Seongjin, this is superb, thanks.
Two minor points of disagreement: the destruction of manufacturing
capacity in Japan and Europe in the early 1940s was probably the main
precondition for another round of global capital accumulation after the
1930s Depression; and have we really seen the 'death of neoliberalism'?
If Obama Keynesianism doesn't work - and as Brenner points out, "during
the past seven years, thanks to the borrowing and spending encouraged by
the Federal Reserve’s housing bubble and the Bush administration‘s
budget deficits, we witnessed what was, in effect, probably the greatest
Keynesian economic stimulus in peacetime history" - then full fledged
rightwing reaction is likely, and already many sites are experiencing
severe austerity so familiar to those of us in Africa who've seen IMF
regimes.
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Received on Sat Jan 31 22:07:39 2009
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