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As Smith so brilliantly shows, capital in the North restored much of the
fall in its profitability suffered in the 1970s on the back of the super
exploitation of the South: “surplus-value extracted from these new legions
of poorly paid workers helped to dig the capitalism system out of its hole
in the 1970s”.  Increased debt, as Smith notes, added to the final crisis
so that it took a financial form. As Smith says,“Exponentially increasing
indebtedness succeeded in containing the overproduction crisis, but it has
brought the global financial system to the point of collapse.” For this
sentence, take the word ‘overproduction’ out and replace with
‘profitability’. . .

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