At 23/04/01 21:37 -0300, John R Henry wrote:
I am interested in economics and paticularly interested in Marxist and
left economics. My interest is from curiosity rather than belief.
John Henry's questions are challenging for this list, but they do come from
rather a different frame of
REFORMING THE INTERNATIONAL FINANCIAL ARCHITECTURE
UNCTAD CALLS FOR EVEN-HANDED APPROACH
BETWEEN DEBTORS AND CREDITORS
Rather than focusing on international action to
address systemic instability, the process of reforming
the international financial architecture has
WORLD ECONOMY RATTLED BY US SLOWDOWN,
SAYS UNCTAD, CALLING FOR BOLD RESPONSES
Rather than pulling up strongly together as many
expected six months ago, the leading economies have
all been heading downwards, following a sharp slowdown
in the United States. With emerging markets still
vulnerable
recently Marks and spencer decided to close down in
france and lay off its employees. Today the french
labour minister decided to give unions more say in
redundancy matters. she thinks that a firm cannot off
hand dispense with the employees as it pleases. i do
not know of these measures will go
Michael Perelman has unsubbed me from PEN-L because he does not consider
me progressive. I don't know if this note will make it to the list so am
copying you directly.
John Henry's questions are challenging for this list, but they do come
from rather a different frame of reference than most.
PM calls for new Asian economic manifesto
The Nation, 24 April 2001
BANGKOK, April 23 (AFP) -- Prime Minister Thaksin Shinawatra Monday urged
developing Asian nations to
abandon economic policies modelled after the United States and Japan at the
opening of a UN conference here. Economic
Two interesting articles in today's (4/24/01) NY Times:
http://www.nytimes.com/2001/04/24/opinion/24FRIE.html
April 24, 2001
FOREIGN AFFAIRS
Protesting for Whom?
By THOMAS L. FRIEDMAN
CCRA, Ghana I thought
Jim Devine writes:
I'm not convinced. The Fordist production techniques that prevailed
before the
neoliberal or Post-Fordist era involved large economies of scale. Though
the companies
benefited from protection (and it seems to be true that international
direct investment
used to be mostly
John Henry wrote:
John R Henry CPP
Visit the Quick Changeover website at http://www.changeover.com
http://www.changeover.com/johnh.htm
I am an IOPP Certified Packaging Professional (CPP). This
certification was awarded on the basis of experience and a paper
which I presented on the
NY Times, April 24, 2001
Labor Standards Clash With Global Reality
By LESLIE KAUFMAN and DAVID GONZALEZ
SAN SALVADOR - Six years ago, Abigail Martínez earned 55 cents an hour
sewing cotton tops and khaki pants. Back then, she says, workers were made
to spend 18-hour days in an unventilated
At 01:43 PM 4/24/2001 +0100, you wrote:
Jim Devine writes:
I'm not convinced. The Fordist production techniques that prevailed
before the
I've run across several references to Fordist and Fordism, generally
with reference to manufacturing in some way. Is this Henry Ford we are
talking about?
NY Times, April 24, 2001
FOREIGN AFFAIRS
Protesting for Whom?
By THOMAS L. FRIEDMAN
ACCRA, Ghana - I thought about going to the Quebec Summit of the Americas,
but I lost my gas mask so I decided to go to Africa instead. It's
interesting listening to Africans talk about globalization. While
[EMAIL PROTECTED] 04/09/01 04:39PM
Charles Brown wrote:
CB: I thought central banks weren't important in the Anglo-American
,as opposed to German, system ?
Central banks - e.g., the Federal Reserve, the Bank of Japan, the
European Central Bank - are extremely important. Without them, the
Loren Goldner.
VANGUARD OF RETROGRESSION. Post-Modern Fictions as Ideology in the Era of
Ficticious Capital. New York, Queequeg Publications, 2001. ISBN
0-9700308-1-9. 131 p. $10.
Marx/Third Millennium Series.
Order with check or money order from Queequeg Publications, PO Box 672355,
New York
I wrote:
Actually, it doesn't make PK look stopid. Not only did he say that he
understands
that sweatshop conditions are horrible but he's got an out: the problem is that there
aren't _enough_ sweatshops. We should have free flow of capital all over the world,
which
would mean that the
John F. Henry is not the John R. Henry that has been posting to pen-l. As soon
as I saw the first note from John R. Henry on reparations last week, I
immediately knew it could not be *my* John Henry, and checked his middle
initial. I saw John F. at the AFIT meetings in Reno last week and
Mat Forstater wrote:
John F. Henry is not the John R. Henry that has been posting to pen-l. As
soon
as I saw the first note from John R. Henry on reparations last week, I
immediately knew it could not be *my* John Henry, and checked his middle
initial. I saw John F. at the AFIT meetings in Reno
Yoshie wrote:
It may be the case that _on the average_ workers in rich nations have
higher productivity than workers in poor ones (does anyone have comparative
stats ready at hand?), but sweatshops under late capitalism appear to
achieve productivity levels equal to or even higher than those
For the macro-economically inclined . . .
People talk about economic recovery being 'fueled'
or propelled by investment spending. Isn't this
a non-sequitur? If there is a dollar less of
investment spending, mustn't there be a dollar
more of consumption spending?
The exception would seem to be
I wrote:
I'm not convinced. The Fordist production techniques that prevailed
before the neoliberal or Post-Fordist era involved large economies of
scale. Though the companies benefited from protection (and it seems to be
true that international direct investment
used to be mostly behind tariff
Michael, why kick John Henry off the list? I know the list is for
discussions inside the
left, but it also helps to try to deal with -- to argue against -- other
viewpoints.
I admit it that I didn't like it when John started talking to David
Shemano, since that
starts a discussion within the
Louis wrote:
[This is the main problem with the term globalization. It is far too
imprecise. We should campaign to replace it with the much more accurate
term imperialism. That would force Bhagwati to say things like the
benefits of imperialism. Down with fuzzy thinking.]
the problem is that
I wrote:
I'm not convinced. The Fordist production techniques that prevailed
before the
I've run across several references to Fordist and Fordism, generally
with reference to manufacturing in some way. Is this Henry Ford we are
talking about? Or some other Ford/philosophy?
the usual meaning
the problem is that this replacement simply introduces a new type of fuzzy
thinking, because it doesn't distinguish the imperialism of the turn of the
present century from that of 1945-80 or from that of the era between the
World Wars or from that which Lenin, Bukharin, and Luxemburg
Market freedoms are those who own property, often or mostly at the
expense of the freedom of those who don't.
The libertarians sometimes say that they just don't care about the
inequalities implied by this, since all that matters is the individual
(i.e., me). Others embrace social Darwinism,
Max b4 I reply, this must be a typo?
you wrote:
In a closed
economy, doesn't more investment automatically
mean less income, rather than more?
At 11:32 AM 4/24/01 +0100, you wrote:
For the macro-economically inclined . . .
People talk about economic recovery being 'fueled'
or propelled by investment spending. Isn't this
a non-sequitur? If there is a dollar less of
investment spending, mustn't there be a dollar
more of consumption
I presume that if Jim Devine (for example) bothers to respond to a John
Henry post it is because he thinks it a useful point of departure for
something he wants to say, not because he feels forced to respond. I
personally simply filter out those whose posts annoy me too much or seem
a waste of
From: [EMAIL PROTECTED]
Full-name: Dan La Botz
Date: Mon, 23 Apr 2001 09:46:14 EDT
Subject: Meeting of African American and other activists
Dear Friends,
A group activists from the African American and other communities in
Cincinnati has called for a planning meeting to organize a legal,
In _For the Common Good_ , Cobbs and __ state that factor mobility
(especially of capital) cannot be incorporated in the theory of comparative
advantage. Is this correct? I seem to recall someone on this list stating
otherwise.
Can you suggest a textbook or article that takes up this
At 11:52 AM 4/24/01 -0400, you wrote:
the problem is that this replacement simply introduces a new type of fuzzy
thinking, because it doesn't distinguish the imperialism of the turn of the
present century from that of 1945-80 or from that of the era between the
World Wars or from that which
If we're voting, I'd vote to keep John Henry on pen-l so long as he
doesn't engage in especially provacative rhetoric. His rhetoric has
been calm and measured so far.
I've been questioning some of my core progressive beliefs. I don't
think I ever was convinced of the LTV's usefulness. I have no
At 09:09 AM 4/24/01 -0700, you wrote:
In _For the Common Good_ , Cobbs and __ state that factor mobility
(especially of capital) cannot be incorporated in the theory of
comparative advantage. Is this correct? I seem to recall someone on this
list stating otherwise.
Take a standard
Jim Devine:
Since there hasn't been an International Convention of Marxist Experts to
standardize Marxist terminology, saying that there are no non-capitalist
forms of imperialism in a Marxist sense is exactly the same as saying
the non-capitalist imperialisms weren't imperialism in the sense
At 12:23 PM 4/24/01 -0400, you wrote:
If we're voting, I'd vote to keep John Henry on pen-l so long as he
doesn't engage in especially provacative rhetoric. His rhetoric has
been calm and measured so far.
Andrew Hagen
[EMAIL PROTECTED]
What is somebody made calm and measured arguments on
(http://www.marxist.com/Europe/tobin_tax_and_ATTAC_400.html)
The Tobin Tax and protectionism: the bankrupt policies of ATTAC
The thousands of people who have joined ATTAC (Association for the Taxation
of Transactions and for Aid to Citizens) undoubtedly do so for a variety of
reasons and have
Jim D. says:
At 11:52 AM 4/24/01 -0400, you wrote:
the problem is that this replacement simply introduces a new type of fuzzy
thinking, because it doesn't distinguish the imperialism of the turn of the
present century from that of 1945-80 or from that of the era between the
World Wars or from
no because my point is that more I means less C,
and C has a multiplier effect while I is 'leakage.'
I realize this is primitive Keynes, but that is
the lingo often used in discussion of the recovery.
max
Max b4 I reply, this must be a typo?
you wrote:
In a closed
economy, doesn't more
I'm not talking about sectors or fixed employment.
A given dollar may be devoted to either C or I.
It can't go anywhere else (abstracting from
open economy or govt). So even if I has a
multiplier effect, if C's is greater than
it makes no sense to speak of investment
fueling a recovery. Any
On Tue, 24 Apr 2001 12:38:57 -0400, Louis Proyect wrote:
What is somebody made calm and measured arguments on behalf of the Bell
Curve? Or that biology is a woman's destiny? Or that homosexuality is a
pathology? Or that crime is caused by bad genes?
Good point. I'd either make exceptions for
[was: Re: [PEN-L:10655] Re: Re: Re: Re: A reply to Thomas Friedman]
I wrote:
Since there hasn't been an International Convention of Marxist Experts to
standardize Marxist terminology, saying that there are no non-capitalist
forms of imperialism in a Marxist sense is exactly the same as saying
Brussels seeks to pacify US over Airbus loans
Andrew Osborn in Brussels
Tuesday April 24, 2001
The Guardian
The European Union sought to head off another transatlantic trade dispute yesterday
by saying that billions of pounds of state aid for Airbus's new A380 superjumbo
complied with global
I may be wrong, but I found John Henry's participation to be unhelpful. I
cannot tell you how many people have signed off pen-l because of the
enormous number of messages. Carrol mentioned the delete key -- just
don't read every post, but just deleting material can be a nuisance. In
addition,
Titanic greed of the telecom giants
The current worldwide mobile phone crisis serves as a stark warning of the evils of
unregulated capitalism and corporate cynicism
Will Hutton
Sunday April 22, 2001
The Observer
Imagine the chorus of criticism if a collection of state-owned companies had
Jim Devine:
no it isn't. The point is that you _define_ imperialism as being inherently
capitalist, so that non-capitalist imperialism is an oxymoron _by
definition_. But definitions are arbitrary to a large extent. They don't
drop from the sky and they're not innate in the mind. Instead,
Yoshie wrote:
I wish there were some agreed-upon terms to distinguish pre-capitalist
phenomena from capitalist phenomena. Words like slavery, patriarchy,
imperialism, etc. are used to refer to both, which has the tendency to
make analysis ahistorical.
Words like these -- if not all words --
Why is I a leakage?
On Tue, Apr 24, 2001 at 12:52:52PM +0100, Max Sawicky wrote:
no because my point is that more I means less C,
and C has a multiplier effect while I is 'leakage.'
I realize this is primitive Keynes, but that is
the lingo often used in discussion of the recovery.
--
I is not a leakage from the aggregate expenditure flow. I is an injection into
the expenditure flow. S is a leakage from the expenditure flow. T is also a
leakage, G is an injection. So in a closed economy:
I + G = S + T
total injections into the expenditure flow equal total withdrawals or
simple K model, no G or for. sector:
Y = 1/(1-b) (a + I)
equilibrium output and income = the multiplier times autonomous injections into
the expenditure flow. b = mpc and a = autonomous consumption. increase in I
leads to increase in Y by some multiple.
-Original Message-
From: Max
Jim Devine:(BTW, my friend Phil Klinkner argues that the
successes of the US civil rights movement had a lot to do with the fact
that the US power elite didn't want to look bad in competition with the
USSR.)
In his recent book with Rogers Smith. For expansion of this thesis, that
Klinkner and
Last night PBS aired a fascinating documentary on the photographer Edmund
Curtis who spent over thirty years documenting the American Indian:
http://www.pbs.org/wnet/americanmasters/
Starting in 1906, when he first came across Squamish Indians digging clams
in his native Puget Sound, Curtis
At 12:58 PM 4/24/01 +0100, you wrote:
I'm not talking about sectors or fixed employment.
A given dollar may be devoted to either C or I.
It can't go anywhere else (abstracting from
open economy or govt).
not surprisingly, Max, you're thinking like a budgeteer (or at least it
looks that way).
_Edward S. Curtis and the North American Indian, Incorporated_ by
Mick Gidley, Cambridge Univ. Press, 2000.
- Original Message -
From: Louis Proyect [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Sent: Tuesday, April 24, 2001 10:35 AM
Subject: [PEN-L:10672] Edmund Curtis
Last night PBS
Louis Proyect quoted:
In any case, this tax will never see the light of day.
...and, a screen later...
The Tobin tax was a proposal intended to protect capitalist interests, and
in no way to harm them.
I think the TT is pretty weak tea, but if it's intended to protect
capitalist interests,
Louis wrote:
Roosevelt directed Curtis to financier J. Pierpont Morgan who decided to
fund the project after reviewing some of the photos after being guaranteed
a share of the profits. Curtis's photo collections, eventually consisting
of 20 volumes, were meant to be sold on subscription basis to
I think the TT is pretty weak tea, but if it's intended to protect
capitalist interests, why are the capitalists opposed to it?
Doug
There is opposition and there is *opposition*.
Louis Proyect
Marxism mailing list: http://www.marxmail.org
While the powerful (i.e., under capitalism, the rich) should bear the
greatest responsibility, we should remember that slaughtering and confining
the Indians was a populist cause during the 19th century. (For example,
Andrew Jackson, the man who organized the Trail of Tears and the clearing
becuz I is financed by S, and S is 'not spending.'
as mentioned, if both I and C had the same multiplier
effect, then my question would not apply.
mbs
-Original Message-
From: [EMAIL PROTECTED]
[mailto:[EMAIL PROTECTED]]On Behalf Of Michael Perelman
Sent: Tuesday, April 24, 2001 6:12
Ken,
I explicitly said beef packing plants and kill operations. The
Brandon plant and Neepawa are hog operations, no?
Paul
From: Ken Hanly [EMAIL PROTECTED]
To: [EMAIL PROTECTED]
Subject:[PEN-L:10608] Re: Re: Re: Re: Great Plains
sure but if dI causes dY, how is the
dI financed, if not by foregone dC?
mbs
simple K model, no G or for. sector:
Y = 1/(1-b) (a + I)
equilibrium output and income = the multiplier times autonomous injections
into
the expenditure flow. b = mpc and a = autonomous consumption. increase in I
I wrote:
While the powerful (i.e., under capitalism, the rich) should bear the
greatest responsibility, we should remember that slaughtering and confining
the Indians was a populist cause during the 19th century. (For example,
Andrew Jackson, the man who organized the Trail of Tears and the
not surprisingly, Max, you're thinking like a budgeteer (or at least it
looks that way). The feds have a budget, so that if deficits aren't
allowed, then spending more on C leads to less I or vice-versa. But for
the economy as a whole, things work differently. First, corporations can
expand
Louis Proyect quoted:
In any case, this tax will never see the light of day.
...and, a screen later...
The Tobin tax was a proposal intended to protect capitalist interests, and
in no way to harm them.
I think the TT is pretty weak tea, but if it's intended to protect
capitalist interests, why
Max, you seem to be operating on a pre-Keynesian plane. Why does S have
to finance I.
On Tue, Apr 24, 2001 at 02:33:21PM +0100, Max Sawicky wrote:
becuz I is financed by S, and S is 'not spending.'
as mentioned, if both I and C had the same multiplier
effect, then my question would not
I wrote:
not surprisingly, Max, you're thinking like a budgeteer... The feds have a
budget, so that if deficits aren't allowed, then spending more on C leads
to less I or vice-versa. But for the economy as a whole, things work
differently. First, corporations can expand spending on their I
Max Sawicky wrote:
sure but if dI causes dY, how is the
dI financed, if not by foregone dC?
Most corporate investment is financed out of profits, but sometimes
corps borrow.
As for SI and their relation to the flow of expenditures, Keynes
said, succinctly: savings and investment are merely
Toronto Star April 25
Summit leaders taped during closed-door session
Leaders of smaller, poorer countries question whether unbridled
capitalism is best way to nurture democracy.
Quebec (CP) - The prying lenses and sharp pencils of the press
had been shooed out of the meeting
Uh, Max, isn't this a Say's Law question? If national income is
variable, a dollar less of this doesn't automatically mean a dollar more
of that.
Peter
Max Sawicky wrote:
For the macro-economically inclined . . .
People talk about economic recovery being 'fueled'
or propelled by
OBSERVER: Breathless at the Summit
AVENUE OF THE AMERICAS
Financial Times, Apr 23, 2001
snip
Meanwhile, another gathering on the margins of the summit held a different
kind of surprise.
In an effort to show that they were listening to dissenting voices, the
Canadian hosts organised a
I'm the offending party. Look at any mainstream trade text (e.g. Salvatore);
it will have at least one chapter, usually several, on capital mobility. Paul
Krugman built his career on a wrinkle concerning factor mobility -- economies
of agglomeration, etc. Herman Daly was just wrong on this.
BLS DAILY REPORT, TUESDAY, APRIL 24, 2001:
About 6 percent of the nation's 72 million families had an unemployed
member last year, says the Bureau of Labor Statistics (The Wall Street
Journal, tailpiece of its Work Week feature, page A1).
The nation's average teacher salary has climbed
I don't think it's Say's Law. If you pull a dollar out
of your mattress tomorrow, your decision to spend or
save could mean different levels of GDP for the period
in question. If spending means higher GDP than saving
does, then it seems wrong to speak of savings or
investment as causing income
Max Sawicky wrote:
sure but if dI causes dY, how is the
dI financed, if not by foregone dC?
Most corporate investment is financed out of profits, but sometimes
corps borrow.
As for SI and their relation to the flow of expenditures, Keynes
said, succinctly: savings and investment are merely
Just a year after publication, and Ken Pomeranz's *The Great
Divergence* (2000) appears to have risen to a preminent position in
its field. Not a minor achievement considering that this debate over
the rise of modern capitalism has engaged the minds of so gmany ireat scholars and thinkers.
[EMAIL PROTECTED] wrote:
If you pull a dollar out of your mattress tomorrow, your decision to spend or save
could mean different levels of GDP for the period in question. If spending means
higher GDP than saving does, then it seems wrong to speak of savings or investment as
causing income
I propose that we get out of the textbook Keynesian framework, and use a simple
Kaleckian or 'effective demand and employment' model to think about this.
In an effective demand and employment model, the economy
(abstracting from foreign trade and government) may still be characterized:
In this scenario, is there a difference between saving and hoarding,
between money stowed in a mattress and deposited in a bank? Wasn't Keynes'
point that S=I because he assumed that S was going into the financial
system? In this case, aren't you back to the different agents of saving
and
Doesn't Fred's question bring us back to the earlier discussion of
PeopleSoft. These technologies are still very crude. They might work
quite well in the future, but they're not up to par yet.
On Tue, Apr 24, 2001 at 01:43:57PM +0100, Fred Guy wrote:
###
That's so if you accept the old
i am not entirely sure about that. it is difficult to tell if things
have got worse in tamil nadu, given that the rivers were dry when they
were not transporting sewage and industrial waste even back in 1980,
but the increased pollution has made life quite difficult in the big
cities like madras
The problem is not so much with their choice as
with the conditions that make them accept that choice.
There are two problems. The first problem is the conditions that make
them accept that choice.
The second problem is made up of those who work hard to make their
options smaller, and their
Does even PK honestly think that, with free flow of capital, there
would be competition of sweatshops for labor, as opposed to
unemployed workers landless peasants competing with one another
for a shot at sweated labor?
Yoshie
Of course he does.
In general there will be both: capitalists
The social welfare costs are *not* proportional to forgone earnings.
Really? Isn't this exactly how economists think? Isn't this exactly
how they do cost-benefit analysis?
{Change in Social Welfare} = {Change in Real per Capita GDP} - {Terms
Associated with Increased Inequality (Where
How much did Chinese crop production depend on the potatoe? In The
Social and Economic Effects of the Potato, Salaman [no kidding]
attributed the great jump in Chinese population to the introduction of
the potato, which was very important in the inland regions -- which,
admittedly did not
At 01:50 PM 4/24/01 -0700, you wrote:
Does even PK honestly think that, with free flow of capital, there would
be competition of sweatshops for labor, as opposed to unemployed workers
landless peasants competing with one another for a shot at sweated labor?
Yoshie
Of course he does.
In
Does even PK honestly think that, with free flow of capital, there
would be competition of sweatshops for labor, as opposed to
unemployed workers landless peasants competing with one another
for a shot at sweated labor?
Yoshie
Of course he does.
In general there will be both: capitalists
[This is an excerpt from an article in the current Lingua Franca that is
unfortunately not on their website. Titled The Convictions of Antonio
Negri, it is about the evolution of an Italian professor from
ultraleftism--although the author Rachel Donadio scarcely recognizes it as
such--to
Arguably these proposals by George Monbiot are nothing but a reformist and
palely green cover for the continued development of capitalism. Under the
guise of provocatively ridiculing the planting of cannabis in Parliament
Square as a merely symbolic substitute for world revolution, he is
Sorry I didnt notice the beef in parentheses. Still the Brandon hog plant
is new and of considerable importance to the Brandon economy. So far it is
losing money but the intention is to expand production. Most of the jobs
though are very unpleasant. Turnover is incredible, and pay is not that
Although this only claims to be 'a' Marxist critique of the Tobin Tax, I
would argue that marxism is a method - of dialectical analysis of material
forces, which serves the best interests of the working class - rather than
a badge of political purity, which of course I see as the thrust of
Leaving aside, in this thread, whether the Tobin tax is Marxist or
unmarxist, I would appreciate some comments, for and against, on this
article from the ATTAC website on its practicability.
Chris Burford
Is the Tobin Tax Practicable?
Rodney Schmidt VEEM - North-South Institute - Vietnam
Stevens is not even a Red Tory. He was a cabinet minister in (probably) the
most unpopular Conservative government in Canadian history and a staunch
supporter of free trade. It is great to see articles like this written by
people of his political persuasion. It will be hard for the media or hack
Well, right. If you put the dollar back in the mattress, that does one
thing, if you spend it, that does another. Meanwhile, the Keynesian point
is that whether you have the dollar in the first place depends on the
spending (including investment) decisions of the whole community. In a
purely
[posted by Nestor to marxism list]
My translation, hopefully reasonable
The most interesting thing with what follows is that it was not written by
a Marxist. It was written by an official of the Brazilian Ministry for
Foreign Affairs, and was published in the _Jornal do Brasil_, a mainstream
Here is a short summary from Ag-Canada. It confirms Paul's statement about
beef-packing concentration in Alberta.
Cheers, Ken Hanly
Structure
The Canadian meat packing/processing sector consists of red meat products
and by-products. Beef, pork and processed meats account for 94% of revenues,
Apropos the Fed's newish regime of transparency, which came up here
the other day, vice-chair Roger Ferguson gave a speech on this topic
last week
http://www.federalreserve.gov/BoardDocs/Speeches/2001/20010419/default.htm.
He sounds rather committed to the idea, for two major reasons: first,
Jim D. says:
Yoshie wrote:
I wish there were some agreed-upon terms to distinguish
pre-capitalist phenomena from capitalist phenomena. Words like
slavery, patriarchy, imperialism, etc. are used to refer to both,
which has the tendency to make analysis ahistorical.
Words like these -- if not
In a
purely Keynesian world, consumption causes growth, investment causes growth,
and savings is a residual (the difference between equilibrium income and
total spending). But this is very basic macro, so I must be missing
something.
Peter
What if your nation has little saving (for instance
Yoshie Furuhashi wrote:
What if your nation has little saving (for instance because your
capitalists like to park their money offshore) your government has
little power to borrow (because of bad credit rating, political
ostracism, etc.)?
Then, in order to finance necessary imports through
One example I use is Coke which, when I was a kid, came in a 6oz
glass bottle in a single flavor. Now, there are over 100 varieties
(flavors/containers/sizes) of Coca-Cola. This does not count other
flavors such as Orange drink, Root Beer, Sprite etc.
John R Henry CPP
Since then, Americans
{was: Re: [PEN-L:10717] Re: A reply to Thomas Friedman]
Yoshie writes: There's the problem of contradictory social interests in each nation
state, however. There are Czechs, and there are Czechs. I think the Czech reformers
of
the Prague Spring -- I mean its political intellectual leaders --
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