards, the early 1980s. It's plain that
rentier interests have led the charge to choke back on investment, and
to distribute more profits in money form to shareholders rather than
accumulating them in physical capital. This is visible in the
apparently tireless vigor of the stock market. If Mattick's analysis
is correct, then, there should be some hell to pay somewhere down the
road. WIth Clinton lording it over the G-7 about the wonders of the
American Way of Life, there's a pleasure in contemplating this.


Doug








                          Yours etc.,
                                     Karl