>Joanna:
>> Typical crisis of accumulation/over-production, no?
>>
>Yes, but that crisis has not- and will not do capitalism in. It can be
>solved by expansion into new markets - just think China, India, E Europe,
>Russia, and in the next round - Africa. So I am not holding my breath.
Who said anything about doing capitalism in?
Capitalism has been expanding into China, India, EE, and Russia, so those aren't going to turn things around in this cycle. Africa's a possibility but it's got a long long way to go. Socialism delivered educated workers and a degree of industrialization in China, EE, and the FSU. Amidst poverty, India has long been producing millions of educated workers, many of them English-speaking. In Africa, people are sick and illiterate; it's got a long way to go.
Ever since the bubble burst in 2000, I've thought the U.S. was in for a more than cyclical rough patch. We're still there, and I see nothing that changes my mind yet.
Doug