Jonathan Nitzan on "Against The Grain"

[Eugene Coyle <eugenecoyle@xxxxxxx>]

Sasha Lilley interviewed Jonathan Nitzan on "Against the Grain" on KPFA
a week or so ago.  I downloaded and listened to the program yesterday.

Jonathan Nitzan and Shimshon Bichler have a paper  "New Imperialism or
New Capitalism?" which can also be found linked to the "Against the
Grain" web site.

   The program's opening issue addresses Nitzan & Bichler's contention
that imperialism did not drive the invasion of Iraq.  And, more
generally, that what we are seeing in the world is not imperialism but a
"new" capitalism.  (New in the last 100 years.)

But the hour was wide ranging, while thoroughly coherent.  Nitzan makes
a full frontal assault on the labor theory of value.

He contends that capitalists mostly benefit from inflation.  (Though
workers could under certain circumstances.)  As I listened to this
passage I recalled that I often hear CEOs and analysts and the WSJ
bemoaning the lack of "pricing power" while they also warn against
inflation.

Nitzan and Bichler have an analysis of cycles of investment, mergers and
stagflation.  Very interesting stuff.  Maybe will influence your own 401
k strategy.

I found myself mostly agreeing with him -- influenced as I am by finance
theory as distinct from economics.  A little piece about the value of
Microsoft versus General Motors was telling in support of the Nitzan and
Bichler "Power theory of value."

I'm not so sure about their imperialism contention, which might be
reexamined in light of their own Power theory of value.


I recommend spending an hour with this program.

Gene Coyle



The Jonathan Nitzan interview on "Against the Grain" can be downloaded
from    www.againstthegrain.org.