Gerald Levy wrote:
>
> On PEN-L, it was recently reported that Anu Shaikh said that we were at
> the beginning on a long-wave upswing. I'm not convinced, but I'd like to
> see some discussion of that issue.
>
Anu actually wrote a paper on the issue. I never had a chance to read it
but if we could circulate it electronically we could start a
discussion from there.
We have just discussed Itoh's book on World Economic Crisis and Japanese
Capitalism here in my department. During the discussion I asked the
discussants whether or not trends such as investments abroad -- which
yield much higher rates of exploitation -- were generating rising returns
for internationalized firms and whether or not this was changing the
picture away from Itoh's framework of profit squeeze and stagnation.
Another aspect which may be pointing in the direction of an upswing is
liquidity of which the present stock market crashes may be a
manifestation. I agree that a discussion on the issue of long waves as
it relates to our present situation would be useful in many ways.
Paulo Cipolla