Crisis in the World Economy

Crisis in the World Economy

Crisis in the World Economy

Crisis in the World Economy

Excerpt

This book and its companion volume, Crisis: In the Third World, examine the development of the new economic and political crisis in the world. According to my dictionary, a crisis is a decisive turning point, which is filled with danger and anxiety because the issue from the crisis may be life or death for a diseased person, social system, or historical process. The outcome need not necessarily be death, and could be new life, if in our case the economic, social, and political body is able to adapt and to undergo a regenerative transformation during its time of crisis.

Crisis: In the World Economy reviews and in part previews the new capitalist crisis of overaccumulation of capital and some of its economic, social, and political repercussions in the industrial capitalist West or "first" part of the world, in the "socialist" countries of the East in the "second" part of the world, and in the capitalist underdeveloped countries of the Third World in the South, which are sometimes also called "developing" or a bit more accurately "less developed countries" (LDCs). Crisis: In the Third World (hereafter abbreviated as TW) examines in greater detail the repercussions in that part of the world only.

This book presents an overview of the whole world economy and its parts, an analysis of the new capitalist world economic and political crisis in the West since 1967, the integration of the socialist countries in the capitalist international division of labor, and the Third World's demand for a "new international economic order" (NIEO). This more general and introductory volume may be read separately. The more detailed analysis of the repercussions of—or more accurately of the participation in—the world capitalist economic crisis of the Third World appears in TW, which may also be read as a study in itself, if the place of the Third World in the global context and the motor force of the industrial center and its economic crisis are kept in mind. That is, both books are part of a single study of the world, or at least world capitalist, system and its present economic and political crisis as a whole; but each book, the present one dealing generally with all three parts of the world and the other devoted more specifically to the Third World, may be read without the other. Although the problems that are dealt with are very serious, it has been my intention in both books, but especially in this one, to use an analysis and to write in a language that any interested reader can understand.

This first of the two books on the world economic and political crisis examines the development of the effects of, and the responses to, this crisis in the industrial capitalist countries of the West, including "Western" Japan, in . . .

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