China and the new more just world order

Mutually beneficial trade, cooperation, and shared achievements

     In today’s commentary, I reflect on a recent article by Elias Jabbour, associate professor of theory and policy of economic planning at Rio de Janeiro State University.  The article was published in Geopolitical Economy Report and on the Website of the Friends of Socialist China. 

     Jabbour begins with the observation that the modern world-system in determined historic moments has been characterized by the rise of new poles of power and the decline of existing ones, with corresponding changes in hegemony.  Today the world-system is in such a moment of transition, but it is qualitatively different.  In the first place, more that a decline of the hegemonic power relative to other powers, there is today “an accelerated stage of political, social, moral, and economic decomposition of a hegemonic power: the United States of America.”  This has occurred because the USA beginning in the late 1970s turned to financialization as the driving force in the accumulation of capital, thus und…