Marx shared with conventional economics the assumption that all Value is created by Labour, and that Capital itself is not productive.

All economies are barter economies - it is the use of "split barter" or "time to pay"/ credit that gives rise to a monetary system - which is the "working" capital of circulating "Value" or "Money's Worth".

"Capital" itself - accumulated "wealth"- requires Property rights and the Property relationship between the Subject individual and the Object eg land, machinery, or other assets.

We are accustomed to think that "Property" is an object, but it is in fact a relationship. Similarly Money is not a (bank-created debt) Object but a relationship.

I am pointing out that it is possible by using "Open" Corporates such as the UK Limited Liability Partnership to provide mutualised forms of credit on the one hand, and "Capital" on the other.

These applications of "Open" Corporates are even now emerging independently of any work I might be doing (and I am doing a lot)- I am observing the increasing use of this new - optimal - legal form and believe that I can add considerable value using it.

The outcome of "Open" Capital is essentially a "Cooperative" form of Capital where there is no requirement to make returns to "rentiers".

The "Cooperative Advantage" lies in this freedom from paying returns to rentiers.

There is no "Profit" and no "Loss" within a partnership, merely the creation and exchange of "value" in all its forms - and of course bank-created credit is not a form of Value but - as Marx identified - a legal claim over Value he called "Finance Capital"

The other form of Finance Capital is the legal claim over Value which is that toxic legal protocol we know as the "Joint Stock Limited Liability Corporation".

This form of "asset-based" finance was all Marx knew of course, and all we know. But in fact there are at least two other forms of legal vehicle or "wrapper" we may use to invest in producticve assets.

I believe that this reinvention of the Corporate, allows us to literally reinvent Capital, and I observe that this process has already begun in the commercial world because it works.

My optimistic view is that those enterprises - public, private: and whatever the "aim" (commercial, social, charitable) - who do not use the "Open" Corporate form to raise their necessary capital, are at a disadvantage to those who do.

The pre-condition for "emergence" is just such a comparative advantage, and I beleieve that the system has already begun to consume itself, in a process of "partnerisation" and Internet-driven direct connection/ disintermediation I call "Napsterisation"  

"Open" Capital is therefore already commencing the necessary quiet revolution, and demonstrates, merely by existing, the flaws in conventional economic assumptions.

"The future is already here -- it's just not very evenly distributed" William Gibson