M-C-M

[PHILLPS@xxxxxxxxxxxxxxxx]

I think it is correct to say that the difference between c-m-c and
m-c-m is important for any marxian/keynesian analysis, we should
also distinguish between M-c-M' (commercial capitalism) and
M-C-C'-M' (industrial capitalism).  The importance, of course,
is in the potential for expropriation of surplus at the point of
production, not at the point of exchange.  The results are
extremely important when one tries to deal with macro income
distribution which involves both labour-capital distributions
and labour-capital-independent commodity production distributions.
For anyone doing historical analysis in North American, for
instance, the simple labour-capital dichotomy empitomized in
M-C-M is not acceptable.
<Phillps@xxxxxxxxxxxxxxxx>
Paul Phillips,
Economics and Labour Studies,
University of Manitoba.