Date: Wed, 03 Sep 1997 22:00:19 +0100
From: Chris Burford <cburford-AT-gn.apc.org>
Subject: Re: M-TH: Re: Query & Comment on East Asia


At 02:33 PM 9/2/97 -0700, Dennis Redmond wrote:

>
>Of course, I could be completely wrong about this, but objectively
>speaking global capitalism is in severe crisis, and does need
>supranational re-regulation and some sort of multinational
>Keynesianism.


This is an interesting point. Keynsianism fell into disrepute for the
economies of the western states in the 80's and 90's my hunch is under
pressure from the competition from the East so that they could not afford
to reflate without attracting imports.

But none of the arguments against Keynsianism that applied without question
at the national level, necessarily apply at the global level. There is no
reason why special drawing rights should not be increased by international
agreement - except the slight problem of to whom they should be distributed.

Please would anyone with more knowledge of economics correct me if I am wrong.

Chris Burford





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