Date: Mon, 5 Jan 98 20:47:45 EST From: boddhisatva <kbevans-AT-panix.com> Subject: Re: M-TH: LBO LBW?? Doug, I'd say Korea is really a First World nation. Korea, as I see it, is undergoing the transition between what one might call, command capitalism, Mandarin capitalism, Robber-baron capitalism, or the capitalism of political oligopoly and late, market capitalism. Market capitalism depends on transparent, rational financial markets, the ability of participants to buy corporations through leverage - no matter how large (thus rationalizing equity values to the greatest extent possible given that only the rich participate in the market), relative free trade, and generally stable democracy. Late market capitalism is increasingly indifferent to nationalism and even the nation-state. It may also be that late capitalist countries are net down-sizers of internal industrial production, as liquidity of trade becomes the focus. Of that I am less convinced. I believe that Korea will make the transition relatively quickly. I am less sure that Japan will make the transition as smoothly. I believe that the smaller Tigers may have been arrested in their progress towards a logical transition point partly because Japan's refusal to open financial markets forced them to reckon with the international financial system before they were ready. I believe that Korea is ready. Hong Kong seems to have been ready for the most part. What's happening in Taiwan? peace --- from list marxism-thaxis-AT-lists.village.virginia.edu ---
Display software: ArchTracker © Malgosia Askanas, 2000-2005