Chesnais: Excess Capital, Waste and Crash

Doug Henwood dhenwood at
Thu Oct 1 16:31:26 PDT 1998

Rakesh Bhandari wrote:

>But this was hardly a new argument: at
>the turn of the century Tugan Baranowsky had already claimed that newly
>industrializing colonies would open up great possibilities for the system
>as a whole (for example by allowing the imperialist countries to escape
>any limitations of consumption demand at home by the export of capital,
>esp. means of production which were growing as a percentage of total
>production) and Louis Boudin had already subjected the argument to
>critique, though underlining that indeed the system could thrive on waste
>for some time. Boudin of course was vindicated by the course of events
>which Professor Tugan unfortunately did not live long enough to witness.

Rakesh, here are the cumulative growth rates of real GDP from 1900 to 1994 for some important countries, based on Maddison's figures. Who exactly was vindicated?



CUMULATIVE GROWTH IN REAL GDP 1900-94 (except *, 1992)

Australia 1816% Austria 699% Belgium 605% Canada 3549% Denmark 1251% Finland 1647% France 801% Germany 1186% Italy 1522% Japan 4779% Netherlands 1353% New Zealand 1397% Norway 1926% Sweden 1023% Switzerland 1156% UK 444% US 1787%

Banglad 24%* Burma 16%* China 375%* India 116%* Indones 269%* Pakistan 139%* Philipp 114%* S Korea 1078%* Taiwan 1427%* Thailand 478%* Argentina 204% Brazil 591% Chile 298% Colombia 451% Mexico 341% Peru 296% Venezuela 922%

averages --------

mean median Asia 404% 204% Latin America 443% 341%

More information about the lbo-talk mailing list