Activity

we can see how this “structural adjustment” of public finances has played out rather badly in most places where the Washington Consensus was implemented, not least in Washington itself

we can see how this “structural adjustment” of public finances has played out rather badly in most places where the Washington Consensus was implemented, not least in Washington itself

the various forms of “primitive accumulation” described by Marx (whereby land, labor, and natural resources are turned into commodities)

destined for hegemonic domination and financial apotheosis

For Arrighi, this alternation of material and financial expansions, anchored by a hegemonic center, accounts for the emergence of capitalism itself, yet as each cycle concentrates a greater degree of power, it also hastens its own exhaustion.