Special to Canadian Dimension, September 6, 2007
Today’s two most conspicuous global flashpoints – the Middle East and Latin America – have widely exposed the fact of US imperialism and highlighted some of its limitations. Adding the apparent cracks in US economic hegemony seems to indicate an empire in decline. Yet a more cautious assessment would recall that the earlier defeat in Vietnam did not derail US global expansion, while the new Vietnam has become a model member of the WTO. It is equally sobering to note that the four largest Latin America economies - Brazil, Mexico, Argentina and Columbia which collectively account for some 80% of the continent’s GDP - are, in spite of significant jolts along the way, hardly considering any radical break with capitalism but in fact deepening their integration into global capitalism. As for the US trade deficit and falling dollar this is, as I’ll argue below, simply too economistic a measure of imperial strength. (Keep reading…)