The Structural Crisis Behind the Panic About World Deflation

Not so long ago, the pundits and the investors saw the “emerging markets” – a euphemism for China, India, Brazil, and some others – as the rescuers of the world-economy. They were the ones that would sustain growth, and therefore capital accumulation, when the United States, the European Union, and Japan were all faltering in their previous and traditional role as the mainstays of the world capitalist system.