Return of Marxian Macro-dynamics in East Asia

The economic growth in East Asia has been believed to be the model case of the triumph of capitalism. Some progressive economists, for example, the developmental state theorists, also praised the East Asian model as the progressive alternative to neoliberal market fundamentalism, arguing that they are the outcomes of state-led development.  However, with the sudden advent of the ‘Lost Decade of Japan’ in the 1990s, and the ensuing ‘IMF Crisis’ of South Korea in 1997, and now the imminent ‘h