Re: [Pen-l] contradiction in Roubini's analysis

[soula avramidis <soulaavramidis2002@xxxxxxxxx>]

As an aside, he mentions power but completely skips over it. Power relations set the stage for economic relations and that is seminal to all forms of hegemony:

 

 

Only complete political confusion and naÃve optimism can prevent the

recognition that the unavoidable efforts at trade expansion by all

civilized bourgeois-controlled nations, after a period of seemingly

peaceful competition, are clearly approaching the point where power

alone will decide each nationâs share, and hence its peopleâs sphere of

activity, and especially its workersâ earning potential (Hobsbawm

1987:Ch. 3).

 

It is the terms of power that set the terms of trade.

As to the substance of power, one might say that it is knowledge or consensus making. I doubt that a highly unevenly developed China can do this. In the ebb and flow of Chinese history, it would be rather unusual for China to hold together for long given the immense inter regional disparities. What holds a capitalist entity together is the pacifying function of welfare and redistribution (long effort), notwithstanding state violent coercion of course (short effort). In Keynesian parlance, the better the economic stabilisers in times of crisis, the better the structure from which power stems. And of course once more, since this argument can lead I do not know whereâ that China can in its present mode of operation make a volta face and revert to socialist redistribution is highly unlikely. The very class content of the communist party is anything but communist.

There is something called war making for economy saving, and control withers all debt. So, if the dollar decline holds by the relation by which dollars abroad come home to roost and buy up American national assets-the final call that is, the US can sell its assets in its colonies and semi colonies. Imperialism galore.

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