{"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":287,"pdf_page":287,"physical_index":287,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"3444cb1784c5abc6b54f71f17c50460e8e6f55a09b2264c48cfd35ac535c265e"},"chapter":"Zombie Capitalism Global Crisis and the Relevance of Marx","content":"The more corporations inflated their wealth by losing touch with reality the more they were honoured. The British bank Northern Rock was \"the toast of a glitzy City dinner where it was heaped with praise for its skills in financial innovation\" .24 Gordon Brown praised the \"contribution\" of Lehman Brothers \"to the prosperity of Britain\" .25 Ramalinga Raju was named India's \"Young Entrepreneur of the Year\" and awarded the Golden Peacock award by the World Council for Corporate Governance just months before it was revealed that he had defrauded his own company of one billion dollars.\n\nAgain it has to be stressed that the speculative ventures of these years did not just involve financial capitalists. Industrial and commercial capitalists took part. More than half the supposed growth in the worth of the whole of the non-farm, non-financial corporate sector of the US in 2005 had been due to inflation in its real estate holdings.26\n\nThe finance-led bubbles were not, however, just important as a source of profits for the supposedly productive sector of the economy. They were also central in ensuring it had markets that neither its own investment nor what it paid its workers could provide. This was true of the bubbles of the 1980s and 1990s. The combination of reduced investment and attempts to hold down wages in the old industrial countries (and success in cutting them in the US) made consumer debt increasingly important in providing demand for output. It was even truer in the early and mid-2000s. Without the \"housing\" and \"subprime mortgage\" bubble there would have been very little recovery from the recession of 2001-2.\n\nThese were years in which the real earnings of workers in the US, Germany, France and some other countries tended to fall. They were also years in which productive investment was low in all the \"old\" capitalisms. \"Investment rates have fallen across virtually all industrial country regions\", said one IMF study.27 Another report, for JP Morgan, told in 2005:\n\nThe real driver of this saving glut has been the corporate sector. Between 2000 and 2004, the switch from corporate dis-saving to net saving across the G6 [France, Germany, the US, Japan, Britain and Italy] economies amounted to over \\$1 trillion ... The rise in corporate saving has been truly global, spanning the three major regions-North America, Europe, and Japan.28\n\nFinancialisation and the Bubbles That Burst\n\n287","previous_page":286,"next_page":288}