Africa

Patrick Bond pbond at SPAMwn.apc.org
Tue Feb 6 06:03:33 MST 2001


> Date:          Sun, 04 Feb 2001 21:49:12 -0800
> From:          Sam Pawlett <rsp at uniserve.com>
> 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.

When we last had Samir Amin at Wits, in 1998, he'd been with Jomo and
was raving about this book. Jomo actually comes from Cambridge
post-Keynesian stock. A brave fellow, he regularly goes into battle
against Mahathir, and has been sued by cronies for being cheeky.

> What relationship does overinvestment have with an over
> acummulation crisis?

It's the cause! Specifically, at stake is investment that drives up
the organic composition of capital, in a competitive frenzy, well
beyond the point that the output can be consumed.

> 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
> book.

I agree. Nearly finished my review of that one, for Historical
Materialism.





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