Doug Henwood wrote:
>I haven't read the paper yet, but it sounds like an argument I've
made myself - that U.S.-style capitalism, with strong pressures
coming from impatient stockholders for profit maximization, puts
downward pressure on wages, makes life very difficult for unions, and
disperses political responsibility for the labor-unfriendly state of
affairs. Bank-centered systems, paradigmatically the German, are more
stable and more amenable to political pressure to be a bit friendlier
to labor. But I haven't read the paper, and abstracts are often a
poor guide to what's inside.<
so, let me get this right: by 'bank-centred systems' you mean what? a central govt bank? the US does not have a central govt bank, ever had? only treasury? is this what you see as the key or rather that in combination with (as the astract alluded to) the degree of connection between ownership and control, the extent of public enterprises (i was unclear about which of these was being referred to or highlighted)?
Angela _________