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.
citing Giovanni Arrighi's The Long Twentieth Century and Adam Smith in Beijing
First comes a “material expansion” under the aegis of a dominant bloc powerful enough to control interstate competition and “ensure material cooperation.”
The so-called "financialization" of the global economy encompasses more than the operations of financial capital.
