Subject: [OPE-L:1713] Re: Re: is a crisis in the US economy immanent?
From: Alejandro Valle Baeza (firstname.lastname@example.org)
Date: Mon Nov 22 1999 - 14:21:58 EST
Gerald Levy wrote:
> Re Akira's [OPE-L:1702]:
> Thank for for your response to the Henwood article.
> I am interested in knowing what your answer is to the question in the
> subject line (i.e. "is a crisis in the US economy immanent?")
> One curious development is the extent to which the crisis in South Asian
> markets and the banking crisis and recession in Japan have had on the
> financial system in the US. What is your explanation for why these
> developments haven't had a sharper (negative) impact on the US economy?
> If "globalization" is to be believed, shouldn't it be increasingly the
> case that when major capitalist economies experience an economic crisis
> that their major trading "partners" also experience economic crisis?
Jerry, I think is too soon for denying the negative impact of Asian (or
Latin American) crisis on the financial system in the US. The huge US debt
has been rising because Asian and Latin America crisis, the Wall Street boom
is also connected with such crisis. As long as the boom is impressive the
slowdown is necessary.
It is true that some Marxist exaggerated the negative impact of crisis over
capitalist political stability. But it seems to me that by now the problem
for leftist is not to be very optimist about capitalist self destructive
forces but to believe the contrary. Maybe Doug Henwood article is on the
line of ignoring importance of capitalist crisis.
> In solidarity, Jerry
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