Re: [OPE-L] J Winternitz's "The Marxist Theory of Crisis" online

From: Gerald_A_Levy@MSN.COM
Date: Tue Dec 21 2004 - 09:24:48 EST

> I wasn't contesting the theory as a matter of logic; it does not seem
> to me empirically robust at the present time.


The reason you cited previously for your empirical skepticism
concerned  the international supply of labor: "the potential supply
of  labor has been increased manifold through the incorporation
of India, China, and Eastern Europe."

I was trying to draw your attention to the mechanisms by
which a crisis becomes an international crisis.  Your skepticism
is based on the differing labor market conditions in different
capitalist social formations.  My point is that a crisis that
originates in one capitalist nation can quickly become diffused
internationally *despite these differences in labor market
conditions* (and, hence, I question the grounds for your
empirical skepticism).

If you consider the point more I think you might agree with
me.  Suppose that there is a major crisis in the US economy
which leads to (among other things)  a condition of overproduction
and a sharp increase in the size of the reserve army.  How will
that crisis -- which originally develops in the US -- affect the
international economy and, more specifically, the economies of
India, China, and Eastern Europe?   For example, given the
extent to which these other nations increasingly rely on exports
to the US (or, e.g. in the case of IT, labor services sold to consumers
in the US) , how will the decrease in aggregate demand in the US
affect those nations' economies?

Note that I wrote nothing above about labor power shortage theory.
That's because the same argument cold be made regarding all (?)
Marxian explanations for crisis.

In solidarity, Jerry

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