File spoon-archives/marxism-international.archive/marxism-international_1997/marxism-international.9711, message 420


Date: Mon, 24 Nov 1997 12:32:06 -0800 (PST)
From: Dennis R Redmond <dredmond-AT-gladstone.uoregon.edu>
Subject: M-I: Re: Yamaichi blows


On Mon, 24 Nov 1997, Chris Burford wrote:

> Structurally we are seeing in this earthquake the mass of eastern capital
> being shaken down relative to the size and strength of US capital. This
> appears to be the verdict on the 80's.
> With the US no longer needing to risk massive deficit financing to win the
> armaments race with the Soviet Union, and having won the race against Japan
> in information technology, the US is assured again as the hegemon of global
> capitalism.

Oh, there's no doubt the Nippo-rentiers are getting the stomping
they richly deserve, but don't you think it's interesting that the fallout
from the bubble collapse has been mostly financial in East Asia, and not
(yet) industrial? Here in America, it was just the reverse: we sacrificed
our industrial base to our financier class. All that information
technology may use Windows software, but the hardware, drives and memory
are all produced in Asia, not California. Central Europe has also been
seizing market share in the software business (e.g. Germany's SAP
Corporation, an Intranet maker). This suggests that the US economy is
that interesting new subspecies of global financierism, the bubble tiger.
And tigers, as we know, are an increasingly endangered species.

-- Dennis



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