Jim D. writes:
Marv Gandall wrote:
Perhaps some do, but as a rule the currency crises and economic collapse
which precipitate these structural adjustment programs leave the local
capitalists - banks, telecoms, retailers, exporters, etc. - weighed down
and
bankrupted by their soaring foreign debt. Viz. East Asia, Russia,
Argentina
last time, and the East Europeans today.
right, but some locals rise to the top, like Carlos Slim.
Small business almost always loses as part of the normal process of
capitalist accumulation (which includes shake-ups), but there are some
who benefit from new industries (Bill Gates) and some who benefit from
the decadence of the pre-existing big businesses.
===============================
This is true. South Korea is another example. Big conglomerates like
Samsung, Hyundai, and LG obviously withstood the East Asian crisis and IMF
intervention and emerged stronger than before while other heavily indebted
chaebol like Daewoo went under. The collapse of the currency, while wreaking
havoc in the domestic economy, can be a boon to exporters who aren't deeply
in hock to foreign creditors.
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