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Adam Smith in Beijing: Lineages of the 21st Century

Acclaimed exploration of China’s emergence as the most dynamic center of current economic expansion.

In the late eighteenth century, the political economist Adam Smith predicted an eventual equalization of power between the West and the territories it had conquered. In this magisterial new work, Giovanni Arrighi shows how China's extraordinary rise invites us to reassess radically the conventional reading of The Wealth of Nations. He examines how recent US attempts to create the first truly global empire were conceived to counter China's spectacular economic success Now America’s disastrous failure in Iraq has made the People’s Republic of China the true winner in the US War on Terror.

China may soon become again the kind of noncapitalist market economy that Smith described, an event that will reconfigure world trade and the global balance of power.

Reviews

  • “Arrighi is a student of the French historian Fernand Braudel, and the book has the range and ambition of Braudel's work.”
  • Adam Smith in Beijing follows, and completes, his previous volume The Long Twentieth Century. Together they constitute a stunning work of world history with theoretical and political intent whose intellectual roots lie in a mix of radical historiographical traditions.”
  • “This book is an impressive result; it will have a major impact ... Arrighi argues his case in great detail – using an elaborate exegesis of The Wealth of Nations, which will send many readers back to that text in amazement.”

Blog

  • Frédéric Lordon: Syriza faces a choice between capitulation and open sedition

    This Sunday, 25 January, Greeks will vote in parliamentary elections of potentially historic importance, with Alexis Tsipras’s Syriza coalition currently ahead in the opinion polls. But according to Frédéric Lordon, Germany’s grip on the situation and the Greek radical Left party’s own inconsistencies might condemn it to some painful acrobatics.


    For a long time Europe has been caught in a constitutional trap of its own making, with its neo-liberal treaties offering just two ways out of the current impasse: 1) the financial collapse of the European project, under the weight of its own internal contradictions; or 2) some political mishap coming along that will overthrow the whole system. The ECB’s announcement of the OMT programme [1] has avoided the first of these eventualities – for now – which leaves the second. And that’s the reason why the ‘European-institutional party’ has come to see democracy not as a normal state of political life but rather as a permanent source of threats – and it thinks itself justified in using any means necessary to stamp them out.

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  • Post-crash economics: a reading list

    Neoliberal economics isn't working and students are demanding more from their course reading than the 8th edition of Macroeconomics can provide. Following the news that Economics students in Manchester have formed the Post-Crash Economics Society and Aditya Chakrabortty's excoriating and controversial commentary on the state of contemporary economics, published in the Guardian, Verso presents a reading list of economics titles which challenge the mainstream neoliberal consensus and offer powerful alternative models in contemporary economics.
     


    First up, Wolfgang Streeck's analysis of the 2008 financial crisis, Buying Time: The Delayed Crisis of Democratic Capitalism.
    Placing the crisis in the context of the neoliberal transformation of society that began in the 1970s, Streeck's focus is on the tensions that this has produced between states, voters and capitalist enterprises. Buying Time asks fundamental questions about the compatibility between democracy and contemporary forms of capitalism. 
    Read Streeck's excellent article on the end of capitalism at the New Left Review website.

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  • EXCLUSIVE EXTRACT - Chapter One of Utopia or Bust by Benjamin Kunkel



    All this week we will be bringing you an exclusive serialisation of the opening chapter of Benjamin Kunkel's Utopia or Bust. In the chapter entitled 'David Harvey: Crisis Theory', Kunkel begins his examination of the world of Marxist thought and the basis of Western society today with an exploration of Harvey's body of work and contribution to post-Marxian theory.


    The deepest economic crisis in eighty years prompted a shallow revival of Marxism. During the panicky period between the failure of Lehman Brothers in September 2008 and the official end of the American recession in the summer of 2009, several mainstream journals, displaying a less than sincere mixture of broadmindedness and chagrin, hailed Marx as a neglected seer of capitalist crisis. The trend-spotting Foreign Policy led the way, with a cover story on Marx, for its Next Big Thing issue, enticing readers with a promise of the star treatment: “Lights. Camera. Action. Das Kapital. Now.”

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Other books by Giovanni Arrighi