Re: [OPE-L] Imperialism in our century

From: GERALD LEVY (gerald_a_levy@MSN.COM)
Date: Mon Dec 31 2007 - 08:16:58 EST

> It is unfair to say that you knew all this 20 years ago. 20 years ago the USA had not seen the sharp fall in manufacturing 
Hi Paul C:
The trend regarding manufacturing in the US was already visible 
(and widely discussed on the Left) in the late 1970s.  At the time,
this was often referred to as "de-industrialization" and unions
were already alarmed by the "outsourcing" of production.
> and the sharp rise in Chinese imports that it now has. 
This wasn't that hard to foresee.  The "reforms" of the Deng period,
including the creation of 'special' (free trade) zones, helped to usher 
in what has come later and many analysts (especially business
economists) foresaw in outline form what came next.  What they
overestimated, though, was the growth of disposable income per
family in the PRC and demand for goods produced in other countries.
In other words, there was an over-estimation of the growth of the
internal market in the PRC and the extent to which the standard of
living for most of the population would rise. 
> Paula Cerni rightly lays emphasis on the unproductive character of much of the US economy and it dependence on productive labor 
> perfomed overseas. This is much more marked than it was 20 years ago.
It might be better to examine Fred's writings on this topic since 
it has the advantage of being based more on empirical 
In solidarity, Jerry 
PS: *HAPPY NEW YEAR!* Thanks to you and others on the list, 
this has been a very successful year for OPE-L in which there 
were many stimulating and rewarding discussions about important
(and sometimes not so important)  topics in political economy.

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