> 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?
>
But wouldn't a serious recession in the US make is less, not more, likely that Europe will fully neoliberalize? For one thing, Europe's nascent recovery is itself highly dependent on US imports and the high dollar.
And for another, there is a growing movement against neoliberalism both here and in Europe -- one which isn't very big yet but is already pushing mainstream politics slightly to the left. What makes you think the Schroeders and Jospins of Europe would succeed during an economic crisis in forcing through changes they couldn't achieve during times of tranquility?
Seth