On May 10, 2008, at 8:40 PM, Perelman, Michael wrote:
The story that
Findlay, Ronald and Kevin H. O'Rourke. 2007. Power and Plenty:
Trade, War, and the World Economy in the Second Millennium
Princeton, NJ: Princeton University Press)
tell is not that different from Luxemburg -- that in many cases, the
scale of production swamps the ability of a nation to absorb the
output
of the industries experiencing rapid tech. change, requiring war to
open
up new markets.
Is that at all relevant today? The U.S. has been absorbing China's
excess production. Meanwhile, the U.S. invaded Iraq, and the only new
market that that's opened up is for weapons and private security
services, which aren't keeping us from sinking into recession.
Doug
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