The severe economic stagnation in Japan over the 1990s and into the present decade, is one of the most portentous developments in the recent history of world capitalism. In this article, Joseph Halevi and Bill Lucarelli account for the Japanese stagnation in terms inspired by the work of Paul Baran, Paul Sweezy, and Harry Magdoff. MR readers will find this article, which deals with the complicated issue of exchange rate fluctuations and their effect on national economies, more difficult than most articles that we publish on economics in the magazine. Yet we include it here because of its obvious importance and its clarity in describing a very complex set of global economic changes.—the Editors
This article can also be found at the Monthly Review website, where most recent articles are published in full.