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This critique of the view that secular stagnation is unnatural brings to mind J.A. Hobson's work http://www.marxists.org/archive/hobson/1902/imperialism/, 1902, wherein he described Imperialism as being necessary to capitalism as the capitalists paid their workers too little to consume what their factories could produce and didn't want to pay them more. The solution was to sell their output into captive markets in the Empire and to invest in rent producing enterprises in the Empire, such as railroads in India. In the US Henry Ford instinctively took the other view. I say instinctive because of the demonstrated vast ignorance of the world beyond auto manufacturing that Ford unwillingly provided under cross-examination in court.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Nov 18th, 2013 at 08:36:45 PM EST
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