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 or Neo-Liberal 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.