Re: [Pen-l] Naomi Klein: Beware of Obama's Chicago School of Economics boys

[Patrick Bond <pbond@xxxxxxxxxxx>]

Doug Henwood wrote:
> Edward Chancellor wrote a very fine book on the history of 
> speculation, and it's amazing how similar bubbles are across time and 
> place. Different instruments, different markets, different people, but 
> pretty much the same mass psychology. They belong more to the study of 
> human folly than radical politics though.

Don't you appreciate the Marxist theory of crisis? It's not only about 
mass psychology (though that takes root at some stage, sure); it's about 
the way financialisation takes over as a source of profits when surplus 
value extraction slows due to overproduction. Grossman is one of the 
best; Harvey's read of Das Kapital is excellent too (I see Louis has 
posted the www.davidharvey.org film of David's course).

> But you mean it wasn't over? Has it been going on continuously for the 
> last 10 years? 20 years? 35 years? Was the U.S. housing bubble part of 
> the crisis, or just a momentary diversion from crisis?

Right, it wasn't 'over' in 1998, the financial overaccumulation problem 
moved to dot.com and then real estate. Yes, the crisis has been around 
for about 35 years, and yes, the housing and other real estate bubbles 
in the US and elsewhere reflected the overaccumulation of financial 
capital in search of profits.

> > I remember how you recently also misread the FT lads on their view of 
> > the SA economy (way too rosy). So let's keep their pronouncements in 
> > perspective, ok?
>
> Huh? I didn't say anything rosy about the SA economy. E.g., me on 
> 1/17: "SA isn't experiencing a boom...." Then you told me that the FT 
> was saying it was. I didn't buy that and still don't.

I guess that's 'cause you didn't read my reply:

[lbo-talk] Patrick Bond responds on Chinese labor market
Patrick Bond pbond at mail.ngo.za
Fri Jan 18 21:30:21 PST 2008

>>> SA isn't
>>> experiencing a boom and no one ever claimed it is.
>>>      
>> Oh, you're not reading The Economist or FT too closely, comrade! (Or
>> debate list!)
>>    
> I read the FT every day. And most of Debate too. China is having a 
> boom. SA isn't.
>  

Oh I agree, and wrote a crit of the SA economy in counterpunch.org last
month (and if you missed that, it was also on debate). But there are
plenty of jejune SA watchers, including in the FT, who think there is:

FT Articles results for "South africa" "economic boom"
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     South Africa's malls trounce township shops
     
<http://search.ft.com/ftArticle?queryText=%22South+africa%22+%22economic+boom%22&y=0&aje=false&x=0&id=070312007891&ct=0>

..bank machines. The logos of *South* *Africa*'s best-known fashion
chain...unforeseen consequences of the *economic* *boom* in *South*
*Africa*, and much needed investment...by Pretoria's University of
*South* *Africa* (Unisa) found that 75 per...

Mar 12 2007, By Alec Russell in Soweto, FT.com site


     Post-apartheid phase two: Zuma's leadership of the ANC needs to
     prove sceptics wrong
     
<http://search.ft.com/ftArticle?queryText=%22South+africa%22+%22economic+boom%22&y=0&aje=false&x=0&id=071219000432&ct=0>

..the country's *economic* *boom* of recent years...stewardship,
*South* *Africa*'s economy has...could make him *South* *Africa*'s
leader, write...unemployment rate in *South* *Africa*. HIV
infections...of an ongoing *economic* *boom* that Joseph Ntuli...

Dec 19 2007, By Alec Russell, FT.com site


     ANALYSIS: Post-apartheid phase two
     
<http://search.ft.com/ftArticle?queryText=%22South+africa%22+%22economic+boom%22&y=0&aje=false&x=0&id=071220000181&ct=0>

..that is necessary for *South* *Africa*'s current account
deficit...rod for criticism of *South* *Africa*'s economic record
by...particular how the country's *economic* *boom* of recent years
could...Under his stewardship, *South* *Africa*'s economy has expanded...

Dec 20 2007, By William MacNamara, Alec Russell and William Wallis,
Financial Times


Jun 15 2007, By Christopher Caldwell, FT.com site


     PUBLIC TRANSPORT: A lot of sweeping promises
     
<http://search.ft.com/ftArticle?queryText=%22South+africa%22+%22economic+boom%22&y=0&aje=false&x=0&id=070605008140&ct=0>

..determine the shape of *South* *Africa*'s cities, analysts...services
exist in most of *South* *Africa*'s big cities, but the...public
transport and an *economic* *boom* pushing private car...public
transport in *South* *Africa*. However, the topic...

Jun 05 2007, By Michael Bleby, FT.com site
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