Is a world of bubbles sustainable?
If capital can always flee from one bubble to another bubble in another country, there will always be bubbles.
Is it sustainable to always have bubbles somewhere that can give refuge to fleeing capital? …….. Probably yes, in spite of the problems left behind.
Many years ago, I was in the Zocalo, central park of Mexico City, during their national fiesta. There were music bands, games and skits being performed. I watched one skit where a farmer was talking to a policeman. The farmer was listing all the things that people produce, “Producimos comida, maiz…” (We the people produce food, corn, fiber for clothing.) We the people produce buildings and roads. Then the farmer turned to the policeman and asked him what he produced. “QuĂ© produce Usted?”
The policeman looked confused and then started to tap his chin in deep thought pacing back and forth saying, “Produzco… produzco…” (I produce… I produce…) And then he stopped with a face of pride, raised his hand and said, “Produzco SEGURIDAD”. (I produce security.)
All of the people were silent for about 10 seconds as the actors held their poses. Those 10 seconds seemed like too long. It’s as if the people really wanted to believe that was true, and maybe it was… in an ideal world, the police would produce security. But after 10 seconds, the people came back to their reality, and remembered the corruption of the police. And everybody started to insult the policeman.
But for those 10 seconds, you could see the natural desire of the people to have security, which they truly wanted and would respect the police for.
Now I ask those who flee with capital from country to country investing in bubbles, what do they produce? and I don’t want to hear just the good things they produce, I want them to acknowledge the damage they do too.
What kind of a stupid lame, post is this?
Mexican police are corrupt. The answer was justifiably seen as a joke.
Investors invest where they see a return. PERIOD. What damage are you talking about? This is an extremely lame post.
Sammy,
I think he was bringing up a distinction between productive and unproductive labor — unproductive labor may in most cases be
-necessary- but does not directly create a surplus value.
As you can tell, this is a large and detailed subject and one which
I don”t believe is at all touched on by neo-classical [and Keynesian]
economics, but more so by the classical.
Rentier capitalism and unproductive labor are best buddies, even lovers
you and others may find this analysis of ”The Resultate” interesting —
Capital and community:
the results of the immediate process of production and…
http://www.marxists.org/archive/camatte/capcom/ch04.htm
Sammy,
The point is that some will say bubbles are productive, and some will say they ultimately cause more damage then they are worth. Mexican police cause great damage to their society.
How much damage do bubbles cause?