An Age of Transition The United States, China, Peak OIl, and the Demise of Neoliberalism by Minqi Li
Until recently, the global capitalist economy has enjoyed a period of comparative tranquility and grown at a relatively rapid pace since the global
economic crisis of 2001–02. During this period of
global economic expansion there have been
several important economic and political developments. First, the United States—the declining hegemonic
power but still the leading driving force of the global capitalist economy—has been characterized
by growing internal and external financial imbalances. The U.S. economy has experienced a period of debt-financed, consumption-led “expansion” with stagnant wages and employment, and has been
running large and rising current account deficits
(the current account deficit is a broad measure of the trade deficit). Second, China has become a major player in the global capitalist economy and has been playing an increasingly important role in sustaining global economic growth. Third, global
capitalist accumulation is imposing growing pressure on the world’s natural resources and environment.
There is increasingly convincing evidence that the global oil production will reach its peak and start to
decline in a few years. Fourth, the U.S. imperialist adventure in the Middle East has suffered devastating
setbacks and there has been growing resistance to
neoliberalism and U.S. imperialism throughout the world.
Full: http://www.monthlyreview.org/080401li.php
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