Comments on: Paying People Too Much http://www.morssglobalfinance.com/paying-people-too-much-2/ Economics, Global Finance, Investment Strategies and Development. Thu, 19 Jan 2012 02:36:51 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: susan buck-morss http://www.morssglobalfinance.com/paying-people-too-much-2/comment-page-1/#comment-3758 susan buck-morss Sun, 24 Jan 2010 14:27:34 +0000 http://www.morssglobalfinance.com/?p=357#comment-3758 On capitalism and the market: they are not the same thing. Ferdinand Braudel's brilliant history of the European origins of modern commerce put it this way: Unlike the medieval town fairs, capitalism is the "anti-market" - Braudel comments: "I agree with both Galbraith and Lenin on this..." In the market, "wiith its many horizontal communications...a degree of automatic coordination usually links supply, demand and prices. Then alongside, or rather above this layer, comes the zone of the anti-market, where the great predators roam and the law of the jungle operates. This - today as in the past, before and after the industrial revolution - is the real home of capitalism." (Ferdinand Braudel, Civilization and Capitalism 15th -18th Century, vol. II: The Wheels of Commerce, trans. Sian Reynolds [Berkeley, 1992], pp. 229-230. On capitalism and the market: they are not the same thing. Ferdinand Braudel’s brilliant history of the European origins of modern commerce put it this way: Unlike the medieval town fairs, capitalism is the “anti-market” – Braudel comments: “I agree with both Galbraith and Lenin on this…” In the market, “wiith its many horizontal communications…a degree of automatic coordination usually links supply, demand and prices. Then alongside, or rather above this layer, comes the zone of the anti-market, where the great predators roam and the law of the jungle operates. This – today as in the past, before and after the industrial revolution – is the real home of capitalism.” (Ferdinand Braudel, Civilization and Capitalism 15th -18th Century, vol. II: The Wheels of Commerce, trans. Sian Reynolds [Berkeley, 1992], pp. 229-230.

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