An Introduction to Political Economy by R Page Arnot

By R Page Arnot

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SSAs and MORs are power structures that impinge on accumulation dynamics. This is the first study to apply the SSA approach extensively to the global arena; the recent global trend makes this more feasible than in earlier decades. The global systems of governance, corporate relations, production-money-trade, and military-international relations are the most important contemporary socioeconomic and political institutional relationships operating at the global level, and they must thus be center stage in the analysis.

The basic idea behind long waves is that the durable structures of the economy evolve over time in relatively complex patterns of development and demise. 1 Long waves for the major industrial nations Date Long wave Upswing Downswing Technology style Institutions Long 1780s– Industrial wave 1840s revolution 1 1780s– 1810s 1810s–1840s Cotton textiles; iron and steam power; furnace iron smelting; crop rotation Age of revolutions, simple control of labor, nationalism, entrepreneurial business Long 1850s– Large-scale wave 1890s industry 2 1850– 1870s 1870s–1890s Steam engine, railways, gold British hegemony, joint stock company, from simple to technical labor control Long 1890s– Finance 1890s– 1910s–1940s Electricity and Finance capital, Growth and development in the global political economy wave 1940s 3 capital and imperialism 1910s chemicals 6 imperialism, big business, modern party system, technical labor control Long 1940s– Postwar global 1940s– wave 1990s/ Fordism 1970s 4 2000s 1970s– Internal 1990s/ 2000s combustion engine, assembly lines, oil Fordism, Keynesian-welfare state, US hegemony, bureaucratic labor control Long 2000s– Globalization wave 2040s?

Chapters 3–6 detail the Global System of Power and Accumulation. Chapter 3 critically scrutinizes the dominant governance system of neoliberalism, which despite Growth and development in the global political economy 20 some degree of moderation of late is still the most powerful global ideology underpinning governance practices. It is shown that the neoliberal state that is emerging out of this process of transition is also undergoing a contradictory process. In redirecting spending from productive activities such as the transport network, communications, health, and education toward transfer payments the degree of crowding out has increased.

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