The Theory of the Crash

Rakesh Bhandari bhandari at phoenix.Princeton.EDU
Mon Nov 23 22:11:19 PST 1998


Quoted in Frederick Clairmonte, "The Crash of Japan" Economic and Political Weekly (Bombay), 9/5-12/98, p. 2348

"'The words overproduction and crash,'intoned Kotibara an eminent theorist of Tokyo University,'were shunned because they were considered politically inappropriate; to many, they smacked of communist jargon. But things are changing so fast in our swiftly rotting economy and in peoples' violent reactions to the crisis. Take the case of a senior MITI civil servant declaring, without fear now of being rapped over the knuckles, that we are living through tthe biggest crisis of international capitalism since the end of the occupation and that we should read carefully the writings of Marx and shed our market dogmas.'"

"But a great period of world history never expires as quickly as its heirs would hope, and perhaps must hope, if they are to attack it with the necessary force."--Franz Mehring (quoted in Mattick, Economic Crisis and Crisis Theory).

best, rakesh



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