Abstract
This article has two related tasks: to reveal the connections between the “global financial crisis” and the globalization of production and its global shift to low-wage countries in the decades since 1980; and to explain why a crisis that until 2014 appeared to be contained to the imperialist nations is now increasingly embroiling the rest of the world. It carries out its tasks principally through analysis of empirical data on trends in productivity, capital investment, debt and other indices. It is guided in these tasks by a distinctive Marxist political economy approach, which considers global wage differentials to be a distorted reflection of global differences in the rate of exploitation.
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