[Marxism] Marx's crisis theory

Louis Proyect lnp3 at panix.com
Wed Apr 10 10:03:39 MDT 2013

On 4/10/13 11:54 AM, Ralph Johansen wrote:
> Just to repeat a point I once made about all this. How does the
> over-accumulation of capital relate to places like Nepal, Bolivia,
> Congo--for that matter where probably more than 60 percent of the
> world's population lives?
> ------------------------------------------------------------------------
> Certainly, it does relate, Lou. If the objective is to describe how the
> global economy functions, it might be summed up for so-called third
> world countries in the old expression, "When Uncle Sam sneezes, Mexico
> gets plural pneumonia." When profitability slumps as it has recently, or
> for that matter whenever, in the countries which host the major banks,
> European Central Bank, IMF, the World Bank and BIS, don't they take it
> out of the hides of places like Greece, Cyprus or any poorer country
> (Michael Roberts forecasts that Slovenia may be next)?

As far as I know, the industrialized nations have been taking it out of 
the hides of third world nations since time immemorial.

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