Adam Tooze on World Order, Then and Now - ChinaTalk - 0 views
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if you're dealing with a bunch of herbivorous Social Democrats, they'll take you in one direction and you'll end up with a welfare state and full employment, but if their same knowledge is in the hands of a group of nationalist militarists, what you've really provided them with is the blueprint for highly efficient mobilization of a military economy in times of peace. So deep in the heart of neoliberal thought and conservative thinking about the modern state and its potential lies a fear of that possibility.
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China’s not the Soviet Union, China's not fascist Italy, China's not Nazi Germany. The growth of China is a phenomenon that dwarfs all of those previous developments and has to be understood on the timeframe that was laid out for us by the economic data of somebody like Angus Maddison, who shows us global GDP all the way back to the birth of Christ. All the way through the beginning of the 19th century, the Asian economies actually dominate once you've adjusted GDP by purchasing power parity and so on.
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It's tempting to say, is there anyone in the United States that could play the role of the British elite after World War One? But America's position of dominance was vastly greater than that ever by enjoyed the British so the psychological challenge of accepting this transition is far greater. And, of course, in key respects America remains an absolutely dominant player, most notably with regard its hard power, its weapons, but also in certain respects with regard to its financial centrality.
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