File spoon-archives/marxism-thaxis.archive/marxism-thaxis_1997/marxism-thaxis.9709, message 38


Date: Thu, 04 Sep 1997 23:23:52 +0100
From: Chris Burford <cburford-AT-gn.apc.org>
Subject: Re: M-TH: Re: Query & Comment on East Asia


Doug seems here, importantly for my argument, to confirm my view that
Keynesianism *is* technically possible at a global level. 

The fact that the political momentum is not there for a Keynesian
initiative that is accompanied by a real redistribution is another
question. There was the momentum for such an initiative when SDR's were
coined to shield the western capitalist countries from the oil price rise
of the 70's.

There are however glimmers. There is a fairly wide reformist consensus
about cancelling the debts of the poorest countries, which is effectively a
granting of new credit. 

Once the technical point is conceded, then a political momentum can grow.
After all, according to the ILO 30% of the world's workforce are either
underemployed or unemployed.

Chris Burford

London.

_______________________________________________________


At 07:49 PM 9/3/97 -0500, you wrote:
>Chris Burford wrote:
>
>>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.
>
>Boy is that Keynesian magical thinking. How would the issuance of fresh
>SDRs affect the real balance of resources in the world? Keynesianism
>failed, among other reasons, because it sought to outwit the class struggle
>with clever solutions - easy money, deficit spending - ones that promised
>more for folks on the bottom without taking away (much if anything) from
>those on top (which is the way JMK wanted it). Obviously, that can't work.
>Either it's all a sham, or something *is* taken away and given to those on
>the bottom (inflation benefits debtors as it hurts creditors), or the real
>power of those on the bottom is increased (a more generous welfare state
>improves the bargaining power of the working class). So either this SDR
>issue is a sham, or some real redistribution is undertaken. If the latter,
>then it'd require a mobilization of a sort I don't see on the horizon right
>now.
>
>
>Doug
>
>--
>
>Doug Henwood
>Left Business Observer
>250 W 85 St
>New York NY 10024-3217 USA
>+1-212-874-4020 voice  +1-212-874-3137 fax
>email: <mailto:dhenwood-AT-panix.com>
>web: <http://www.panix.com/~dhenwood/LBO_home.html>
>
>
>
>
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>
>



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