From: GERALD LEVY (gerald_a_levy@msn.com)
Date: Tue Mar 25 2008 - 08:37:20 EDT
In the first instance, that's because because of the unequal and combined development of the world capitalist economy, in which different factors semi-autonomous of each other can advance and amplify, or retard and diminish, the main tendencies at work everywhere. Hi Jurriaan: Recent experience, including the Japanese and East Asian economic and financial crises, suggests that it is difficult to access ex ante what the impact on the world capitalist economy will be of a major crisis in an important capitalist economy or region. Didn't most analysts - Marxian included - project that those crises would have a bigger impact on both the world capitalist economy and the US economy than they in fact did have? Similarly, you will recall over-estimations of the impact of the "dot.com" crisis of the 1990s on both the US and world capitalist economies. The related issue in this recession is: is there anything that other major capitalist economies can and will do to protect themselves from the "US economic disease"? And, what international "regime of accumulation" (or pick another term if you prefer) will come out of this recession? How will that affect, for example, the relative roles of the US and the EU in the world capitalist economy? In other words, will US hegemony survive this crisis? We seem to be saying the same thing in relation to these questions: we don't and can't know. In other words, it remains to be seen what will happen. In solidarity, Jerry _______________________________________________ ope mailing list ope@lists.csuchico.edu https://lists.csuchico.edu/mailman/listinfo/ope
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