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Capitalist Restructuring and the Pacific Rim by Ravi Palat

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6 A bonfire of illusions

 

The crisis consists precisely in the fact that the old is dying and the new cannot be born; in this interregnum a great variety of morbid symptoms appear.

Antonio Gramsci, Prison Notebooks

As the crisis hop-scotched over some of the fastest growing economies in history, in a cover story in 1999, Businessweek predicted the emergence of a new ‘Atlantic Century’ (Warner et al., 1999). Despite the unwarranted substitution of the geomancy of one ocean for the geomancy of another in prognostications for the future, it underlined the extent to which bankruptcies and foreclosures had devastated the institutional fabric of the once-miraculous economies on the Asian rimlands and undermined the class coalitions that had ensured ...

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