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Review of Millennium Doom. Fallacies about the End of Work, by Mauricio Rojas

  • The Quarterly Journal of Austrian Economics
Jörg Guido Hülsmann

Tags Global Economy

 

Volume 3, No. 1 (Spring 2000)

 

In this new offering, Rojas tends to downplay the existence of any net capital movements and to argue that, if such net capital movements existed at all, they operate only in favor of the capitalist West. Clearly, this contradicts the facts that Rojas himself points out with so much emphasis. Most importantly, however, it has nothing to do with the fallacy that Rojas seeks to refute. Even if there were huge net exports of  capital from Europe and North America to Southeast Asia, this would imply nothing for the overall quantity of jobs in the West, and it would imply increasing rather than decreasing incomes in the capital-exporting countries. Capital moves where it can be most profitably employed. However, one should not think that this continuous redistribution of capital implies a redistribution of income among countries. International capital movements are beneficial to all consumers in the world, and in particular to the consumers of the countries from which capital is exported.

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Cite This Article

Hülsmann, Jörg Guido. Review of Millennium Doom. Fallacies about the End of Work, by Mauricio Rojas. The Quarterly Journal of Austrian Economics 3, No. 1 (Spring 2000): 85–88.