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Late Imperialism—Fifty Years After Harry Magdoff’s The Age of Imperialism — John Bellamy Foster

Summary:
Important. This is a view of neoliberal globalization in terms of the history of imperialism and its financial and economic analysis. It emerges as a natural extension of liberal capitalism in the Western liberal ideology that came to dominate the world scene after the colonial period. Ironically, the practical application of this world view took place in the transition of America from a British colony to the first Western liberal democracy constructed in terms of Enlightenment philosophy and political theory.Ironically, American became the inheritor of the British imperial mantle post WWII, continuing the global dominance of sea power (thassalocracy) over land power (tellurocracy). Now land powers Russia and China are rising to challenge Anglo-American sea power. Also emerging is the

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Important. This is a view of neoliberal globalization in terms of the history of imperialism and its financial and economic analysis. It emerges as a natural extension of liberal capitalism in the Western liberal ideology that came to dominate the world scene after the colonial period. Ironically, the practical application of this world view took place in the transition of America from a British colony to the first Western liberal democracy constructed in terms of Enlightenment philosophy and political theory.

Ironically, American became the inheritor of the British imperial mantle post WWII, continuing the global dominance of sea power (thassalocracy) over land power (tellurocracy). Now land powers Russia and China are rising to challenge Anglo-American sea power. Also emerging is the importance of air power, cyber power, and space power that reduces the land-sea dichotomy, although it is still crucial strategically.

Monthly Review
Late Imperialism—Fifty Years After Harry Magdoff's The Age of Imperialism

John Bellamy Foster
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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