Imperialism and Accumulation Concepts

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Questions and Answers

What is 'accumulation by dispossession' primarily associated with?

  • The establishment of permanent colonies
  • The involuntary transfer of resources or wealth (correct)
  • The fair trade practices among nations
  • The natural growth of economies during peace

During which historical period is Arendt's concept of imperialism predominantly discussed?

  • The Renaissance
  • Post-World War II
  • Middle Ages
  • 1884 to 1945 (correct)

What was one of the consequences of the geopolitical conflicts in the early 20th century?

  • The outbreak of two world wars (correct)
  • Increased global unity among capitalist nations
  • Colonial nations began to develop independence
  • A decrease in trade between Europe and Asia

What does the term 'spatio-temporal fixes' refer to in the context of capitalist practices?

<p>Finding new markets for surplus value (B)</p> Signup and view all the answers

What was the primary motivation behind Britain's push into new forms of imperialism during the 19th century?

<p>To remedy economic depressions and overaccumulation (B)</p> Signup and view all the answers

What was the state of capitalism during the 1930s as noted in the content?

<p>It faced a chronic inability to sustain through expanded reproduction (D)</p> Signup and view all the answers

What role did individual nation-states play in the imperialism of the late 19th and early 20th centuries?

<p>They engaged in their own imperialist projects for economic stability (C)</p> Signup and view all the answers

How did imperial practices contribute to the economy during the periods of overaccumulation?

<p>By seeking resources globally to offset economic failures (A)</p> Signup and view all the answers

What economic principle is highlighted as a means to reorganize domestic relations of production?

<p>Debt crises (D)</p> Signup and view all the answers

What role do domestic financial regimes play in relation to external capital?

<p>They facilitate acquisitions by foreign companies. (D)</p> Signup and view all the answers

Which aspect of global capitalism was emphasized during the Clinton administration?

<p>Centralized multilateralism (D)</p> Signup and view all the answers

What was a key feature of global capitalism according to this economic analysis?

<p>Privatization is a central theme. (B)</p> Signup and view all the answers

What consequence arose from the US trade and current account deficits in the 1990s?

<p>Vulnerability of the US economy. (A)</p> Signup and view all the answers

What does overaccumulation refer to in the context of global economics?

<p>Excessive capital tied up without effective utilization. (A)</p> Signup and view all the answers

How might the US maintain its economic dominance despite internal and external deficits?

<p>Through manipulation of the dollar price. (D)</p> Signup and view all the answers

What reaction has emerged as a result of successive waves of accumulation by dispossession?

<p>Heightened resistance against US hegemony. (C)</p> Signup and view all the answers

Which countries have been noted as significant lenders to cover US deficits?

<p>Japan and Taiwan (B)</p> Signup and view all the answers

What is indicated as a possible prelude to a shift in global power dynamics?

<p>A powerful wave of financialization. (A)</p> Signup and view all the answers

What marked the emergence of transnational capitalist corporations in this context?

<p>Global spread beyond earlier imperialism patterns. (C)</p> Signup and view all the answers

What was referenced as the 'Washington Consensus'?

<p>A framework of economic policies led by US interests. (A)</p> Signup and view all the answers

What challenge does the volatility of the market create for understanding economic laws?

<p>It makes it difficult to identify underlying economic mechanisms. (C)</p> Signup and view all the answers

What is a likely consequence of the United States' imperialism according to the content?

<p>Active repressions or tyranny at home (A)</p> Signup and view all the answers

What was the primary reason for the US-led system established in 1945?

<p>To avoid wars and address overaccumulation (A)</p> Signup and view all the answers

What economic condition is predicted if the US loses its financial dominance?

<p>Deflationary depression (D)</p> Signup and view all the answers

Which event showcased European powers' reluctance to disengage from their colonial possessions?

<p>The invasion of Suez in 1956 (D)</p> Signup and view all the answers

Which characteristic of the new imperialism is highlighted in the content?

<p>Deepening accumulation by dispossession (A)</p> Signup and view all the answers

What major challenge faced the US-led system around 1970?

<p>Surplus US dollars flooding the market (A)</p> Signup and view all the answers

What reaction is anticipated from the US population regarding militarized imperialism?

<p>Resistance similar to that during the Vietnam War (D)</p> Signup and view all the answers

What was a result of the US collusion with Saudi Arabia in 1973?

<p>Heightened economic difficulties for Europe and Japan (A)</p> Signup and view all the answers

How is the traditional conception of class struggle expected to evolve in this context?

<p>It will diversify into different forms of resistance (B)</p> Signup and view all the answers

How did finance capital shift the balance of power within the bourgeoisie?

<p>By elevating financial institutions above production activities (B)</p> Signup and view all the answers

What is indicated as a potential necessity for the United States in the absence of expanded reproduction?

<p>New wealth redistribution politics (A)</p> Signup and view all the answers

What characterized the third phase of bourgeois global rule?

<p>Volatility and predatory practices (A)</p> Signup and view all the answers

What has the pattern of US hegemony shifted away from?

<p>Production and financial superiority (A)</p> Signup and view all the answers

What was one consequence of IMF-administered structural adjustment programs?

<p>Widespread unemployment and impoverishment (D)</p> Signup and view all the answers

Which of the following is cited as a consequence of militarized imperialism?

<p>Erosion of democratic institutions (D)</p> Signup and view all the answers

What fueled the need for countries like Japan and West Germany to look outward for markets?

<p>Strong capital surpluses (A)</p> Signup and view all the answers

What does the content imply about the ideological significance of the new imperialism?

<p>It has profound ideological implications (A)</p> Signup and view all the answers

How did the US deal with the economic threats posed by Germany and Japan?

<p>By establishing new international financial institutions (D)</p> Signup and view all the answers

What might hinder the US from pursuing a long-term militarized Empire?

<p>Public opposition and historical contexts (B)</p> Signup and view all the answers

What was a notable feature of the market during the financial dominance of Wall Street?

<p>Open markets to international trade (C)</p> Signup and view all the answers

What type of globalization is suggested as a potential alternative to imperialism?

<p>Non-imperialistic globalization focusing on social well-being (A)</p> Signup and view all the answers

What is implied about the current global system's transition?

<p>It is uncertain and volatile with various influencing forces (C)</p> Signup and view all the answers

What was the primary goal of third world socialism during its development?

<p>To modernize on different political and class bases (A)</p> Signup and view all the answers

What is the likely outcome of a flight from the dollar according to the content?

<p>Intensified austerity measures (D)</p> Signup and view all the answers

What was the primary cause of inflationary pressures during the Vietnam War?

<p>US attempts to balance military and domestic spending (C)</p> Signup and view all the answers

What impact did the crisis of 1997 have on East and South East Asia?

<p>Reversed social and economic progress (A)</p> Signup and view all the answers

What has the popular tradition within the US tended to reflect?

<p>A commitment to anti-colonial and anti-imperial sentiment (A)</p> Signup and view all the answers

What was a common consequence of the geographic expansion of capitalism referenced in the content?

<p>Emergence of anti-dependency movements (C)</p> Signup and view all the answers

What does the text suggest the US must do to counter imperialism effectively?

<p>Engage in a massive redistribution of wealth internally (B)</p> Signup and view all the answers

Which economic strategy is mentioned as essential for revitalizing US manufacturing?

<p>Higher taxation and deficit financing (C)</p> Signup and view all the answers

What might happen if the US attempts to enforce an austerity program by self-discipline?

<p>It could lead to a strong domestic backlash (C)</p> Signup and view all the answers

How does the text indicate that East Asian countries are changing their economic dependencies?

<p>By establishing an internal market within Asia (D)</p> Signup and view all the answers

What is the concern regarding the US's military intervention in countries like Iraq and Venezuela?

<p>It is a strategy to control global oil supplies (A)</p> Signup and view all the answers

What potential consequence does the text highlight regarding reduced financial flow to the US?

<p>Calamitous consequences for the US economy (A)</p> Signup and view all the answers

Which group is noted as likely to resist US military actions abroad?

<p>European nations (C)</p> Signup and view all the answers

What does the term ‘spatio-temporal fix’ refer to in the context of economic strategies?

<p>Temporary internal developments to stabilize economies (D)</p> Signup and view all the answers

What implication does the idea of a ‘permanent militarization’ have for US hegemony?

<p>It could destabilize global peace (B)</p> Signup and view all the answers

What economic model is Europe reportedly leaning towards in contrast to the US?

<p>A collaborative ultra-imperialist model (B)</p> Signup and view all the answers

In what way does the text suggest that capitalist powers might collaborate?

<p>By engaging in mutual economically beneficial agreements (A)</p> Signup and view all the answers

What does the text imply might be required to prevent accumulation stagnation?

<p>Deepening politics of accumulation by dispossession (D)</p> Signup and view all the answers

What historical example does the text draw on to illustrate US economic strategies?

<p>The economic strategies of the 1950s and 1960s (A)</p> Signup and view all the answers

What characterizes the relationship between the US and Gulf oil suppliers according to the text?

<p>The US seeks to control these supplies to maintain hegemony (B)</p> Signup and view all the answers

Flashcards

Accumulation by Dispossession

A process where capitalism's accumulation of capital is secured through forceful dispossession of resources, labor, or land. It involves the violent separation of people from their means of subsistence and the subsequent reappropriation of these assets into the capitalist system.

Overaccumulation

The tendency for capitalism, in its drive for profit accumulation, to reach a point where it can no longer expand through the traditional means of production. This often leads to crises and necessitates new forms of spatial or temporal fixes to continue accumulating capital.

Spatio-temporal Fixes

Strategies employed by capitalism to circumvent overaccumulation crises by spatial expansion or modifications to the temporal aspects of capital accumulation, such as accelerating production cycles or introducing new financial instruments.

European-centered Imperialism (1884-1945)

A period marked by intense European colonialism, where the European bourgeoisie sought to establish a global political order, often through the use of military force and exploitation of colonized territories.This period saw the rise of a global capitalist system.

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Autarky

The pursuit of self-sufficiency and economic independence by a state, often driven by protectionist policies and aimed at reducing reliance on international trade.

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Open System Imperialism

A type of imperialism characterized by the integration of the world economy through open flows of capital, commodities, and information.

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Closed System Imperialism

A type of imperialism marked by closed economic systems, trade barriers, and geopolitical conflicts between major powers vying for control over resources and markets.

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Imperialist Geopolitical Conflicts

A period characterized by conflict between the major powers, which led to two world wars in the 20th century. It arose from the tensions and competition within the closed system of imperialism, where countries sought to solidify their dominance.

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Post-WWII Global Capitalism

A global system of economic and political dominance, established after World War II, led by the United States, aiming to prevent conflicts among major capitalist powers and manage overaccumulation.

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US Hegemony in Post-WWII

The US, in its role as the sole capitalist superpower, exerted control over the global capitalist system after World War II, utilizing military and economic power during the Cold War.

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Geographical Expansion of Capitalism

The strategy of expanding capitalism to encompass more geographical areas, particularly through decolonization and promoting 'developmentalism' in newly independent nations.

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US Support for European Integration

US support for the formation of the European Union (EU), intended to foster a stronger and integrated European capitalist bloc.

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Post-WWII Economic Boom

The period of strong economic growth and expanded reproduction throughout the capitalist world after World War II, characterized by increased production, consumption, and employment.

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Financial Hegemony

The US economic strategy of managing the global capitalist system through financial power and institutions, particularly after the breakdown of the previous system around 1970.

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Structural Adjustment Programs (SAPs)

A policy implemented by the International Monetary Fund (IMF) to impose economic reforms on struggling nations, often leading to privatization, deregulation, and cuts in social spending.

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Financialization of Capitalism

The period of heightened global financial volatility and instability, characterized by speculative activity, financial crises, and the rise of powerful financial institutions.

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1997 Asian Financial Crisis

The 1997 financial crisis that impacted Southeast Asian economies, triggered by speculative attacks on Thai and Indonesian currencies, exacerbated by IMF policies.

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Global Capital Mobility

The phenomenon of capital flowing freely across borders, reducing national control over financial markets and increasing global interconnectedness.

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Privatization

The process of transferring public assets and services to private ownership, often characterized by deregulation and market-based solutions.

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Global Trade and Investment

The expansion of cross-border trade and investment, driven by globalization and the removal of trade barriers.

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Financial Power

The growing influence and dominance of financial markets, institutions, and activities in the global economy, shaping economic outcomes.

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Class Struggle

The conflict between different social classes over how the benefits of economic expansion are distributed.

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New Imperialism

A period characterized by economic instability, marked by dramatic shifts in financial markets and power dynamics, driven by globalization and financialization.

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Washington Consensus

A dominant economic and political model promoted by the US and its allies in the 1990s, prioritizing free market principles, deregulation, and privatization.

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Financialization

The process of increasing the importance and influence of finance in the economy, often at the expense of traditional sectors.

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Ultraimperialism

The idea that major capitalist powers can cooperate peacefully to manage global economic affairs, potentially leading to stability and shared growth.

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Hegemony

The ability of a dominant power to control and influence other nations through economic, political, and cultural means.

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Trade Deficit

A situation where a country's imports exceed its exports, leading to a deficit in its balance of payments.

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Balance of Payments Deficit

A condition where a country owes more to other countries than it is owed, typically reflecting imbalances in trade and investment.

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Structural Adjustment

The process of transitioning away from a state-controlled economy towards a market-based economy, often involving privatization of public assets and deregulation.

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G7

A group of the world's major industrialized nations, often acting as a forum for economic cooperation and coordination.

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Anti-globalization movement

A social movement opposing the processes of globalization, particularly its economic and political consequences.

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Transnational Corporations

Large multinational corporations operating across national borders, challenging traditional notions of national sovereignty.

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New International Financial Architecture

A system of economic governance that aims to regulate and manage global finance, often associated with the IMF and World Bank.

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Imperialism

A strategy where a nation uses military force to control global resources and maintain economic dominance.

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Internal surplus absorption

The idea that a nation should focus on internal economic growth, like investing in infrastructure and education, rather than external expansion.

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State direction

The idea that the US government should heavily regulate and direct the economy to achieve specific goals, like reviving manufacturing.

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Neo-liberalism

The political and economic ideology that favors free markets, minimal government intervention, and privatization.

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Austerity program

A policy of reducing government spending, often by cutting social programs and raising taxes.

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Currency collapse

The process of a nation's currency losing value compared to other currencies.

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Shifting hegemony

The idea that East Asia, particularly China, is becoming the center of global economic power, shifting away from the US.

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Internal market cultivation

The process of developing a self-sufficient economy within a region, reducing reliance on external markets.

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Oil control

A strategy to exert economic influence and control over other countries by manipulating oil supplies.

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Dependency

A concept describing the relationship between developed and less developed countries, where the former exploits the latter for resources and cheap labor.

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Imposing norms

The process of a nation using force or coercion to impose its norms and values on other countries.

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Militarized hegemony

The idea that the United States is using its military might to maintain its global power and control over resources.

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Empire as a political option

A strategy of using economic and military dominance to extract resources and profit from other countries.

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Internal response to imperialism

The idea that a country's internal policies and actions can directly affect its ability to engage in imperialism abroad. For example, suppressing civil liberties at home might be needed to maintain military power overseas.

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Pre-emptive strikes

The practice of using military force to preemptively attack other nations, often without clear justification or provocation. This strategy is frequently used to justify imperial actions.

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Expanded reproduction

A situation where a country's economic growth relies on expanding production, increasing resources, and exploiting new markets. It emphasizes growth and expansion.

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Deflationary depression

Economic stagnation, characterized by declining economic activity, deflation, and possibly a fall in production. It is often a consequence of limited opportunities for growth.

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Shift from expanded reproduction to accumulation by dispossession

A shift in global economics where the focus is on taking resources from other countries instead of expanding one's own production. This often leads to increased inequality.

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US reliance on military power

The United States is increasingly relying on its military power as its dominance in production and finance weakens. This creates a unique geopolitical situation.

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New forms of class struggle

New forms of resistance against the exploitation and inequalities caused by imperialism and accumulation by dispossession are emerging. These struggles are focused on social justice and combating the exploitation of resources.

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Non-imperialistic globalization

The potential for a new world order where globalization is based on social well-being, humanitarian goals, and more equitable distribution of wealth. It opposes the current exploitative system.

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Challenges of accumulation by dispossession

The idea that a system that relies heavily on accumulating wealth through dispossession will ultimately lead to greater inequality and conflict. This is a major challenge to the current global system.

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Financial dominance

The ability to accumulate wealth through financial and monetary dominance, often through control of currencies or trade.

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Uneven geographical development

A global economic model where wealth is concentrated in a few powerful centers while leaving other areas underdeveloped. This often fuels inequality and conflict.

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Military dominance in a recession

The potential for the US to use its military superiority to dominate other nations, especially during times of global recession, creating a global economic and political landscape with significant influence.

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Potential for US imperialism

The potential for the US to become an overt imperial power, controlling nations and resources through military force, potentially leading to conflict and instability.

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Study Notes

Accumulation by Dispossession

  • Accumulation by dispossession occurs through various methods, often contingent and haphazard, but is omnipresent throughout history, particularly during crises of overaccumulation.
  • Nineteenth-century Britain's depressions prompted imperialism as a solution to overaccumulation, repeating "the original sin" of robbery.
  • This concept links to spatio-temporal fixes, state powers, accumulation by dispossession, and contemporary imperialism.

The "New" Imperialism

  • Capitalist formations, often centered, engage in quasi-imperialist practices to resolve overaccumulation problems.
  • European-centric imperialism (1884-1945) was the first attempt at global bourgeois rule, initially stable under British hegemony.
  • This system fractured into conflicts between powers pursuing autarky, resulting in World Wars, and pillaging resources for compensation.
  • The post-1945 US-led system aimed to avoid intra-capitalist wars, focusing on integrated global capitalism and decolonization, largely held together by the Cold War.

US Superimperialism and the Third Phase

  • US dominance in the second phase was primarily political and military, not solely economic.
  • The US absorbed surplus capacity from other core countries through internal fixes (e.g., infrastructure projects), moderating accumulation by dispossession.
  • The system weakened by the 1970s due to rising capital controls' difficulty and inflationary pressures from the Vietnam War.

Financialization and Accumulation by Dispossession (Third Phase cont.)

  • The US shifted to a finance-capital-centered system, leveraging Wall Street.
  • Systemic global market opening became necessary.
  • The 1973 oil crisis strengthened Wall Street by redirecting petrodollars, damaging other economies but boosting US power.
  • The third phase saw a more predatory and volatile accumulation by dispossession, often through IMF-imposed structural adjustment programs.
  • This approach saw economies raided and assets seized by US finance capital, leading to IMF-driven bankruptcies and impoverishment.

Crisis and Resistance

  • The 1997-98 crisis highlighted the East Asian productive capacity, bringing overaccumulation back to the forefront.
  • US hegemony faced threats from rising Asian nations.
  • Financial volatility, deteriorating US balance of payments, and unsustainable debt spirals challenged the dominant system.
  • The US' capacity to exploit and manipulate the dollar became a key factor in maintaining hegemony while others were forced to adapt to austerity measures.

US Imperialism's Current Options

  • Limited options exist for the United States:
    • Redistribution of wealth domestically.
    • Internal spatio-temporal fixes (e.g., infrastructure).
    • Industrial revitalization.
  • These are challenging as the bourgeoisie is resistant to them.
  • Overt militarized empire could face significant resistance, potentially leading to deflationary depression.
  • Transition to Asian hegemony might occur with internal market development, potentially diminishing US flows from other countries.

Conclusion

  • Continued accumulation by dispossession and financialization are hallmarks of the new imperialism.
  • Class struggles are adapting to shifting power dynamics.
  • The US hegemony, based primarily on military and financial force, is losing ground and challenged by resistance on a global scale.
  • The future form of global power remains uncertain, marked by potential for significant volatility.

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