File spoon-archives/marxism-thaxis.archive/marxism-thaxis_1998/marxism-thaxis.9801, message 89


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




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