[Marxism] World trade and imperialism | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Tue Jul 31 05:56:45 MDT 2018

The beginning of the 21st century brought to an end this wave of 
globalisation.  Profitability in the major imperialist economies peaked 
by the early 2000s and after the short credit-fuelled burst of up to 
2007, they entered the Great Recession, which was followed by a new long 
depression.  Like that of the late 19th century, this brought to an end 
globalisation.  World trade growth is now no faster than world output 
growth, or even slower.

So the counteracting factor to low profitability offered by exports, 
trade and credit has died away. This threatens the hegemony of US 
imperialism, already in relative decline to new ambitious powers like 
China, India and Russia. With US President Trump now launching his 
attempt to put the US back in the driving seat for international trade, 
renewed rivalry threatens to unleash major conflicts in the next decade 
or so.


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