Display:
It's a textbook example of an empire sucking in assets and value from the rest of the planet.

Having nearly exhausted local populations and resources in the US itself, the empire is now moving on to the rest of the world - which is exactly what globalisation is about, and has always been about.

A lot of what the US 'exports' is really manufactured elsewhere. Counting it as an export is something of a financial fiction, because often it's really a re-export - physically the item may not go anywhere near the US at all.  

When I buy an iPod it's counted as a US export, even though it's made in China. The reason is that most of the value remains with Apple, while China receives a small proportion of that income for manufacturing and logistics management.

Wall Street will continue to appear to levitate as long as this continues - i.e. either until there's a crisis of confidence, or the supply of assets and energy from the rest of the world starts to dry up. Effectively it's an international market, not a national one, and most of the accumulated wealth is not being shared with the US as a whole - just with a small share-owning sub-stratum of US society.

Workers in the US, meanwhile, are being kept out of the wealth loop, because when manufacturing happens off-shore, they don't get paid. (Or rather - they don't get employed, never mind paid.)

by ThatBritGuy (thatbritguy (at) googlemail.com) on Fri Apr 27th, 2007 at 04:16:49 PM EST
[ Parent ]

Display:
Login
. Make a new account
. Reset password
Occasional Series