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Re: r.biel@ucl.ac.uk by Ganesh TK 30 September 2002 03:33 UTC |
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Well spoken, TH. Could not agree with you more. MS. >From: Threehegemons@aol.com >To: lnp3@panix.com, wsn@csf.colorado.edu >Subject: Re: r.biel@ucl.ac.uk >Date: Thu, 05 Sep 2002 15:33:40 -0400 > >In a message dated Thu, 5 Sep 2002 1:29:01 PM Eastern Standard Time, >lnp3@panix.com writes: > > > Like the current collapse of the US stock market, the prolonged rise of >the > > Asian tiger economies can be attributed to speculative > > mania. > > >This is ridiculous. South Korea, is along with Japan and Italy, one of the >three countries to make a really dramatic shift in its status in the global >hierarchy over the last fifty years. Were it to actually move from being a >peripheral country circa 1940 to being as wealthy as the US circa >2000--that would pretty much be unprecedented in economic history. Foreign >currency continues to flow into China at a pretty spectacular rate. It is >one thing to say that capitalism is characterized by booms and busts, >expansions and crises, and another to claim that all economic growth is >simply a myth or illusion. The fact that the US economy collapsed in the >1930s (leading to incomparably more serious social problems than have >characterized Japan or the tigers in the last ten years) did not negate its >explosive rise. In all previous phases of 'speculative mania' (and they go >back hundreds of years before Lenin, and have nothing much to do with >'mature' capitalism) one country or region has absorbed capital in such a >way that it has grown rapidly and dramatically shifted its position in >terms of geopolitical and economic power. Today, this region is clearly >East Asia. > >As for technological dependency, Japan recently built the fastest computer >in the world--roughly 20 times faster than any in the US. > >Finally, please supply a quote from anyone widely regarded as a world >system theorist (sic) who actually make the claims about the Cuban >revolution you attribute to them. > >Steven Sherman _________________________________________________________________ Chat with friends online, try MSN Messenger: http://messenger.msn.com
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