{"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":217,"pdf_page":217,"physical_index":217,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"e13769b59412e1baefd4c0b93159278854accc4df4b9888ad2ec0dd98e213d0c"},"chapter":"Zombie Capitalism Global Crisis and the Relevance of Marx","content":"The economy did not collapse in the 1990s in the way that the US and German economies did in the early 1930s. The state still seemed able to stop that. But it could not lift the economy back to its old growth path. Sections of Japanese capital believed they could escape from this trap by investing abroad-as the gap between Gross Investment and Gross Domestic Investment shows. But it was not an answer for the great bulk of Japanese capital which did its utmost to try to raise the rate of profit through raising the rate of exploitation, even though it could only reduce domestic demand still further and deepen its problems. Nor was it an answer for the Japanese working class, which whether it liked it or not would be compelled to struggle if it was to avoid life getting worse. Economic growth did not rise from the doldrums until the mid-2000s, when Chinese imports of machinery gave a boost to Japanese industry-but this was to prove to be very shortlived.\n\nJapan's crisis was not as devastating to the lives of its people as that which broke out a couple of years earlier in the USSR. Yet, unnoticed by nearly all economists, mainstream and Marxist alike, there was a similarity between them. Capital accumulation had reached the point where it could no longer extract a surplus from those it exploited on a sufficiently rising scale to keep abreast of the internationally competitive level of accumulation it looked to. The barrier to capital accumulation had indeed become capital itself. Those who presided over accumulation had two choices. They could allow their bit of the system to restructure itself through blind competition, taking on trust ideological claims that it would produce new miracles. Or they could play safe, knowing they might never get out of long-term stagnation. The rulers of Russia chose the first path and saw their economy, already halved with the loss of the rest of the USSR, halve in size again. Japan's rulers took the other path, and their economy went through a decade and a half of debilitating stagnation without seeming any closer to a solution to its problems at the end than it was at the beginning. The big question both raised was, how would other countries, particularly the US, react if they fell into the same stagnation trap?\n\nThe impact on the Global South\n\nThe collapse of the two state-oriented ideological models, Keynesianism and Stalinism, had a profound effect on political forces aspiring after the \"development\" of Third World economies into full and equal components of the world system. It pushed them to look for new models of capital accumulation in place of the state-directed import-substitutionist model, which was already displaying problems.\n\nThe End of the Golden Age\n\n217","previous_page":216,"next_page":218}