R. Taggart Murphy, Graduate School of Business Sciences, University of Tsukuba, Japan, and author of Japan's Policy Trap (2002) and the The Weight of the Yen (1996), and editor of Japan Focus. Ho-fung Hung, Department of Sociology, University of Indiana and editor of China and the Transformation of Global Capitalism (2009) and author of 'America's Head Servant? The PRC's Dilemma in the Global Crisis,' New Left Review (2009) and 'The Rise of China and the Global Overaccumulation Crisis,' Review of International Political Economy (2008). Sponsored by: Socialist Register, Socialist Project, and Centre for Social Justice.