In a landmark engagement with Robert Brenner’s account of the long downturn of the world economy since the 70s, Giovanni Arrighi lays out a social and political economy of the roles of labour unrest, national liberation and corporate financialization in the crisis of the post-war order, and the prospects for a militarized US hegemony today.
THE SOCIAL AND POLITICAL ECONOMY OF GLOBAL TURBULENCE
‘Depression’, wrote Thorstein Veblen shortly after the end of the Great Depression of 1873–96, ‘is primarily a malady of the affections of the business men. That is the seat of the difficulty. The stagnation of industry and the hardship suffered by the workmen and other classes are of the nature of symptoms and secondary effects’. To be efficacious remedies must, therefore, be such ‘as to reach this emotional seat of the trouble and . . . restore profits to a “reasonable” rate’. Between 1873 and 1896 prices had fallen unevenly but inexorably, in what David Landes has called ‘the most drastic deflation in the memory of man’. Along with prices, the rate of interest had dropped ‘to the point where economic theorists began to conjure with the possibility of capital so abundant as to be a free good. And profits shrank, while what was now recognized as periodic depressions seemed to drag on interminably. The economic system appeared to be running down’.
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By the same authors:
The Winding Paths of Capital
The author of Long Twentieth Century and Adam Smith in Beijing, interviewed by David Harvey, on dispossession and development, capitalist crises, China’s future. The political education of a teenage factory-manager, via African liberation struggles and autonomia operaia; and influences—Braudel, Gramsci, Smith, Marx—in Arrighi’s work.
In the conclusion to his major two-part essay on the new US imperialism, Giovanni Arrighi situates the contradictions of the current American ‘spatial fix’ for the problems of overaccumulation in the context of a longue durée of systemic cycles. Have Washington’s attempts to secure its world role through the invasion of Iraq instead hastened the rise of China?
In the first part of a major engagement with David Harvey’s New Imperialism, Giovanni Arrighi sets out the interlocking dynamics, spatial and temporal, of capitalist development and imperialism. Should US difficulties in Iraq and the ballooning current-account deficit be read as symptoms of a deeper-lying crisis, a shift from hegemony to dominance presaging the rise of a new East Asian challenger?
The African Crisis
What triggered the descent into misery of so many Sub-Saharan societies in the past twenty years? The regional roots of Africa’s disorders, and the structural transformations in the world system led by the USA that have overshadowed them.
Financial Expansions in World Historical Perspective: A Reply to Robert Pollin
World Income Inequalities and the Future of Socialism
Marxist Century, American Century: The Making and Remaking of the World Labour Movement
Towards a Theory of Capitalist Crisis
'Political Economy of South Africa'
The Political Economy of Rhodesia