In what strikes me as an important editorial piece (masquerading as a first page news article), the WSJ today opined that a new global social structure of accumulation (they don't use that term, of course) is in place for a sustained period of high growth rates it several times refers to as a "new golden age." The elements of this new long term period of rapid growth include: "a vast expansion of economic freedom and property rights" "reductions in the scope of government" "an explosion in trade and private investment" "a quickening of innovation" "elimination of controls on international capital" [that are "irreversible"] "U.S. multinational corporations are in the forefront of this globalization process and among its biggest benficiaries. Aided by domestic deregulation, flexible labor markets and their own openness to new technology, 'U.S. firms have developed the best practices over the greatest range of industries,' says Bill Lewis, chief of consulting firm McKinsey & Co.'s Global Institute." " 'Governments all over the world are moving in the same direction--deregulating, privatizing, cutting their deficits and vying for foreign investment,' says Luis Rubio, president of Mexico's Center of Research for Development." [I can't resist: "rubio" means "blond" in Spanish.] (By the way, the article claims that "multinationals' foreign affiliates send two-thirds of their exports to other units of the same company.") "Mr. Soros, who worries so much about an anticapitalist backlash, thinks the new boom 'will be constantly tested' by crises, but nevertheless 'might last a century.' " So,... aren't you all just *thrilled* by the good news...? Blair _____________________________________________________________________ Blair Sandler "If I had to choose a reductionist paradigm, [EMAIL PROTECTED] Classical Marxism is a damned good one." _____________________________________________________________________
