Re: Response to Henning and Mitchell

[Paul Davidson <PB108928%UTKVM1.BITNET@xxxxxxxxxxxxxxxxx>]

FROM:  Paul Davidson
"      Economics Department
"      523 Stokely Management Center  (615) 974-4221
Dear Doug: As I jave already suggested there has been a tremendous slippage and

reversion since 1973. I never suggested that the Golden Age was returning under
Clinton, etc. I only suggested that if we had a GT explanation if the system
it would be possible, by the right combination of domestic policies AND
a reformation of the international payments system it would be possible
to resurrect the Golden Age.
          The demise of unions in the US is closely associated with the
improvement of the lot of workers to the status of the middle class under
Keynes's domestic domand management plus US accepting the onus of B-of-Pay=
ments adjustment in the early years of Bretton Woods. Reverting tothe
preBretton Woods mentality does not mean the restoration of unions. Even
in Thatcher's England and Reagan's US, the workers had more to lose than their
chains, as Arthur Scargill learned.

Have a good day!____Paul Davidson
))))_ fax # (615) 974-1686