[OPE-L:6107] Re: falling profits

From: glevy@pratt.edu
Date: Mon Oct 29 2001 - 10:27:32 EST

Re Patrick's [6106]:

> Also, the international situation was very much different during 
> 1945 -  1973 than it is today. Germany, Japan, China, and the USSR 
> - along with the US - all enjoyed substantial growth during this 
> period. Today, Japan has been in the tank for over a decade. The 
> USSR has fallen apart and the economies of many of its former 
> members are basket cases. Germany also is having problems. 
> Basically, the US has the strongest economy, at least
> among the largest economies in the world.

These are all powerfull arguments *for* the claim that during the
current period the international capitalist economy is undergoing
a 'crisis' rather than a 'garden-variety recession'. 

While there is uneven development internationally, represented by
what you claim to be the 'strength' of the US economy, what about
the *inter-dependence*  and *inter-connectedness* of the US
economy with the rest of the world capitalist economy? For these
reasons, many economists from around the world (including some on
this list) have been expecting the 'other shoe' (the US economy) to
drop for years now. 

What do you attribute the strength of the US economy to vis-a-vis
the rest of the capitalist world?  How has the crisis in the rest
of the world capitalist economy (don't you believe 'crisis' to be
an accurate descriptive term for the current state of the *world*
capitalist economy?) afected the 'strongest economy'?

In solidarity, Jerry

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