Are there comrades on these lists from South Korea, or involved in solidarity work? I'm making my first trip there next week, and am curious about political-intellectual traditions behind -- and practical implications of -- the following excellent excerpts from movement leaders there: The intensification of the fantastic and imperialistic neoliberal offensive and the economic crisis is the dual expression of one entity: the overaccumulation (overproduction) of capital since the 1970s. The global economy is characterised by overproduction and a decline in the rate of profit. Efforts of capital are concentrated on increasing the rate of profit, leading to greater monopolisation. And the global monopolies and their metropoles are intent on driving out state intervention in the process of reproduction. This is what is undertaken under the name of "deregulation." Furthermore, the decline in the rate of profit due to overproduction has meant that capital can no longer find sufficiently profitable areas for investment in production or distribution. This has forced capital to turn to speculation. The birth of mammoth speculative capital, fostered by the changes in global financial practices, has transformed the system into a "casino capitalism." Koh Young-joo General Secretary, Korean Confederation of Trade Unions March 1999 The ship of Korean economy was wrecked in the high sea of capital globalization. We have tried to repair the ship prior to anything else, only to realize that it is hardly enough to rectify the problematic situation. The high sea exonerating no ship to remain safe, we cannot help but think of having such safety systems as a typhoon-alarming equipment or pirate-defensive armaments ready for any upcoming disaster. It is a time, in other words, to direct our attention not only to the restructuring of domestic economy but to that of the world financial system. In the rapid currents of globalization, which effectively erase the traditional demarcation between the inside and the outside, a fire beyond the river turns itself quickly enough into a fire on our own houses. The credibility game of borderless capital drastically narrowing down policy choices of national governments, the potential power of the world citizens is the only hope left for the renovation of the current, deeply destabilizing, world financial order. Now is a time, therefore, for the citizens of the world to put the question of the world economic justice on the agenda of global civic movement. It is not only a mandate of our own age but also an important focus of global civic society. Kim Young-ho Chairperson, Taegu Round Korea Committee September 1999 Patrick Bond (Wits University Graduate School of Public and Development Management) home: 51 Somerset Road, Kensington 2094, Johannesburg office: 22 Gordon Building, Wits University Parktown Campus mailing address: PO Box 601 WITS 2050 phones: (h) (2711) 614-8088; (o) 488-5917; fax 484-2729 emails: (h) [EMAIL PROTECTED]; (o) [EMAIL PROTECTED]