The Political Economy of Trade Frictions
Economic disparities, both within and among individual nations have a tendency to increase generally in phases of depression rather than those of prosperity. Depression is a phase in which capitalist firms have to strive everywhere to restructure and reinforce the conditions for the accumulaton and expansion of value by intensifying their rivalry, and passing economic burdens on to working people at an international as well as the domestic level. The same process tends to aggravate the conflicts between varying economic interests and consequently intensifies political tensions.
KeywordsExchange Rate Trade Balance Liberal Democratic Party Trade Deficit Japanese Firm
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- 1.The statistical source for the data in this paragraph is from The Bank of Japan, [Comparative Economic and Financial Statistics], 1977, 1983 and 1987 and different from sources of Table 9.1 and Table 9.2.Google Scholar
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