Imperialism in the Twenty-First Century. John Smith

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isbn 9781583675793



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      THE PAUL A. BARAN – PAUL M. SWEEZY MEMORIAL AWARD

      John Smith’s book, Imperialism in the Twenty-First Century, is the inaugural winner of the Paul A. Baran–Paul M. Sweezy Memorial Award. This award, established in 2014, honors the contributions of the founders of the Monthly Review tradition: Paul M. Sweezy, Paul A. Baran, and Harry Magdoff. It supports the publication in English of distinguished monographs focused on the political economy of imperialism. The aim is to make available in English important work written in the tradition of Paul M. Sweezy, Paul A. Baran, and Harry Magdoff, broadly conceived. It will also apply to writings previously unpublished in English, and will include translations of new work first published in languages other than English.

      Paul M. Sweezy co-founded Monthly Review in 1949, and, with Paul A. Baran, developed the fundamental analysis of accumulation under monopoly capitalism. Baran’s The Political Economy of Growth, published in 1957, set the template for understanding imperialism in the latter part of the twentieth century—an argument that was to be further developed in Baran and Sweezy’s Monopoly Capital (1966). Harry Magdoff, who would become the co-editor of Monthly Review, carried this project forward in The Age of Imperialism (1969) by investigating the historical trajectory of imperialism and tracing the contours of monopoly capitalism as a world system of exploitation. Their collective effort helped form a current of independent socialist thought of increasing importance on a global scale.

      Today, the struggle continues against a global capitalist system that has created conditions of increased exploitation in the countries of the global South, alongside a vast transfer of wealth to imperialist centers of the global North. While untold profits accrue to imperialism’s ruling elite—the 1 percent of society at home and abroad—the 99 percent of the world’s population experience greater hardship and misery. The imperial system of the twenty-first century is one marked by growing uncertainty, instability, and ecological disaster. The promise of national emancipation through independence has not been fulfilled in general. Capitalist globalization is in fact imperialism without colonies.

      Please visit our website for complete details of the award.

      IMPERIALISM

      in the Twenty-First Century

       Globalization, Super-Exploitation, and Capitalism’s Final Crisis

      John Smith

      MONTHLY REVIEW PRESS

       New York

      Copyright © 2016 by John Smith

      All Rights Reserved

      Library of Congress Cataloging-in-Publication Data

      Smith, John Charles, 1956–

      Title: Imperialism in the twenty-first century : globalization, super-exploitation, and capitalism’s final crisis / John Smith.

      Description: New York : Monthly Review Press, [2016] | Includes bibliographical references and index.

      Identifiers: LCCN 2015046537 (print) | LCCN 2015050017 (ebook) | ISBN 9781583675779 (pbk.) | ISBN 9781583675786 (hardcover) | ISBN

      9781583675793

      (trade) | ISBN 9781583675809 (institutional)

      Subjects: LCSH: Capitalism—Poltical aspects. | Neoliberalism. | International trade. | Globalization—Economic aspects. | Imperialism—Economic aspects.

      Classification: LCC HB501 .S636155 2016 (print) | LCC HB501 (ebook) | DDC

      330.12/2—dc23

      LC record available at http://lccn.loc.gov/2015046537

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      5 4 3 2 1

      Contents

       List of Figures and Tables

       1. The Global Commodity

       2. Outsourcing, or the Globalization of Production

       3. The Two Forms of the Outsourcing Relationship

       4. Southern Labor, Peripheral No Longer

       5. Global Wage Trends in the Neoliberal Era

       6. The Purchasing Power Anomaly and the Productivity Paradox

       7. Global Labor Arbitrage: The Key Driver of the Globalization of Production

       8. Imperialism and the Law of Value

       9. The GDP Illusion

       10. All Roads Lead into the Crisis

       Notes

       Index

      LIST OF FIGURES AND TABLES

Per Capita GDP (PPP$*) by Nation
FIGURE 2.1: Developing Economies Trade in Manufactures
FIGURE 2.2: Developing Nations Share of Developed Nations Manufactured Imports
FIGURE 2.3: Manufactured Exports as a Percent of Merchandise Exports, by Region
FIGURE 3.1: North-South Flows of FDI and Profits ($bn)
TABLE 3.1: Total