Re: [Marxism] Lenin's Tomb on the Stockmarket

["Gary MacLennan" <gary.maclennan@xxxxxxxxx>]

>
>
> This is hardly news. But why should the decline of manufacturing in the
> west -- which has brought a transfer to developing countries like China --
> be grounds to predict the next *global* depression? If anything it has
> been
> the basis for years of growth. Surely what matters is the rate of profit
> overall, not in one sector where it's longterm decline in the west.
>
> I was amused by Tom's comment on Marxists ability to predict depressions.
> We (myself one of the worst offenders) keep doing it and one day by Crikey
> we will right.



However and I am will known as an economic illiterate I am puzzled by the
Chinese phenomenon to the extent that manufacturing has moved to China from
US and elswhere.  But the customers are still largley the people whose jobs
have disappeared or whose wages have declined. Credit ("Equity, mate" as the
ads put it in Oz) has managed to cover the gap but surely that is only
temporary.  Won't the Chinese find that when the customers go under so will
their boom?

Unless of course they expand their internal market as Henry Liu has been
urging them to do.  But if they do that and Chinese wages rise then the jobs
will be moved to another source of cheap labour (The US???).

puzzled as always

Gary
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