[lbo-talk] Jamie Galbraith: Apocalypse Not Yet...

Doug Henwood dhenwood at panix.com
Tue Dec 7 12:58:19 PST 2004


joanna bujes wrote:


>I don't get this option. Isn't everyone sitting on their cash hoard
>and not investing because we are in a crisis of over-accumulation?
>If Europe goes to full employment (more production)...who is going
>to buy their stuff?

Europeans!

A major difference between the U.S. & Europe is in the level of (mostly low wage) service sector employment - we have more grocery baggers, bootblacks, produce clerks, etc. Land use and opening hour restrictions and high energy costs inhibit the development of the Wal-Mart way in Old Europe.

Doug



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