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... to commercial pursuit of long term investment opportunities ... there is also the net capital flows out of low income countries into high income countries, which is of course counter to the capital scarcity theory of how financial capital ought to flow, but makes perfect sense if you put yourself in the shoes of the wealthy in low income nations.

And of course, there are the capital flows still ongoing, even if not as great as in the earlier years of the decade, where Euro-zone based companies buy out Euro-zone assets owned by US-based companies ... that is a capital flow into the US, but rather than being based on any assessment of the long term appeal of the US as an investment proposition, is rather a legacy of past overseas investment by US firms.

On the moral responsibility of the Chinese government ... consequences for internal imperialism policies in Tibet, Inner Mongolia, Xinjiang ... that would be moral responsibility. Impact of a neo-mercantalist currency policy to export unemployment to a nation whose ruling elite seems positively eager to import unemployment ... given the vulnerability of many of those hardest hit, there's a clear moral responsibility there, but its hard to see how it can be laid at the feet of the Chinese.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Mon Jun 2nd, 2008 at 01:31:34 AM EST
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