his views are in many ways similar to those of Karl Polanyi on what he calls fictitious commodities.
Contents contributed and discussions participated by Arabica Robusta
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under the neoliberal era even money itself becomes a commodity, as Polanyi alludes to. Originally money (M) in possession of a capitalist would be used to buy capital goods (C) and at the end of a cycle of production process the capitalist would have earned more money than originally invested (M1) and hence Marxist formulation of M – C – M1 where M1 is greater than M. Under neoliberalism, because of the shift from economics of production to economics of speculation, money buys money and hence the formulation M – M – M1. This has been part of the gambling (casino capitalism) economies dominating the neo- liberal economic practices.
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It is correct that the system of land tenure the colonial government wanted to promote was alien to a non-capitalist society, which, as Walter Rodney would say, was following an independent path of development. But obviously the system was not alien to capitalism and its imperial interests in the colonies.
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