New Economy rant

Peter K. peterk at enteract.com
Mon Sep 25 12:04:44 PDT 2000



>[Mike Davis cancelled his plenary appearance at the Rethinking
>Marxism conference, and the organizers pressed me into service at the
>last minute as a substitute. Here's what I had to say. - Doug]
>
>PLENARY TALK, RETHINKING MARXISM CONFERENCE
>University of Massachusetts-Amherst, September 23, 2000
>by Doug Henwood

This was last minute? man.


>hardasses, whose complaints are easily found on the Internet. The
>softening process started at the last Rethinking Marxism conference 4
>years ago -- during Judith Butler's plenary talk in fact, which
>eventually found its way into print as "Merely Cultural." So I'd like
>to thank the organizers of that conference for inspiring a little
>rethinking of what I thought was Marxism.

http://www.linguafranca.com/print/0010/field-bestbooks.html

Lingua Franca's best books of the 90s readers poll:

1.Camille Paglia, Sexual Personae: Art and Decadence from Nefertiti to Emily Dickinson (Yale, 1990) 2.George Chauncey, Gay New York: Gender, Urban Culture, and the Makings of the Gay Male World, 1890-1940 (Basic, 1994) 3.Judith Butler, Gender Trouble: Feminism and the Subversion of Identity (Routledge, 1990) 4.Patricia J. Williams, The Alchemy of Race and Rights (Harvard, 1991) 5.John Guillory, Cultural Capital: The Problem of Literary Canon Formation (Chicago, 1993) 6.Daniel C. Dennett, Darwin's Dangerous Idea: Evolution and the Meanings of Life (Simon & Schuster, 1995) 7.Eve Kosofsky Sedgwick, Epistemology of the Closet (California, 1990) 8.Sherry Lee Linkon, ed., Teaching Working Class (Massachusetts, 1999) 9.Carole Levin, The Heart and Stomach of a King: Elizabeth I and the Politics of Sex and Power (Pennsylvania, 1994) 10.Gordon S. Wood, The Radicalism of the American Revolution (Knopf, 1992)


>New Economy thinking is inseparable from the bull market; it's both
>its intellectual byproduct and retrospective justification. Not to
>pick on Lev -- though he's an irresistible target -- but the relation
>is nicely illustrated by his claim that since the market value of the
>companies in the Standard & Poor's 500 index was7 the firms' book
>value, "in the U.S., knowledge assets account for six (!) of every
>seven dollars of corporate market value" (exclamation point in
>original). So, you see, knowledge assets drive the New Economy. How
>do we know this? Because the stock market tells us so. How do we know
>the stock market is right? Well, it just is.

One area the all-knowing market is wrong - at least according to central bankers - is the value of the Euro. Any bets on what happens?

Peter



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