As the sun rises on China and sets on America, the world holds its breath.
China, the USA and Capitalism’s Last Crusade looks at the rise of China and the decline of the USA but from a different angle. William Briggs argues that this struggle for economic supremacy is being played out against a much bigger backdrop; the decline of the economic structure of capitalism. In this sense, the decline of the USA is portrayed as that larger economic decline in microcosm.
Briggs examines the relationship between state and capital, of how capitalism came to dominate the world, and of the historical, political and economic rise of both the USA and China. He shows that the struggle between the two nations has little to do with cultural, historical, demographic, political or ideological differences, but with what they have in common. Despite the portrayal of China as being ‘socialist’ it functions as a capitalist economy in the globalised capitalist world. While its journey to capitalism may have differed, the end point is the same and this is why there is such animosity, such conflict, such acrimony between the two states.
“We live in a precarious time. As insecurity, poverty, and inequality are growing, the world is engulfed by the antagonisms between capital and labor as well as between nation-states. Capitalism has brought the planet to the brink through climate change and pandemics. Briggs correctly argues that the rise of China has been based on a capitalist economic system. Rather than helping to resolve the world’s urgent problems, China’s challenge to the US hegemony brings the world closer to the dangerous interplay between two superpowers. Will the current historical era prove to be capitalism’s last crusade and what has to change to bring hope to the future? To understand these important questions, one has to read this book.” – Professor Minqi Li, Department of Economics, University of Utah, author of The Rise of China and the Demise of the Capitalist World Economy 2015 Monthly Review Press