In one of Immanuel Wallerstein’s early books he pointed out that there have been four major hegemons in the history of capitalism. Italy, Holland, England and the United States underwent rises and declines between the 15th century and today.
Within these periods there have been five cycles of capitalist profit. Commercial, slave, industry, military and finance capital. In every period the end of a hegemon was characterized by an investment in military and finance capital. This article spells out how things will end for the United States.
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