rei·fi·cation (-f-kshn) n. the conversion of an abstract concept into something concrete; a viewing of the abstract as concrete.
My love for the Financial Times has price elasticity. As in, I still pony up for it at the eye-watering and wallet-emptying price of £2.50. They have just been running a “Capitalism in Crisis” series. Spot the (un-deliberate) mistake…
This idea that there is “an economy” that is somehow independent of the private ownership of the means of production (sorry, I left my megaphone at the other picket). This idea that regardless of who controls what resources/investment decisions/regulation etc etc there is still a “natural” underlying economy. Pish. Markets are social institutions. ” We” “choose” to “invest” in yachts or housing, missiles or education. Dwight Eisenhower knew it. The people of countries like Guatemala and Chile and Nicaragua and Iran and Mozambique (among a long LONG) list have found out the hard way – if they create an economy that doesn’t favour international investors, they can expect a call from the 82nd Airborne, ready with the tools to piss all over their body politic.