On the subject of capital flows out of the poor nations and into the
rich, see the old work of Keith Griffin (will look up cite if anyone is
interested). Griffin is now, I beleive, master of one of the colleges
ofoeither Oxford or Cambridge. He replace crumbling gargoyles with new
ones in the image of former masters of he college!
Michael Yates
Louis Proyect wrote:
>
> **Trade balance of the underdeveloped countries, in billion dollars**
>
> 1958 1966 1967 1968 1969 1970 1971
> Imports c.i.f 27.8 41.0 42.2 46.0 50.7 56.9 63.8
> Exports f.o.b. 24.8 39.1 39.9 43.8 49.0 55.1 62.0
> Deficit 3.0 0.9 2.3 2.2 1.7 1.8 1.8
>
> ===
>
> These figures are part of the Arghiri Emmanuel article I posted from
> yesterday. From them he draws the conclusion:
>
> "Now, as we see in the figures set out above, by broadly crediting the
> advanced countries with all the flows regarding which there is doubt or
> certainty, we arrive at a grand maximum total of external financing which
> is, on the average, less than a billion dollars per annum, or about $2.50
> per head of active population of the Third World--hardly the value of one
> screwdriver. At that rate it would take several thousand years to equip all
> the workers of the underdeveloped countries with means of production
> comparable to those of the present advanced countries, where the fixed
> capital per head of active population exceeds, on the average, $40,000 in
> the USA, and the gross formation of fixed capital per annum and per head of
> active population is, for example, $2,400 in West Germany, $2,250 in France
> and $2,750 in Italy."
>
> Louis Proyect
>
> (The Marxism mailing list: http://www.marxmail.org)
