Summary of Aufheben’s two-part article “Return of the Crisis,” highlighting the parts about China and asking some questions.

They argue that the financial crisis of 2007-8 “was caused neither by an accident due to misguided policy, nor… an underlying crisis of stagnation of the real accumulation of capital,” but rather “an oversupply of loanable money-capital within the global banking and financial system that has arisen since the late 1990s. This in turn has been the result of developments in the real accumulation of capital – such as the rise of China, the take-off of the ‘new economy,’ and the continued liquidation of the ‘old economy’ – that have been central to the long upturn.”

They tentatively conclude that “the nature and significance of the financial crisis is not that of a decisive turning point leading to an economic downturn or the end of neoliberalism, as many have supposed, but more of a point of inflection pointed to a new phase in the long upturn.” In a footnote they add, “The crisis could be seen as an earthquake caused by the shifting tectonic plates of global capital accumulation as the centre of accumulation gradually shifts away from the USA and the old advanced capitalist economies towards China and Asia”…

The Real News Network interviews Li Minqi about Chinese workers’ strikes and the changing political economy of China.

Within public discussion, the Honda wildcat strike has transformed the meaning of the Foxconn suicides. Are we witnessing a fundamental change in the Chinese economy and its labor regime? Are we witnessing a new labor militancy?

Workers in Honda Auto Parts Manufacturing Co., Ltd. of Foshan City started to resume work on a conditional basis in the evening of 1 June. The resumption of work was a result of the mediation of members of the National People’s Congress and Mr. Zeng Qinghong, Deputy Director and General Manager of Guangzhou Automobile Group Co., Ltd. We agree to temporary resumption of work for three days on the condition that the management shall provide satisfactory answers to our demands. Otherwise, the strike action will continue.

Two days ago (on May 31st) a group of around forty workers involved in the Honda strike were assaulted by thugs claiming to be part of the local trade union. This created much indignation among workers who immediately demanded an apology and a thorough investigation. In response, the Nanhai District and Shishan Town General Trade Unions sent an open letter of “apology” to the workers on the following day of June 1st. Below is the English translation of the letter.