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PAX, LUX ET VERITAS SINCE 1965
Post re: Economics: Poverty and the Crisis of Capitalism (Bienvenido Macario, Philippines/US)
Created by John Eipper on 10/26/08 4:58 AM - re-economics-poverty-and-the-crisis-of-capitalism-bienvenido

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re: Economics: Poverty and the Crisis of Capitalism (Bienvenido Macario, Philippines/US) (John Eipper, USA, 10/26/08 4:58 am)

Bienvenido Macario writes:

I've been reading and reviewing this discussion trying to make sure I
understand the arguments being presented. Once again Jon Kofas in his
24 October post made a valid point, perhaps applicable to the majority
of the situations in developing sovereign and independent countries.

I am not sure, however, if the IMF, World Bank and the UN would really
be interested in seeing these problems solved. In which case what
will happen to these world organizations if there is a significant
reduction in poverty around the world? UK's Tony Blair and Gordon
Brown have both called for the reform of these organization on May 26,
2006 to no avail. Instead on 23 October former Federal Reserve
Chairman Alan Greenspan testified as to the extent of his mistakes
that led to the present crisis. Maybe the US Congress should replace
Ben Bernanke before he makes a mistake.

Has anyone ever wondered why our government is so beholden to the UN,
IMF and World Bank? These international organizations have no
oversight. Maybe we should get used to having children starved to
death until we can reform, rival or replace the UN, IMF and World
Bank. We could possibly see the American electorate replacing the
members of the US Congress who consider these organization sacred.

I think the crisis of capitalism was caused by the lack of
competition. My impression of the need to regulate private businesses
and industries is to protect the people and the economy by protecting
the anti-trust laws with exceptions few and far in between.

Jon Kofas is right to assume that on the Nov. 15 meeting, poverty will
not be seriously tackled because representatives of G-20 nations will
mostly represent their respective country's economic and financial
elite, most of whom did not develop, invent or discover anything upon
which their wealth was built.

I have just one question: What's the difference between capitalism
and mercantilism? Mercantilism came to replace the feudal system in
Europe. One causes of poverty in developing countries is because they
are still living in a feudal system where private armies and warlords
rule. Only this time they have AKs and M-16s.

JE comments: Economics gurus, care to take a stab at Bienvenido
Macario's last question? I view mercantilism as a controlled,
non-"free market" capitalism, in which the colonial center attempts to
exploit its colonies for its own enrichment. The colonies export
cheap raw materials to the center, which adds "value" and returns the
products to the colonies at great profits. In this light, the US
Revolution could be viewed as a revolt against the British
mercantilist system. Spain attempted to run the same system in the
Americas--as well as the Philippines. The last hurrah of mercantilism
was the brutal European colonization of Africa in the 19th and early
20th centuries.


--------
For information about the World Association of International Studies
(WAIS), and its online publication, the World Affairs Report, read its
homepage by simply double-clicking on: http://wais.stanford.edu/

John Eipper, Editor-in-Chief, Adrian College, MI 49221 USA


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