In the case of takeovers, companies are not traded - do not circulate - as real capital, as units of production they are traded as a quantity of shares, as a mere probability of production, which is enough to create a virtual movement within the economy. The game is such as to become suicidal: big companies end up buying back their own shares, which is nonsensical from the economic point of view: they end up mounting takeover bids for themselves! But this is all part of the same madness. This is why there is no point criticizing it on the basis of economic logic (this is what makes these phenomena so exciting: the economic being overtaken by a random, vertiginous form). Speculation, like poker or roulette, has its own runaway logic, a chainreaction logic, a process of intensification, in which the thrill of the game and of bidding up the stakes plays a considerable role. Not even an objective profit exactly: the profit from speculation is not exactly surplus value, and what is at stake here is certainly not what is at stake in classical capitalism. The hope is that this enforced circulation will produce a broker's commission - exactly as on the Stock Exchange. A virtual effervescence is created, with a potential impact on economic restructuring which, in spite of what is said, is purely speculative. It is no longer stocks and shares being bought, but companies being bought up. “The stock market crash finds a continuation in the takeover frenzy.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |