The first half of this article summarises and applies Itoh's overaccumulation thesis to the current world depression. The second half gives a detailed account of instabilities within the Japanese economy since the early 1970s, and argues that Japan should not be seen as immune to the world crisis nor responsible for it due to disruptive trade policies. It is a salutory reminder to socialists to resist the drift towards nationalistic arguments.
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References
1.
1. A Glyn and J Harrison (1980) The British Economic Disaster, esp. p.12.
2.
2. M Itoh (1980) Value and Capital, chap. 6.
3.
3. OECD, Economic Outlook, 32, 1982, p.35. This forecasts 34.25 millions unemployment by the end of 1983.
4.
4. P Sweezy (1982) ‘Why Stagnation?’, Monthly Review, June.
5.
5. cf. M Itoh, ibid, chap. 5.
6.
6. K Marx (1972) Capital, Vol. III, Lawrence & Wishart, p.250.
7.
7. eg M Aglietta (1982) ‘Capitalism in the Eighties’, New Left Review, November/December.
8.
8. A Glyn and J Harrison, op cit, p.60.
9.
9. M Yoshitomi (1981) Nikon Keizai (Japanese Economy), p.248.
10.
10. M Yoshitomi, op cit, p.60
11.
11. Y Tokita (1982) Gendai Shihonshugi to Rodoska Kaikyu (Contemporary Capitalism and Working Class), Table 2–32. The other statistics from the central bank of Japan (Kokusai Hikaku Tokei,, June 1983) shows that labour productivity in Japanese manufacturing industry increased by 33.4% while real wages increased only marginally by 2.2% between 1975 and 1979.
12.
12. N Valery (1983) ‘Japan: There can be clouds too. A Survey.’ The Economist, 9–15 July, p.4.
