Historically, monetary crises have been related to hyperinflation, from which Argentina has often suffered. Hyperinflation is generally viewed as a calamity leading to the destruction of the capitalist monetary system of circulation. In the present Argentine crisis, however, there has been a complete implosion of economic and monetary relations due to hyperdeflation. This is the strangulation of the economy by the requirement to pay an unsustainable debt
In this article we will argue that the Japanese economic crisis is connected to a process of oligopolistic accumulation and to Japan’s role as the regional economic hegemon in East Asia. The combination of these two factors generates a classic Baran-Sweezy-Magdoff perspective on the crisis in Japan
Historical research on postwar Japan and East Asia has produced a number of high quality studies that have contributed to the formation of a political and economic perspective not too distant from the Monthly Review conception of the transformation of modern capitalism. These works point out that the conditions for Japanese economic recovery were found not only in the willingness of Japan’s capitalist elites to reignite the process of industrial accumulation, but also in the propulsive role played by military spending and by actual wars.