Download Accumulation on a World Scale: A Critique of the Theory of by Samir Amin PDF

By Samir Amin

Samir Amin has undertaken an formidable activity: not anything below an research of the method of capital accumulation on a world point. Drawing on a variety of empirical fabric from Africa and the center East, Amin makes an attempt to illustrate, via a critique of writings on "underdevelopment," how accumulation in complicated capitalist nations prevents improvement, besides the fact that which may be outlined, in the peripheral social formations, frequently often called "underdeveloped" nations. Samir Amin ranks between those that observe the need no longer basically to appreciate the transforming into challenge of worldwide capitalism, because it manifests itself inside of person state states, but additionally on the international level.

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Extra info for Accumulation on a World Scale: A Critique of the Theory of Underdevelopment. (2 Volumes)

Sample text

I am sorry that I have no good solution to address these problems. An academic can always shout out the problems loudly but just mumble the solutions. Professor Yoshino has long advocated different capital levels for different countries. I am sympathetic to the idea, but at the same time it is going to be difficult to apply them consistently to, for example, cross-border activity. Just think of trade financing between two firms in two countries financed by multiple banks in different countries and what that may involve in terms of applying regulation.

On the other hand, there are many vigorous companies in rural regions. More companies are advancing overseas in search of new business opportunities and are establishing overseas affiliated companies. Companies that are developing overseas business aggressively are mainly small firms with small capital. How to support such vigorous companies in Japan’s rural regions is also a big challenge. These challenges were closely studied in a report published in May 2012 by the Financial System Council’s “Working Group on the Medium- and Long-Term Modalities of the Japanese Financial Industry,” a body chaired by Professor Naoyuki Yoshino of Keio University.

Japan has a bank-centric financial system and thus the last Japanese banking crisis had a huge impact on the real economy. I fully agree with Ms. Sahay on the idea that diversification of the financial system is important, and there should be a healthy competition between banks and non-banks. Non-banks should also be closely monitored, as it is not appropriate that the risk is just migrated from the heavily controlled banking sector to the non-regulated shadow banking sector. At the same time, it should be noted that the shadow banking sector is still in the development stage in many of the Asian countries, and the picture of the sector is rather different from the one in the US and Europe.

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