[lbo-talk] An Age of Transition

Charles Brown charlesb at cncl.ci.detroit.mi.us
Fri Apr 25 10:24:20 PDT 2008


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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