By Henry Veltmeyer, James F. Petras
Mounting hostility to the hegemony of the us; tumbling inventory markets; environmental destruction; gradual fiscal progress, remarkable source of revenue inequality, and transforming into poverty: whatever basic is incorrect, argue Petras and Veltmayer.
They assert that globalization is a trifling euphemism for capitalism in its present worldwide, imperialist projection. They express how resistance to capitalist globalization is being geared up between very varied social sectors, from rural peasants to the center classification in prosperous nations of the North. They finish their research through assessing the chances for unifying the varied forces of competition to neoliberalism, capitalism and imperialism and the clients for another socialist kind of improvement.
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Mounting hostility to the hegemony of the USA; tumbling inventory markets; environmental destruction; slow financial progress, extraordinary source of revenue inequality, and growing to be poverty: anything primary is incorrect, argue Petras and Veltmayer.
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Additional info for A System in Crisis: The Dynamics of Free Market Capitalism
We then examine the imperial advantages of extended, open-ended war as a way out of the crisis and its contradictions. Finally we look at the antiterrorist war as a part of the crisis, its impact on popular opposition and the potential for a resurgence of popular power. The Imperial Counteroffensive / 25 The Relative Decline of Empire and the Need for a New Imperialism The commonly heard expression, “Since September 11 the world has changed,” has many different meanings. The most frequent meaning, given by Washington, echoed by the European Union and amplified by the mass media, is that 9/11 has ushered in a whole new era with new sets of priorities, alliances and political relations.
The more profound long-term structural contradictions of the new The Imperial Counteroffensive / 37 imperialism are found in military expansion during a time of deepening local and worldwide economic recession. Military Keynesianism — increased war spending — has not, and will not, reverse the recession, as few sectors of the economy are affected, and some that may receive a stimulus, the aerospace industry, for example, have been hard hit by recession in the civilian airline market. While the military machinery of the imperial state promotes and defends the interests of US transnational corporations, it is not a costeffective service provider.
New World Order I, according to a high-level strategy paper, entitled “Defense Planning Guidance for the Fiscal years 1994–99,” prepared for top officials of the Bush (the elder) administration, envisioned a world in which the US would be able to dominate its European and Japanese allies, isolate its adversaries and sustain its client regimes. The US would be the undisputed world power, capable of securing absolute 41 42 / System in Crisis control over strategic resources and a privileged place in the world market (New York Times, 8 March 1992: 14).
A System in Crisis: The Dynamics of Free Market Capitalism by Henry Veltmeyer, James F. Petras