tag:blogger.com,1999:blog-1141932539860553199.post6306953134279263549..comments2024-03-05T10:52:24.691+00:00Comments on Mark Wadsworth: Killer Arguments Against LVT, Not (408)Mark Wadsworthhttp://www.blogger.com/profile/07733511175178098449noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-1141932539860553199.post-23428119532146475992017-01-28T20:30:41.727+00:002017-01-28T20:30:41.727+00:00Lola,
wot? My first thought as well.Glad you lot c...Lola,<br />wot? My first thought as well.Glad you lot can do gibberish to readable translations for us. <br /><br />Bayard, exchange based on 'gift' and 'debts' of various kinds is being pushed back now 7,000 + years. Barter, just as long; but was done when the parties did not trust each other much (may never meet again) so that the exchange fell out of the normal 'credit' arrangments above. Coinage and metals appears at times of crisis, and, as you point out, was designed to pay the Kings's tax and thus provision his/her soldiers, who nobody trusted with credit at all!MikeWhttps://www.blogger.com/profile/15455583313857077618noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-91701532371479869702017-01-28T18:12:27.530+00:002017-01-28T18:12:27.530+00:00"I also happen to believe that you could have..."I also happen to believe that you could have capitalism based on barter,"<br /><br />History bears you out on this. Capitalism based on barter and credit predates the invention of money by thousands of years. It appears money was invented so that the state could pay the army in something other than food or land, the soldiers could swap the money for food or land or whatever and the civilians could give it back to the state in the form of taxes instead of tithes, whereupon it could be recycled to the army and so on. Bayardhttps://www.blogger.com/profile/15211150959757982948noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-44454472974909711562017-01-28T16:40:59.916+00:002017-01-28T16:40:59.916+00:00D, those are more obvious points. I also happen to...D, those are more obvious points. I also happen to believe that you could have capitalism based on barter, but obviously using money as a medium of exchange makes it work infinitely better as transactions are so much easier.<br /><br />If you read the full article, the author relies on Heidsohn & Steiger, whose ground breaking theory was that 'money' had to be rooted in private ownership of stuff*, which is so blindingly obvious as to barely worth mentioning, if nobody owns anything, not even their own labour or output, then there is nothing to exchange or buy in the first place.<br /><br />* They give a long list of things which can be owned privately, one of which is land.Mark Wadsworthhttps://www.blogger.com/profile/07733511175178098449noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-89929210590686633722017-01-28T15:39:47.664+00:002017-01-28T15:39:47.664+00:00In general capitalism emerges as soon as land beco...<i>In general capitalism emerges as soon as land becomes a private property, for land is a reliable security.</i><br /><br />Nope. Feudalism can emerge as soon as Land becomes a private property. But Feudalism isn't Capitalism. Capitalism can emerge when money is invented. Capitalism is all about using money to buy something, then selling it at a profit. So you need money and you need things that are private property which can be bought and sold for money. But those things don't need to be Land.Derekhttps://www.blogger.com/profile/06296053477905542366noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-64586469334057799412017-01-28T14:05:48.512+00:002017-01-28T14:05:48.512+00:00B, he merrily confuses being in credit and being i...B, he merrily confuses being in credit and being in debit. Credit is a good thing, he says, therefore being in debt must be a good thing.<br /><br />L, I do not know. He or she appears to be deadly serious though.Mark Wadsworthhttps://www.blogger.com/profile/07733511175178098449noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-82838447110990958672017-01-28T10:40:26.703+00:002017-01-28T10:40:26.703+00:00In general capitalism emerges as soon as land beco...<i>In general capitalism emerges as soon as land becomes a private property, for land is a reliable security. Securities must maintain their value during the currency (term) of the credit. Land is durable, so that its premium remains intact. Credits create money. </i><br /><br />Wot?<br />Lolahttps://www.blogger.com/profile/04586735342675041312noreply@blogger.comtag:blogger.com,1999:blog-1141932539860553199.post-28166256319064709872017-01-28T09:11:54.117+00:002017-01-28T09:11:54.117+00:00"He or she refers to land or land and buildin..."He or she refers to land or land and buildings as "property", but it's a very common mistake so ignore that."<br /><br />The other very common mistake that the poster makes is that the ability to get yourself into debt is necessarily a "good thing" - owning land means you can borrow money, i.e. get yourself into debt.<br /><br />The idea that all business expansion needs to be financed by loans has now got such a universal hold on the public consciousness that it is now fairly useless to point out that it need not be so.Bayardhttps://www.blogger.com/profile/15211150959757982948noreply@blogger.com