A Quote by Immanuel Wallerstein
An individual or a group of individuals might of course decide at any time that they would like to invest capital with the objective of acquiring still more capital. But, before a certain moment in historical time, it had never been easy for such individuals to do this successfully.
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Man is a historical being : The realisations of the powers of human individuals living at any one time takes the cooperation of many generations (or even societies) over a long period of time. By contrast with humankind, every individual animal can and does do what for the most part it might do, or what any other of its kind might or can do that lives at the same time.
Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of borrowing, but theorists went bonkers on the cost of equity capital. They say that if you're generating a 100% return on capital, then you shouldn't invest in something that generates an 80% return on capital. It's crazy.
What distinguishes the historical social system we are calling historical capitalism is that in this historical system capital came to be used (invested) in a very special way. It came to be used with the primary objective or intent of self-expansion. In this system, past accumulations were 'capital' only to the extend they were used to accumulate more of the same.
All initiation of force is a violation of someone else's rights, whether initiated by an individual or the state, for the benefit of an individual or group of individuals, even if it's supposed to be for the benefit of another individual or group of individuals.
There are respectable individuals, who from a just aversion to an accumulation of Public debt, are unwilling to concede to it any kind of utility, who can discern no good to alleviate the ill with which they suppose it pregnant; who cannot be persuaded that it ought in any sense to be viewed as an increase of capital lest it should be inferred, that the more debt the more capital, the greater the burthens the greater the blessings of the community.
What being among the 'right people' entails is the possession of human capital, rather than organizational capital: an individual reputation, portable skills, and network connections. Career responsibility is squarely in the hands of individuals, a function of their knowledge and networks. Transferable knowledge is more important to a career than firm-specific knowledge.
There are but three political-economic roads from which we can choose... We could take the first course and further exacerbate the already concentrated ownership of productive capital in the American economy. Or we could join the rest of the world by taking the second path, that of nationalization. Or we can take the third road, establishing policies to diffuse capital ownership broadly, so that many individuals, particularly workers, can participate as owners of industrial capital. The choice is ours.
The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital - capital invested for the long-term in empowering innovations.
I think if you had a capital-gains system where the long, patient capital would actually be rewarded, nanosecond capital turning would not be.
I don't think one can accurately measure the historical effectiveness of a poem; but one does know, of course, that books influence individuals; and individuals, although they are part of large economic and social processes, influence history. Every mass is after all made up of millions of individuals.
The idea that the profits of capital are really the rewards of a just society for the foresight and thrift of those who sacrificed the immediate pleasures of spending in order that society might have productive capital, had a certain validity in the early days of capitalism, when productive enterprise was frequently initiated through capital saved out of modest incomes.
Any group or "collective," large or small, is only a number of individuals. A group can have no rights other than the rights of its individual members. In a free society, the "rights" of any group are derived from the rights of its members through their voluntary individual choice and contractual agreement, and are merely the application of these individual rights to a specific undertaking... A group, as such, has no rights.
At the worst possible moment, when your fund is down because cheap things have gotten cheaper, you need to have capital, to have clients who will actually love the phone call and-most of the time, if not all the time-add, rather than subtract, capital.
I believed in looking at people as individuals, not in groups. I hated groups; still do. And I saw particularly the university, the university artists really acted as a group. The others didn't so much, but the university people took advantage of that and behaved like a group, rather than as individuals. They had a lot of power that way.
Sometimes we feel that one individual's action is very insignificant. Then we think, of course, that effects should come from channeling or from a unifying movement. But the movement of the society, community or group of people means joining individuals. Society means a collection of individuals, so that initiative must come from individuals. Unless each individual develops a sense of responsibility, the whole community cannot move. So therefore, it is very essential that we should not feel that individual effort is meaningless- you should not feel that way. We should make an effort.
I used to comfort myself with the belief that it was only certain individuals and their peculiar notions that spoilt things for the rest of us. But how many individuals does it take before it's not the individuals who are prejudiced but society itself?
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