�In these crises, there breaks out an epidemic that, in all earlier epochs,
would have seemed an absurdity--the epidemic of over-production.� More on
this capitalist trend, though in different terms, i.e., "slowing demand,"
from the Jan. 2 Financial Times.
Seth
US factory output plunges sharply in December
By Peronet Despeignes in Washington
Published: January 2 2001 16:12GMT | Last Updated: January 2 2001 19:51GMT
Activity in the US manufacturing sector, buffeted for much of the past year
by higher energy prices, greater borrowing costs and slowing demand, has
plunged to its lowest level since the 1990-1991 recession, according to a
widely-watched economic barometer.
The National Association of Purchasing Management said its factory activity
index, based on a monthly poll of manufacturing executives, fell from 47.7
in November to 43.7 in December - its sharpest drop since June 1996 and its
lowest level since April 1991. According to the National Bureau of Economic
Research, which officially designates such events, the last US recession
officially ended in March 1991.
The factory activity index over the past 15 months has fallen at the
sharpest rate, 23.7 per cent, since March 1985.
Message: 2
Date: Mon, 01 Jan 2001 20:41:05 -0500
From: "Charles Brown" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Subject: [CrashList] Karl Marx would have felt vindicated
Reply-To: [EMAIL PROTECTED]
(From cover story in this week's Time Magazine "How to Survive the Slump")
clip:
"Karl Marx theorized that capitalism was condemned to repeated depressions
because of "cycles of overproduction." Marx may have got some of the details
wrong: he thought the workers would be unable to buy goods because their
wages would be continually pushed toward subsistence levels. Now it's more
likely that consumers are using their well-above-subsistence wages to pay
for noncommodities instead, such as travel, restaurant meals and personal
trainers. But if Marx had hit the shopping malls last week and seen the
heavy discounting--or looked on the Internet and seen the emergence of
cut-rate sites like Amazon.com's new outlet store--he would no doubt have
felt vindicated."
Full article at:
http://www.time.com/time/magazine/article/0,9171,93322-1,00.html=20
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com
_______________________________________________
Crashlist resources: http://website.lineone.net/~resource_base
To change your options or unsubscribe go to:
http://lists.wwpublish.com/mailman/listinfo/crashlist
