On New Rules for Destroying Old Countries

Author: Ravi Arvind Palat

Abstract:

The attacks on 11 September 2001 were not a major security threat to the United States, but they did create the political conditions for the implementation of an aggressive agenda by the Bush administration to assert U.S. dominance over the global control of oil and to establish an arc of military bases to contain China. Responding to Gowan, this article suggests that bid is unlikely to succeed because the concentration of military strength in the United States is paralleled by a concentration of financial strength in East and Southeast Asia. Though its Asian allies have been more supportive of the U.S. invasion of Iraq than their European counterparts, growing economic integration along Asia's Pacific coasts is likely to lead to a reduction in capital inflows to the United States and thereby aggravate the consequences of its high current accounts deficits and its low rates of domestic savings. The Bush administration's conservative social policies and anti-foreigner zeitgeist is also sapping the competitive edge of the U.S. economy in new technologies.

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March 2005