The Week

michael at michael at
Sun Apr 30 12:56:09 PDT 2000

It may well be that boom in one location requires recession elsewhere. Everyone cannot be a net exporter and booms now seem to be associated with exports -- the exception being the US with the unsustainable wealth effect -- which Doug questions.

> Mark Jones wrote:
> >It's the social-democrats of Euroland who have the
> >restructuration problems now, not the self-satisfied Brits.
> Yes, which is one reason why I question your disaster scenarios. Say
> euroland is restructured along Anglo-American lines - why couldn't
> the E-11 have a boom too? A polarizing, manic, diseased boom perhaps,
> but still a boom? Why does the fact that so much of the world would
> still be excluded from this boom make it unsustainable, at least over
> the term of 10-20 years?
> Doug

-- Michael Perelman Economics Department California State University Chico, CA 95929

Tel. 530-898-5321 E-Mail michael at

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