Sam Pawlett rsp at
Mon Feb 5 00:46:30 MST 2001

Patrick Bond wrote:
> Unintentionally you've invoked the name of the largest "organic"
> corporation in Africa, founded in 1917 with a little support from JP
> Morgan (who vetoed Ernst Oppenheimer's proposed name, African
> American Corporation, because it "would suggest on this side our
> dark-skinned fellow countrymen and possibly result in
> ridicule"), headquartered 5 km west of my house, and the founding
> sponsor of my university.

Ah, but I knew that I just finished your _Elite Transitions_ a couple
days ago.

> So what? Does our hypothetical African People's Republic really
> need a DM to fund an irrigation ditch? A dollar to pay for a
> teacher's salary, or the construction of a rural school? A yen to
> finance radical land reform? A franc for a few water pipes?

No, if the APR gives up the idea of becoming the "next Singapore" or
"catching up with the West." and sheds all theoretical residues of
modernization theory. I suspect such pronouncements were always just
rhetoric anyway. Despite official pronouncements, did even the most
Panglossian of the int'l capitalist class ever really believe that the
Gaza Strip will become the next Singapore?

> But those silly-billies agreed to repay Somoza's $1.65 bn debt, which
> was the highest per capita in Latin America (indeed the Nica
> debt/GDP ratio went from 43% in 1978 to 62% in 1979 to 95% by 1983).

Once fearless guerilla fighters seduced and abandoned by the slick
talking econocrats. Much like the ANC/SACP accepting to pay the Aparteid
and Aparteid-instigated debt in S.A.

A  question: I just finished a book called Tigers in Trouble
ed K.S. Jomo, Zed 1999 which argues that the Asian Drama was due to
overinvestment. What relationship does overinvestment have with an over
acummulation crisis?

It looks like there are two types of criticism of the international
political economy developing. Jomo and the contributors to his
collection as well as many others, see problems and crisis due to
'neoliberalism' and 'globalization' where finance has supposedly been
seperated from the real, productive economy. Bond and FX traders are
wreaking havoc with southern countries. These types of critiques do not
locate the problems within the capitalist mode of production per se. As
Marx would put it, they explain only at the level ofappearance and not
essence. The second type of critique would be the excellent (esp. on
Japan) new Burkett/Hart-Landsberg

Sam Pawlett

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