Re: China

[Bruce McFarling <ecbm@xxxxxxxxxxxxxxxxxxx>]

On Sat, 09 Mar 2002 13:23:40 -0500, Warren Mosler
<mosler@xxxxxxxx> wrote:

>Gambia can get to full employment at once and turn itself into
>very nice place to live in short order.  I'm sure it has at least
>the raw materials that ancient Greece has and they did just fine
>back then.  Sure, it takes a bit longer (more labor hours) to
>build things without various 'capital goods' but it can still get
>done and they have plenty of 'spare time' to apply to nation building.
>As a matter of fact, ancient architecture is much more treasured
>today than anything built by modern technology, etc.

A few points pop into mind:

(1) The slaves in Greece might have disputed whether or not "they
did fine back then".

(2) Ancient Greece did not have to content with Madison Avenue
and Hollywood.  That is part of the reason why permeable borders
make it hard to avoid a substantial imported component in income
available to spend in a convertable currency.

Virtually,

Bruce McFarling, New Lambton, NSW
ecbm@xxxxxxxxxxxxxxxxxxx