Chesnais: Excess Capital, Waste and Crash

Doug Henwood dhenwood at
Thu Oct 1 17:22:18 PDT 1998

Louis Proyect wrote:

>Doug, these figures are utterly meaningless. If all you know about
>Bangladesh is that it "grew" by 24%, then you should not even bother to
>discuss third world countries. This is the kind of crap you'd get from
>bourgeois ideologues. If I were you, I'd go spend a month in Bangladesh and
>then come back and take a position that this 24% has any positive meaning
>whatsoever. If you spent 1/10th of your time and energy analyzing concrete
>class relations in a place like Bangladesh as you do studying the entrails
>of bond yields, you'd be a much better Marxist.

I'm moved by your display of militant authenticity, Lou, but I know all this. The point wasn't to talk up a miracle in the colonies, the point was that the imperial countries grew spectacularly, contrary to the rest of the world, which didn't, except for a few Southeast Asian countries that are now in ruins.


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