Re: [Marxism] Did China cause the crisis?

[Charlie <charles1848@xxxxxxxxxxxxx>]

There are two key points on the China aspect of the current depression.

1) In the 1930s the Soviet Union, pursuing domestic industrialization, 
had almost no exposure to the Great Depression of the capitalist world. 
The Chinese rulers' strategy of selling cheap labor to global 
corporations has entangled the country in the current depression.

2) The real barrier that capitalism has run into lies deep in its use of 
labor power. The real wage of U.S. workers has not budged from 1973 
(with minor cyclical ups and downs) and China's manufacturing 
employment, after exploding with Deng Xiao-ping's introduction of the 
sell-cheap-labor policy, leveled off and declined. Capitalist industrial 
development, while it will limp along in narrow ruts of high technology, 
is basically over.

Charles Andrews


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