Return of Marxian Macro-Dynamics in East Asia

Description

The economic growth in East Asia has been believed to be the model case of the triumph of capitalism. Some progressive economists, for example, the developmental state theorists, also praised the East Asian model as the progressive alternative to neoliberal market fundamentalism, arguing that they are the outcomes of state-led development. However, with the sudden advent of the 'Lost Decade of Japan' in the 1990s, and the ensuing 'IMF Crisis' of South Korea in 1997, and now the imminent 'hard landing' of the Chinese economy, the East Asian miracle story is quickly becoming a thing of the past. East Asia has now become an epicentre of the contradictions and crisis of global capitalism. Today, deepening economic crises, exacerbation of social polarization, rising popular discontents, and escalating geopolitical tensions are common to China, Japan and Korea. Moreover, East Asia has been at the centre of global ecological contradictions. Indeed, East Asia has now become the typical place of Marxian macro-dynamics. This important and timely volume brings together experts in political economy from across the globe, to comment on the return of Marxian macro-dynamics in East Asia. The contributions explore macro-dynamics, the role of the state and hegemony in the context of transnational capitalism, and Marxian alternatives for East Asia. Front Cover Return of Marxian Macro-dynamics in East Asia Contents List of Contributors Editorial Advisory Board Introduction: Return of Marxian Macro-Dynamics in East Asia Macro-Dynamics in East Asia State and Hegemony in East Asia in the Context of Transnational Capitalism Consideration of Aspects for a Marxian Alternative for East Asia Notes Part I: Macro-Dynamics in East Asia Labor Value and Exploitation in the Global Economy Introduction Labor Value and Exploitation in a Single Economy Labor Value in a Single Economy Conditions for Profit’s Existence in a Single Economy Exploitation in a Single Economy Measuring Labor Value in Single Economy Global Economy Labor Value in a Global Economy Condition for Profit’s Existence in Global Economy Exploitation in the Global Economy Empirical Study Data Composition of Wage Basket in Terms of Global Labor Value Contribution Analysis Conclusion Notes References Financial Instability in Japan: Debt, Confidence, and Financial Structure Introduction The Theoretical Model Empirical Analysis Straightforward Observation of the Survey of Business Sentiments Quantification of the Instability of Confidence σ2 Analysis Using a Recursive VAR Model Conclusion Notes Acknowledgments References A Historical Perspective and Evaluation of Abenomics Introduction What Is Abenomics? Historical Background Leading to Abenomics The Intent of Monetary Policy under Abenomics Effectiveness of Abe’s Monetary Policy Conclusion Notes References Biased Technical Change and Economic Growth: The Case of Korea, 1970–2013 Introduction Analytical Framework: GDS Historical Directions in Technical Change Relationship Between Technical Change and Real Wage Capital Productivity Puzzle Concluding Remarks Notes Acknowledgments References Appendix Dynamics of the Rate of Surplus Value and the “New Normal” of the Chinese Economy Introduction Theoretical Issues: Marxian Variables in a Transitioning Economy Dynamics of the RSV and Relevant Marxian Variables in the Enterprise Sector Methodology and Data Long-term Trends of the RSV and Relevant Marxian Variables Decomposition of the Net Rate of Profit Undermined Conditions for the Growth of the RSV and the “New Normal” Conclusion Notes References Appendix Capital stock K (1) 1952–1977 (2) 1978–1991 (3) 1992–2013 (4) 2014 Agriculture Industry (Mining, Manufacturing, and Utilities), Construction, Transportation, Post and Telecommunications Food and Hotel Services Social Services Commerce Self-employment Finance and Real Estate Variable Capital Marxian Value Added Net Profit Part II: State and Hegemony in East Asia in the Context of Transnational Capitalism The Transnational Capitalist Class and Relations of Production in Asia and Oceania The Global Capitalism School Transnational Capitalist Class Labor and the Global Economy Finance and Production Capital Transnational Dynamics and (Under)development Transnationally Oriented Elites and the State Apparatus Debating The Global Capitalism School Approach Conclusion Notes References A Critical Review of China’s Reform Introduction Theoretical Framework: Accumulation Imperative and Politics of Depoliticization The State and Imperatives of Accumulation Reform as Political Strategy of Depoliticization Historical Context of Post-Mao Reform First Phase of Reform and Its Limitations Outline of Reform in Each Economic Field Limitations of Reform Policies Second Phase of Reform Restructuring of Enterprises Ownership Restructuring of Labor Management Freeing Workers from the Iron Rice Bowl Allowing Rural Migrant Workers into Cities Legalizing Labor Relations Restructuring of the Banking System Making the Central Bank “Independent” Making Commercial Banks Truly “Commercial” In Lieu of Conclusion: Limits of Reform as a Governing Strategy of Depoliticization Notes References Why China Is Different: Hegemony, Revolutions and the Rise of Contender States Introduction: Paradoxes of Contemporary Marxist Accounts Hegemony and Relative Geopolitical Autonomy Elements of Gramsci’s Conception of Hegemony at the National Level Hegemony at the International Level and Relative Geopolitical Autonomy The Rise of Contender States US Hegemony and China’s Relative Geopolitical Autonomy China’s Relative Geopolitical Autonomy The US and Its Imperialist Rivals: Japan’s and Germany’s Subordination, China’s Relative Autonomy Offsetting Germany’s and Japan’s Challenges China’s Expansion and Its Initial Bid for Hegemony… … And the United States Difficulties in Countering It Conclusion Notes Acknowledgment References Part III: Consideration of Aspects for a Marxian Alternative for East Asia The Chongqing Model – Socialist Alternative or Propaganda Cliché? Was There Ever a Chongqing Model? Early History of the Chongqing Experimental Zone Components of the Chongqing Model The Land Certificates Market Household Registration Reform The Public Housing Program The Public-Land Leasing System and Government-Owned Enterprises “Striking the Black” – A Campaign against Organized Crime The “Red” Ideological Campaign Mass Coverage of the Events in Chongqing Was the Chongqing Model “Left”? The Development of Chongqing after the Fall of Bo Xilai Significance of the Chongqing Model for the Whole Country Implications of the Chongqing Incident for the Left Wing Conclusion References Subversive Migration, Citizenship from below and Democracy against Bordered Capitalism Introduction Mobile Labor Valorization Borders, Citizenship and Bordered Capitalism Subversive Agency of Migrant Labor Social Movement Citizenship towards Democracy against Bordered Capitalism Conclusion Notes Acknowledgment References Part IV: Communications on Chapters on Sraffa in RPE Addendum to Carter’s “Response to Professor Solow” Introduction On the Assumption of Constant Returns to Scale On the Problems Resulting from Applying a General Equilibrium Framework to Sraffa On Exploitation and Metaphysics Notes References Comments on Verger’s “Addendum” Introductory Three Points of Contention That Demonstrate Solow’s Misreading of Sraffa Concluding Remarks Notes References Reply to Yoann Verger Index