Re: [Pen-l] Naomi Klein: Beware of Obama's Chicago School of Economics boys

[Ted Winslow <egwinslow@xxxxxxxxxx>]

Patrick Bond wrote:

> Don't you appreciate the Marxist theory of crisis? It's not only  
> about mass psychology (though that takes root at some stage, sure);  
> it's about the way financialisation takes over as a source of  
> profits when surplus value extraction slows due to overproduction.  
> Grossman is one of the best; Harvey's read of Das Kapital is  
> excellent too (I see Louis has posted the www.davidharvey.org film  
> of David's course).

How can "financialisation" take over as a source of profits when the  
only source of profits is surplus value extraction?

How be profits can be "diverted" from investment in real capital when  
competitive pressure forces all profits to be so invested (a claim of  
Marx Harvey repeats)?  This also seems to require that real investment  
determines profits in accordance with Kalecki's idea that the workers  
spend what they get and the capitalists get what they spend.

Ted

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