Adam Smith in Beijing: Lineages of the Twenty-first CenturyIn the late eighteenth century, the political economist Adam Smith predicted an eventual equalization of power between the conquering West and the conquered non-West. Demonstrating Smith's continued relevance to understanding China's extraordinary rise, Arrighi examines the events that have brought it about, and the increasing dependence of US wealth and power on Chinese imports and purchases of US Treasury bonds. He traces how the recent US attempt to bring into existence the first truly global empire in world history was done in order to counter China's spectacular economic success of the 1990s, and how the US' disastrous failure in Iraq has made China the true winner of the US War on Terror. Smith's vision of a world market society based on greater equality among the world's civilizations is now more likely than at any time since "The Wealth of Nations" was published in 1776. In the 21st century, China may well become again the kind of non-capitalist market economy that Smith described, under totally different domestic and world-historical conditions |
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Page 105
... Capacity and Persistent Stagnation Uneven development generated the excess capacity that provoked the general fall in the rate of profit between 1965 and 1973. But it was the failure of capitalist enterprises and governments to restore ...
... Capacity and Persistent Stagnation Uneven development generated the excess capacity that provoked the general fall in the rate of profit between 1965 and 1973. But it was the failure of capitalist enterprises and governments to restore ...
Page 106
... capacity is eliminated , or the rate of profit must fall , with all the dire consequences that such a fall entails in a capitalist economy , from drops in the rates of investment and productivity growth to the decline of real wages and ...
... capacity is eliminated , or the rate of profit must fall , with all the dire consequences that such a fall entails in a capitalist economy , from drops in the rates of investment and productivity growth to the decline of real wages and ...
Page 141
... capacity . Across the entire period 1947-95 , both indicators show a great deal of fluctuation but no clear long - term trend . More specifically , in line with Brenner's argument , both indicators - especially Shaikh's - suggest that ...
... capacity . Across the entire period 1947-95 , both indicators show a great deal of fluctuation but no clear long - term trend . More specifically , in line with Brenner's argument , both indicators - especially Shaikh's - suggest that ...
Contents
Marx in Detroit Smith in Beijing | 23 |
The Historical Sociology of Adam Smith | 63 |
Marx Schumpeter and the Endless | 79 |
Copyright | |
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accumulation by dispossession Adam Smith American Asia belle époque boom Brenner Britain British Bush administration Cambridge University Press capitalist capitalist development centers Chaos and Governance Chapter China Cold War contrast corporations countries created crisis of profitability currency developmental path division of labor dollar dominant Dutch East Asian economic development emergence empire escalating Europe European financial expansion force foreign Giovanni Arrighi Global Turbulence greater Harvey hegemony History Ibid imperial income increase India Industrial Revolution inter-capitalist competition interest International Herald Tribune investment Iraq Iraqi Japan Japanese late London long downturn Long Twentieth Century manufacturing Marx Marx's ment military Ming Modern nineteenth nonetheless over-accumulation overseas Chinese Plaza Accord policies political economy population protection Qing reforms region rise role rural Smith Smithian social spatial fix strategy struggle Sugihara surplus Taiwan tendency territorial theory tion transformation United Vietnam wages Wealth of Nations Western workers World Economy York