[lbo-talk] Austerity In The Face Of Weakness

dredmond at efn.org dredmond at efn.org
Tue Sep 7 10:34:17 PDT 2010


On Mon, September 6, 2010 5:28 pm, Patrick Bond wrote:


> bubbling. Do you not agree that the decline in the rate of real world GDP
> growth from the 1960s (3.6% per capita GDP increase per annum) to the
> 1970s (2.1%) to the 1980s (1.3%) to the 1990s (1.1%) to
> the 2000s (also around 1.1%) would be of interest?

I never argued that neoliberalism boosted growth. It didn't -- it crushed productive investment and spawned disastrous credit bubbles, here in the US and elsewhere.

But the post-1998, post-neoliberal renascence of the BRICs and their 7% per capita annual growth rates are quite real, and based on economic fundamentals, not speculation.

-- DRR



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