Re: military spending as investment

[Doug Henwood <dhenwood@xxxxxxxxx>]

If welfare spending is a form of investment, as Gary Mongiovi argues,
what is the return on this investment? I think we should be careful about
adopting the language of capital and applying it to everything. Welfare
spending should provide a minimum standard of consumption under which
households in a civilized society shouldn't be allowed to fall; but it is
pure consumption. I'm deeply suspicious of this creeping capitalization
of everything - environmental degradation as a form of depreciation,
investment in human capital, etc. Let's defend nonmonetary values like
environmental preservation and education because they're hallmarks of
civilization, and keep the rhetoric of money out of it.

Doug

Doug Henwood [dhenwood@xxxxxxxxx]
Left Business Observer
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