This article by Giovanni Arrighi and Beverly J. Silver analyzes the structural crises and transformations of the capitalist world-system through the lens of systemic cycles of accumulation and hegemonic transitions. Core Arguments: Cyclical Nature of Capitalism: · Capitalism undergoes long cycles alternating between material expansion (investment in trade and production) and financial expansion (speculation, credit, liquidity). · Financial expansions are not new stages of capitalism but recurrent “autumn” phases signaling the maturity of a cycle and often preceding systemic reorganization. Four Systemic Cycles of Accumulation: · Genoese-Iberian (15th–early 17th c.) · Dutch (late 16th–late 18th c.) · British (mid-18th–early 20th c.) · US (late 19th c.–present, currently in financial expansion) · Each cycle is led by a dominant complex of governmental and business agencies that shape the global regime of accumulation. Hegemonic Transitions: · Financial expansions coincide ...
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