capital cle debt.
Lne The problem for US capital, and one of the major sources of instability in the world economy today, is that this does not constitute a solution, but on the contrary accelerates all the problems of the US domestic economy Precisely because surplus value capital is invested abroad, the productivity of US domestic is harder to improve. Also what investments there are tend to concentrate overwhelmingly on the so-called service sector of the economy rather than in basic industry. That in turn means that US ceases capital generated within the US itself and instead becomes more and more para sitic. It begins to use its special finan cial position to monopolise and recythe capital generated in othe countries.
The turning point now reached for US capital is that income from profits abroad no longer covers its losses The US plunging deeper and deeper into international Does this mean, therefore, as the forces behind the 'realignment' in the Labour Party seem to believe, tha there is an alternative road for British capitalism in linking up with Europe to create a European capital indepen-