Date: Thu, 7 Mar 1996 10:38:55 -0400
From: dhenwood-AT-panix.com (Doug Henwood)
Subject: Re: NY Times, dem.rights, etc.


At 9:43 AM 3/7/96, Jon Flanders wrote:

>Question on this. Hasn't the US comeback been based largely on driving down
>the price of labor as a weapon against more efficent rivals? This is a
>short-term solution compared to a "healthier" one of making long-term
>investments in infrastructure and machinery.

Healthier for whom? The decline of British industry began in the 1870s.
Surely one can point to many reasons for it, but the rentier class's
preference for overseas investment and a strong currency has to rank high
among them. Today, British industry is a wreck, but the City of London
thrives. Is it hard to imagine the US following a similar course?

Doug

--

Doug Henwood
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