rad-glib at its most lapidary
but where lies the truth
mired in this
or
essentially outside this ??
repeat piece by piece :
1) " From the 1970s ": certainly the nixon era marks a cataract
an interval of " significant change in the U.S. economy"
2) " planners, private and state, shifted it (the us economy )
toward financialization and the offshoring of production"
"financialization " ?
no "securitization " is the correct word
"financialization "occured in the late 19th century
nearly one hindred years earlier
with the emergence of
the new general form of organization
the stock based limited liability corporation
and
the inter penetration of big merchant banks
and trustfied industtrial sectors
"offshoring " ?
well the use of that word can overstated the novelty and miss place
the locus of innovation
the key novelty
not multinational corporate activity
that too has its modern form roots in the late 19th century
with the resource companies and the trading and credit combines
the big shift came with multinational corporate (MNCs) mediate
emerging market industrial production for export back tothe metroplitan "homes"
of these multinationals
"driven in part "
"by the declining rate of profit in domestic manufacturing"
falling manufacturing profits drove the MNCs to emerging market production ?
if so
what accounts for tthis declining rate of profit in manufacturing ?
rising wage shares ??
not in the numbers
nope
it was a matter of evolved opportunity
one might look at the transformation of global markets
from the relatively controled flows of the bretton woods regime to the open flows
of the flex exchange regime
