Triumphing Toward International Disaster
This article situates the Bush administration's new strategy in the
historical context of the international capitalist order established by
the United States at the end of the 1940s and argues that this order,
though extraordinarily successful for some decades, is now in crisis.
The unique capitalist international community that the United States
established under its primacy revived international capitalism while
preventing geopolitical rivalries between the main capitalist centers.
The leading sectors of U.S. business have become dependent on the
preservation of the unipolar primacy order for its own economic
security and expansion while the American domestic political economy
has failed to revive as an industrial economy meeting the rules of
international economics, exhibiting growing problems with current
account deficits and rising levels of debt. To manage the resulting
tensions between the orientation of American transnational sectors and
problems in the domestic American political economy, the United States
has developed an international monetary and financial regime that is
destabilizing and dependent upon the preservation of American political
primacy over the capitalist world. But the Soviet collapse has
destabilized the primacy system, while the dominant sections of
American capitalism are committed to rebuilding it. The Bush
administration is seeking to rebuild U.S. primacy, using U.S. military
dominance. But this carries very high risks.
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