File spoon-archives/marxism-thaxis.archive/marxism-thaxis_1997/marxism-thaxis.9708, message 252


Date: Sun, 31 Aug 1997 15:49:08 -0700 (PDT)
From: Dennis R Redmond <dredmond-AT-gladstone.uoregon.edu>
Subject: M-TH: Query & Comment on East Asia


Friends -- I have a question and a comment.

1. I'm looking for a serviceable Marxist text (or texts) which (1)
analyzes the 1947-1997 economic boom in East Asia and (2) provides some
insight and analysis of the Gojira-sized "keiretsu" groupings
(bank-industry alliances), which generally dominate East Asian big
business the same way the Morgans, Pierponts and other robber barons
lorded over American industry in the late 19th century. Alice Amsden's
"South Korea: Asia's Next Giant" is a nice start, but lacks a theoretical
dimension. Any information on the Mitsubishi, Fuyo, Mitsui, Sumitomo and
other keiretsu behemoths -- not necessarily how they started, but how they
function today, how their internal stock-holdings and corporate politics
jibe, and what they own in the Southeast Asian neocolonies -- would be
more than welcome.

2. The currencies of the afore-mentioned East Asian neocolonies have been
taking a record beating in currency markets recently. The Thai baht is
down 25% and more, Indonesia and the Philippines have been roughed up, and
the rot has spread to star IMF pupils Malaysia and Singapore. Now even
Hong Kong is reported to be selling hundreds of millions of dollar
reserves in order to keep the speculative wolves at bay. It's one of the
great unfolding financial crises of the dawning age of global capitalism: 
the bottom line is, even export superstars like Taiwan and South Korea 
are finding it increasingly difficult to cope with stagnant world demand
in an era when Eastern European and Chinese producers are ramping
up production. Any thoughts on how this will play out? E.g. might Japan
start to flex its not inconsiderable muscle, and begin to bail out its
neighbors with the loot accumulated from 50 years of hyperaccumulation,
much like West Germany is bailing out the entire Eastern European economy?
Where is the Japanese Left on this one?

-- Dennis Redmond 
Teaching Fellow
Program in Comparative Literature
University of Oregon



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