On Mar 9, 2009, at 12:08 AM, Patrick Bond wrote:
> Doug Henwood wrote:
>> With war, you basically have a sample size of 1: the Great
>> Depression leading to WWII. Otherwise, we've had devalorizations
>> with nothing like world war. In the late 19th century U.S., we had
>> deflation coexisting with huge industrial investment.
>
> Ah, then you would have missed late 19th century European colonialism.
Those were nothing like World War II. They were horrible and brutal but didn't result in major powers hammering each other for five years. And, to be crudely economic, they were attempts to stimulate growth, not devalorizations of capital.
Doug