US Imperialism—a Reply to Petras and Rhodes
The article by James Petras and Robert Rhodes (‘The Reconsolidation of us Hegemony’, nlr 97) makes an important point in criticizing some interpretations of the decline of United States hegemony. However, their attempt to provide an alternative analysis ignores a number of important recent developments in the world economy and suffers from the same methodological weaknesses that plague the ‘conjunctural analyses’ that they criticize. The consequence is that they leave us with the erroneous impression that American hegemony has been restored to its pre-Vietnam glory.
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