and what is 'underpopulation' (given the massive numbers of the
>reserve army around the world as Ian noted) other than a term denoting an
>insufficient mobilisation, if not potential source of resistance and
>instability? Which is why the Enterprise Institute ravings about
>instability in China is important to note I would think.
Angela, the problem is that the infrastructure is not intact in many places of the world that the industrial reserve army of labor can be mobilized even if it were not to resist. In terms of infrastructural invesment, the world remains horribly under-capitalized. It makes no sense to refer as the Keynesians do to the loss of a scarcity of capital--their fetishistic explanation for declining profitability. Profitability has been insufficient to capitalize the world though the world is far from overcapitalized in physical terms. This does not mean however that there is not presently overcapitalization in terms of the population base available for valorization--creating that labor shortage which Greenspan is dreading.
Yours, Rakesh