{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title":"Zombie Capitalism Global Crisis and the Relevance of Marx","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9781608461042","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","uuid":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title":"Zombie Capitalism Global Crisis and the Relevance of Marx","normalized_title":"zombiecapitalismglobalcrisisandtherelevanceofmarx","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9781608461042","isbns":["9781608461042"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":426,"navigation_url":"https://workshop.closeclaw.top/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title_url":"https://workshop.closeclaw.top/ai/title/Zombie%20Capitalism%20Global%20Crisis%20and%20the%20Relevance%20of%20Marx","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","page_url":"https://workshop.closeclaw.top/api/ai/books/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page","search_url":"https://workshop.closeclaw.top/api/ai/books/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/search"},"page":{"printed_page":201,"pdf_page":201,"physical_index":201,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"5fe25b232eb356f94252ebf6a4c13896c51ab5b707ed1c360727ac48de2d7dbf"},"chapter":"Zombie Capitalism Global Crisis and the Relevance of Marx","content":"The limits of state directed capitalism\n\nCapitalism was coming up against the limits of the state capitalist strategy for maintaining accumulation. That strategy had worked so long as states were able to ignore the immediate effects on the rate of profit of directing some of the mass of investible surplus value into areas that were not immediately particularly profitable (the Japanese prioritising growth over profitability) or into waste production (the arms economy). But this depended, firstly, on the rate of profit not dropping too sharply, and, secondly, on being able to ignore how the competitiveness of the production of particular goods within the national economy compared to that taking place elsewhere in the world system (or, in Marx's language, to ignore the law of value on a world scale compared with production within the individual units of the national economy). By the mid-1970s both preconditions had been undermined by the contradictory development of the long boom itself.\n\nThe rate of profit had now fallen to a degree which made unproductive expenditures or not particularly profitable areas of investment an increasing burden on further accumulation. And the very dynamism of the long boom had produced a growing interconnectedness between national economies. By 1979 US foreign trade amounted to 31 percent of output, as against 10 percent in 1965.43 A much larger proportion of industry than before had to worry about the international comparisons of its costs. Whole industries suddenly found that the value of their output had to be recalculated on the basis of what it would cost to produce it with the more advanced techniques and lower labour costs of other countries-and that meant it was not high enough to provide \"adequate\" profits.\n\nThe End of the Golden Age\n\n201","previous_page":200,"next_page":202}