Please respond to lbo-talk at lists.panix.com
To: lbo-talk at lists.panix.com cc: (bcc: DANIEL DAVIES) bcc: DANIEL DAVIES Subject: RE: Who Killed Vincent Chin? (was Barkley on WTO, etc)
>>>> Doug Henwood <dhenwood at panix.com> 12/22/99 04:32PM >>>
>Charles Brown wrote:>
>
>>He probably was arguing like Keynes , on the "pure" economic element.
>I don't know how many times this point has to be made: the reason
>Nazi Germany could tolerate full employment was because of severe
>political repression. There's no separating the "economic" and the
>"political." Do I have to quote Kalecki again on this?
((((
Not sure on this one. My recollection is that German economic success during the 1930s was the work of Hjalmar Horace Greely Schacht, Hitler's central banker, who followed a loose-money policy and (Enrique!) obtained capital from the Americans by regularly rescheduling and defaulting on loans (the Young and Dawes loans). I think (but am not sure) that Keynes' approving comments on Nazi economic policy were directed at the fact that they were not on the Gold Standard at the time, rather than at any pump-priming, public works, etc. I think (in order to be cussed) that I'm going to claim predictive power for Davies' Law on this one:
Davies' Law: If there is a monetary explanation for any economic phenomenon, then any alternative explanation is almost certainly a rationalisation of someone's political views.
cheers
dd
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