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Politics : Ask Michael Burke
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To: Ilaine who wrote (34499)10/25/1998 4:31:00 AM
From: wily  Read Replies (1) of 132070
 
>> what entitles me to assume that consumer demand will rise enough to absorb all the additional production

There was a guy named John Makin who was interviewed on NPR a few weeks ago and his theory went like this: The growth of industrial economies was supported by consumer demand, and consumer demand was supported by wages that represent at least a partial sharing in the profits of business. Exploitive and manipulative practices of international companies have created capacity in less-developed-countries, while not sharing locally in the wealth so produced. Thus, increased capacity is not paced by consumer demand--the workers don't make enough to buy the goods they are producing. Result: global overcapacity.

The book being plugged was written in the eighties, and I've just started it: "The Global Debt Crisis"

wily
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