Doug Henwood wrote:
>
> On Feb 24, 2009, at 2:56 AM, Patrick Bond wrote:
>
> > Yes, sustained overaccumulation in the US manufacturing sector is to
> > blame for subsequent periods of relatively low investment. We've
> > been saying all these things for some time - are you just getting it
> > now, Doug? Join us!
>
> This is preposterous. The U.S. manufacturing sector has been shrinking
> in relative terms for decades. A lot of Marxoids will tell you that's
> the fundamental problem - there's no real value production, just
> unproductive stuff like retail and finance. Now we learn that there's
> too much capital in manufacturing.
Whether Patrick is correct or incorrect, there is nothing preposterous about his statement because there is obviously no necessary contradiction between shrinking manufacturing AND over accumulation.
Carrol