Who is J. Sachs?

James Devine jdevine at popmail.lmu.edu
Tue Sep 22 09:59:42 PDT 1998

I asked Tom Kruse, an economist who's not on lbo-talk but lives in Bolivia, for comments on the proposition that Sachs' policy [the Sachsy policy?] worked to solve the problems of the Bolivian economy.

he responded: >Depends on what you mean by "worked". I'd only suggest it "worked" (a) in the limited sense that Sachs noted: it went from being a highly dependent, under-developed, miserable situation with inflation to one without;

> (b) it "worked" to radically reduce the power of labor generally,
achieved only through militarization of work centers, forcible relocation and repression and internal exile of labor leaders;

> plus (c) I'd add the caveat stability achieved by Sachs & Co. may have
more that a little to do with changes in the financial rules of the game that allowed for repatriation of capital without restrictions or questions, thus channeling narco-trafficking money through central bank coffers.<

>Tom Kruse / Casilla 5812 / Cochabamba, Bolivia
>Tel/Fax: (591-4) 248242
>Email: tkruse at albatros.cnb.net

Jim Devine jdevine at popmail.lmu.edu & http://clawww.lmu.edu/Departments/ECON/jdevine.html

More information about the lbo-talk mailing list