Seven years ago Michael Hudson wrote a wonderful book “J is for Junk Economics: A Guide to Reality in an Age of Deception”. There is no word for “overcapacity” in the book so we know this is a new word added to Mordor’s economic linguistic propaganda.
This term was used by Janet Yellen to describe the fact that the Chinese were being so productive the West couldn’t keep up. Michael Roberts exposes the real issue behind the whining of the West. The image is of the West begging for mercy.
Read Michael Hudson in The Next Recession
