Re: Re: Re: Marx and financial crises

[Michael Perelman]

I would not say that it would be the only way -- just the conventional way.
What strikes me is that Japan has almost been able to tread water for a
decade and possible could be able to ride to recovery on the next world
upswell.  One interesting factor is that the capital stock of Japan is aging
and they might possibly -- I just don't know -- be able to ride this out and
liquidate via long term depreciation.

Again, I am not sure.  Maybe we can get Bill Tabb on board.

Edwin Dickens wrote:

>
> Doesn't that create a problem for your--and Michael's--argument that the
> only way out of a crisis (e.g., in Japan right now) is to liquidate real
> estate, liquidate labor, etc., as Andrew Mellon used to say?
>
> Edwin (Tom) Dickens

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Michael Perelman
Economics Department
California State University
[EMAIL PROTECTED]
Chico, CA 95929
530-898-5321
fax 530-898-5901