More on Hardt & Negri from Brennan

Ulhas Joglekar uvj at vsnl.com
Wed Jan 15 07:12:58 PST 2003


Alexandre Fenelon wrote:


>> Debt trap: the internal one. The fiscal deficit is said to be as high as
10%
>> of the GDP !


> -That is really a big risk. How is public spending as % of GDP in India?

Central government's capital expenditure was 3% of GDP during 1996-2001 period. During 1980s, it used to be 6.5%.


> -And how much of this 10% deficit is result of interest payment

I don't have the precise figure, but this must be the most important element.Central government's deficit is about 5-6% of the GDP. The deficit of the provinces would be the rest of the deficit. The total may be even higher at 12%.

(in Brazil
> -the state spends 9% of GDP and 25% of the budget to pay interests)

Interest payments have been 4.5% of the GDP during 1996-2001.


>> What about Marxist theory of economic crises?
>
> -I´m uncertain if it can explain the long term growth rates. Those would
> -be the results of how each country react to the cyclical crisis, who
> -are usually systemic (ie., hit all the capitalist world), and how each
> -country takes advantage of the good times. I don´t know if marxist
> -ecomicts explained this well, but I´m somewhat weak in marxist theory.

Is the theory of "development of underdevelopment" still popular in South America?

Ulhas



More information about the lbo-talk mailing list