Here is this guy with his head marinaded in the neo-liberal head-rot.
What people are saying is that there is a financial melt down. They
are saying that because that is what is in fact happening. There is
a big transfer of economic power going on. It is going away from
countries who have come to base their economies on financial
speculation and think manufacturing happens by magic. It is going to
countries such as China which manage their economies according to a
manufacturing strategy and keep finance in its place.
The demand to create employment in the former countries will soon
become an irresistible force. So will the demand to re establish
the taxes on the wealthy, the lack of which is the cause of the
present economic problems in these developed countries.
The countries whose economies are balanced; half public, half
private expenditure, with a sound industrial planning, have the
strongest economies and the best quality of life.
Countries which try to continue neo-liberal economic dogma will
rapidly turn themselves into underdeveloped countries.
On 28-Jul-09, at 1:45 PM, Keith Hudson wrote:
The present world economy has been described recently on this List
as being in "melt-down". It's not in melt-down at all. The Western
countries are in a severe economic recession but China's production
dipped only slightly during the last six months and is already
showing signs of re-gaining its typical 10% economic growth.
Protective trade tariffs might well be applied by Western countries
against Chinese goods -- or attempted anyway -- but I really don't
see how this could hold, politically, in modern times. Consumer
demand for the cheaper Chinese goods by populations in recession
would be very powerful indeed.
Nor will Western governments be able to impose higher taxes year
after year (15 to 20 years at least in the US, Japan and most West
European countries) on those fortunate enough to still be in work
in order to pay the massive debts of quantitative easing. Instead,
governments will have to cut back on government personnel and
services. Leaks from the UK Treasury are already talking about 20%
cuts across all departments. Huge changes are about to take place
in all developed countries but it will still not be an economic
melt-down.
Keith Hudson.
Keith Hudson, Bath, England, <www.evolutionary-economics.org>,
<http://www.amazon.com/dp/1906557020/>
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