{"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":265,"pdf_page":265,"physical_index":265,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"dbf5caf6889599788507489bc3b604a6844eda977de75d52ef601eb082caa046"},"chapter":"Zombie Capitalism Global Crisis and the Relevance of Marx","content":"Along with these functions there is continued massive support by any state for its capital's domestic accumulation-and this was true long before the most recent turn to Keynesianism. So the Pentagon played a key role in resuscitating the American microchip industry in the late 1980s by putting pressure on firms to merge, to invest and to innovate39-and received strong industrial support:\n\n\"In today's global economy some central vision is required\", Hackworth of Cirus Logic explained. \"Somebody has to have an industrial strategy for this country\", agreed LSI Logic's Corrigan.40\n\nThe result of that strategy was that by the end of the 1 990s the world's top semiconductor company was no longer NEC (Japanese) but Intel (American), with Motorola and Texas Instruments (both American) in third and fifth position. The US state also managed to bring about a similar rationalisation of the US aerospace industry, culminating in the merger of Boeing and McDonnell Douglas into a firm that controlled 60 percent of global civil aircraft sales, and a turnover in military aircraft production twice as great as the whole of the European industry. As the New York Times put it, \"President Bill Clinton's administration\" had \"largely succeeded in turning America's military contractors into instruments of making the economy more competitive globally\" .41\n\nThe internationalisation of firms' operations, far from leading to less dependence on state support, increases it in one very important respect. They need protection for their global interests. A whole range of things become more important to them than in the early post-war decades: trade negotiations for access to new markets; exchange rates between currencies; the allocation of contracts by foreign governments; protection against expropriation of foreign assets; the defence of intellectual property rights; enforcement of foreign debt repayments. There is no world state to undertake such tasks. And so the power of any national state to force others to respect the interests of capitals based within it has become more important, not less.\n\nFloating exchange rates between major currencies mean that the capacity of a government to influence the value of its own currency can have an enormous effect on the international competitiveness of firms operating within its boundaries. This was shown, for instance, by the \"Plaza Accord\" of 1985, when the US persuaded the European and Japanese governments to cooperate with it in forcing up the value of the yen against the dollar. In the aftermath sales of US firms internationally \"grew at their fastest rate during the postwar period, shooting up at an annual rate of 10.6 percent between 1985 and 1990\" .42 It was shown again when the political decision of the government brought to office in the aftermath of the Argentinian uprising of December 2001 to devalue the currency by 75 percent gave a considerable boost to the industrial and agrarian capitals based in the country.43\n\nGlobal Capital in the New Age\n\n265","previous_page":264,"next_page":266}