Bringing Class Struggle Back into the Economic Crisis: Development of Crisis in Class Struggle in Korea

The aim of this article is to bring class struggle back into the analysis of capitalist crisis, specifically in the exposition of the economic crisis in Korean. Since the emergence of the crisis, explanations of its origin have focused largely on excessive credit expansion, either in terms of excessive state intervention (stressed by neoliberals) or in terms of the removal of state regulation (emphasised by neo-institutionalists). In our view credit expansion was a normal reaction of Korean capitals to growing competitive pressures imposed by the tendencies to over-production inherent in the social form of capitalist production.