Re: [Pen-l] De-Growth Conference Declaration

[Jim Devine <jdevine03@xxxxxxxxx>]

Julio Huato wrote:
>...  there are different
> possible configurations of this "financial system."  Some of them
> could, in principle, reduce substantially the turbulence.

and some of them can increase turbulence. The main distinction these
days (hi Doug!) is between the Anglo-American system centered on stock
markets and the more European or Japanese system centered on bank
ownership of shares.

As Julio notes, though capitalism requires a financial system, that
system has "relative autonomy" so that its nature is not determined
exactly by the capitalist system. Thus Engels could contrast financial
crises arising from non-financial sources (e.g., a sustained fall in
the profit rate) and those arising from within finance itself.
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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