>>> Patrick Bond
James, what's important and evident is that the vast new Chinese mfg output is contributing to global overaccumulation (e.g. in autos at quite a frightening rate), the way the other E.Asian increases in mfg output did during the 1990s.
^^^ CB: Is that _output_ contributing to over-accumulation or over-production ? I think over-accumulation is too much capital to invest profitably - "all dressed up with no wear to go" , so to speak. Over-production is too many commodities produced for the mass of consumers to buy all of them.
^^^^
And the tensions generated in that process, country by country, and sector by sector, are becoming rather serious. What's the problem? (It seems the Chinese government recognises this, at least, and is embarking upon a vast Keynesian investment project now, in
the search for a bit more balance...)