Abstract
Since the 1980s, capitalist countries have driven globalization. By direct investments of the USA, Japan, etc., the economies of East Asian countries, especially China, have expanded. Among these countries, the division of labor in manufacturing processes has been promoted, and the organization of economic reproduction and circulation has been established. As a pivot of the organization, "the triple trade" was formed, with Japan and Asian NIEs exporting intermediate goods (processed goods and parts) to China and ASEAN countries, while China and ASEAN countries manufactured final goods (consumption goods and capital goods) out of intermediate goods and exported the final products to the USA and EU. Since the world financial crisis of 2008, East Asian economies, with China as a leader, helped the world economy to recover from the depression. However, due to worsening overproduction in its heavy industry, China could no longer play a role as a promoter of the world economy. Therefore, the world economy has fallen into a long-term depression. Since the financial crisis, income inequality has magnified worldwide, because of the increase in financial income of wealthy people, and the increase in the number of low-paid irregular workers. This weakens private consumption and prolongs the depression.
