Single Idea 24074

[catalogued under 24. Political Theory / D. Ideologies / 11. Capitalism]

Full Idea

According to Marxists, the one market capitalism cannot do without is the labour market, which creates saleable things. Others, influenced by Keynes, emphasise financial markets, where pieces of paper change hands on expectation of their value.

Gist of Idea

Capitalism must mainly rely either on the labour market, or on the financial markets

Source

William Davies (Review of 'The Price is Wrong' by B.Christophers [2024], 24-04-04)

Book Reference

-: 'London Review of Books' [ 0], p.23


A Reaction

Modern Britain fits the Keynesian account much better, given its low production, and very active (until recently) London financial market.