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Capitalism in the Age of Globalization

Capitalism in the Age of Globalization

Samir Amin | John Bellamy Foster

(2014)

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Abstract

Samir Amin remains one of the world's most influential thinkers about the changing nature of North-South relations in the development of contemporary capitalism. In this highly prescient book, originally published in 1997, he provides a powerful analysis of the new unilateral capitalist era following the collapse of the Soviet model, and the apparent triumph of the market and globalization. Amin's innovative analysis charts the rise of ethnicity and fundamentalism as consequences of the failure of ruling classes in the South to counter the exploitative terms of globalization. This has had profound implications and continues to resonate today. Furthermore, his deconstruction of the Bretton Woods institutions as managerial mechanisms which protect the profitability of capital provides an important insight into the continued difficulties in reforming them. Amin's rejection of the apparent inevitability of globalization in its present polarising form is particularly prophetic - instead he asserts the need for each society to negotiate the terms of its inter-dependence with the rest of the global economy. A landmark work by a key contemporary thinker.
Samir Amin is a renowned radical economist, the director of the Forum du Tiers Monde (Third World Forum) in Dakar, Senegal, and chair of the World Forum for Alternatives.
'The analyses of Samir Amin, based on wide-ranging historical knowledge combined with intelligent use of theory, give us the solid anchors we need to understand current realities. They are often provocative and always prudent, which is why they are mandatory reading.' Immanuel Wallerstein, Yale University 'Samir Amin's writings are informed by depth of political economy and breadth of history. Grounded in the analytical tools of historical materialism and guided by the political perspective of the working people, he is unwavering in his commitment to a better and more humane social order. In Capitalism in the Age of Globalization, Amin shows that there is indeed an alternative to the plunder and pillage of the last five centuries of capitalism and war mongering imperialism. A must read for anyone who is interested in a better world.' Issa Shivji, University of Dar es Salaam 'This world-class economist is a serious Nobel Prize contender' - Economic Development and Social Change 'Amin's global intellectual reach enables him to deal with a wide variety of issues with magnificent ease and simplicity' International Journal of Middle East Studies 'An easily accessible sampling of this pioneering analyst's reflections about the dynamics of late twentieth century capitalism and its implication for poor countries and poor people' Solon Barraclough, senior consultant, UNRISD

Table of Contents

Section Title Page Action Price
Front cover Front cover
critique influence change i
About the author iv
Title v
Copyright vi
Contents vii
Acronyms ix
Foreword xi
Notes xiv
Preface to the critique influence change edition xv
Generalized Monopoly Capitalism xvii
The Triumph of Abstract Capital xviii
The Financialization and Globalization of Capitalism xix
Financial Oligarchy and Generalized Proletarianization xx
Plutocracy: The New Ruling Class of Senile Capitalism xx
Crony Capitalism Goes Global xxi
The New Business Class in the Peripheries xxii
A Generalized but Segmented Proletariat xxiii
A Shift in the Centre of Gravity of Global Capitalism? xxiv
A Conflict with Great Potential for Progress xxv
Emerging Economies and Affirmation of Sovereignty xxvi
Political Projects, Social Bases and Legitimacy xxvii
The Implosion of Contemporary Capitalism xxix
Note xxx
Introduction xxxi
1 The Future of Global Polarization 1
Unequal Development and the Historical Forms of Capitalism 1
The Present World System and the Five Monopolies of the Centre 3
An Alternative Humanist Project of Globalization 5
Obstacles to the Realization of this Project 6
Possible Future Scenarios and their Inadequacy 8
Renewing a Perspective of Global Socialism 10
2 The Capitalist Economic Management of the Crisis of Contemporary Society 12
The ‘Laws of History’: Capitalism Expansion Not Synonymous with Development 14
The Institutional Structure: The Bretton Woods Institutions 17
The IMF 18
The World Bank 23
GATT–WTO 26
Globalization: The Necessity of International Economic Management 31
Reforming Bretton Woods 39
References 45
3 Reforming International Monetary Management of the Crisis 46
Background 46
Flexible Exchange Rates are No Solution 47
Reform Proposals Emanating from the Mainstream 49
An Alternative Vision: Polycentric Regionalization 51
4 The Rise of Ethnicity: A Political Response to Economic Globalization 55
The Postwar Cycle (1945-90) and the New Globalization 56
The Disintegration of the State and the New Ethnic Ideologies in the Third World 61
Globalization and the Crisis of the Nationhood 64
The Current Management of the Crisis and its Alternatives 72
Further Thoughts on Universalism versus Particularism and the Socialist Response to Nationalism 79
References 92
5 What are the Conditions for Relaunching Development in the South? 93
Development off the Agenda 93
Contemporary Society is in Crisis, but there is Not Yet a Crisis of Capitalism 95
Solutions: Liberalism without Borders? 98
Nationalism 99
The Dangers of Anti-Democratic Regression: The Ethnic Assault, Religious Fundamentalism and Neo-Fascism 101
Reflections on a Counter-Project: Some Basic Propositions 103
Notes 107
References 107
6 The Challenges Posed by Globalization: The European Case 108
The Lack of Political Complimentarity in the Postwar European Economic Community Project 108
The EC’s Achievements: A Balance-Sheet 113
The Future of European Integration in the Age of Globalization 118
A Different Future: A Radical Vision for Europe 130
References 133
7 Ideology and Social Thought: The Intelligentsia and the Development Crisis 134
Social Theory and the Critique of Capitalism: Marxism, Postmodernism and the Social Movements 134
The Intelligentsia vis-à-vis Mental Operatives 140
Development: Contrasting Critiques 142
The Analyses and Strategies put forward by the Third World Intelligentsia 147
A New Agenda: Analysing the Diversity of the Third World and Reconstructing the Social Power of the Popular Classes 148
References 152
Index 153
Back cover Back cover