Table IV: Stages and Stresses of World and U.S. Capitalism
|
|
International Regime |
Downfall |
U.S. Regime |
Downfall |
|
1812-99 |
U.K. hegemony and balance of power: "100 years Peace." |
Uneven development: rise of Germany and the U.S. |
Rising economic & political power. |
|
|
1900-45 1900-19
1920s |
Classical Monopoly Capitalism & the (new) Imperialism. |
Unity of nation with capital: aggressive nationalist competition leading to War & Depression.
|
Urban labor abundance. |
Falling profit rate.
|
|
Interregnum & Restoration. Laissez-faire. Deflation bias. Pre-Depression. |
Leading economy but not hegemon of world economy. |
Over-Investment relative to demand in corporate sector. |
||
|
1945-72 |
U.S. hegemony and Cold War. The "golden age." |
Vietnam War. Rising World Competition (uneven development). Rising international investment. |
Military Keynesianism (warfare/welfare state). Relative scarcity of labor. Leading sector of world capitalism. |
Over-expansion relative to supply in late 1960s. Falling profit rate. Stagflation. |
|
1972-?? |
Declining U.S. hegemony. New Restoration. Global Capitalism: Decline of nation/state unity (Japan, etc. lagging). Universal dependency. |
Competitive austerity & Export promotion. Nations compete to attract transnational capital. |
Relative labor abundance. Leading role lost except in weakness (double deficit). |
Silent Depression. |