Imperialism in the Twenty-First Century

Imperialism in the Twenty-First Century
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Winner of the first Paul A. Baran-Paul M. Sweezy Memorial Award for an original monograph concerned with the political economy of imperialism, John Smith's Imperialism in the Twenty-First Century is a seminal examination of the relationship between the core capitalist countries and the rest of the world in the age of neoliberal globalization.Deploying a sophisticated Marxist methodology, Smith begins by tracing the production of certain iconic commodities-the T-shirt, the cup of coffee, and the iPhone-and demonstrates how these generate enormous outflows of money from the countries of the Global South to transnational corporations headquartered in the core capitalist nations of the Global North. From there, Smith draws on his empirical findings to powerfully theorize the current shape of imperialism. He argues that the core capitalist countries need no longer rely on military force and colonialism (although these still occur) but increasingly are able to extract profits from workers in the Global South through market mechanisms and, by aggressively favoring places with lower wages, the phenomenon of labor arbitrage. Meticulously researched and forcefully argued, Imperialism in the Twenty-First Century is a major contribution to the theorization and critique of global capitalism.

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John Smith. Imperialism in the Twenty-First Century

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THE PAUL A. BARAN – PAUL M. SWEEZY MEMORIAL AWARD

John Smith’s book, Imperialism in the Twenty-First Century, is the inaugural winner of the Paul A. Baran–Paul M. Sweezy Memorial Award. This award, established in 2014, honors the contributions of the founders of the Monthly Review tradition: Paul M. Sweezy, Paul A. Baran, and Harry Magdoff. It supports the publication in English of distinguished monographs focused on the political economy of imperialism. The aim is to make available in English important work written in the tradition of Paul M. Sweezy, Paul A. Baran, and Harry Magdoff, broadly conceived. It will also apply to writings previously unpublished in English, and will include translations of new work first published in languages other than English.

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Buyer-driven GVCs [Global Value Chains] are typically focused on reduced sourcing costs, and … this means significant downward pressure on labor costs and environmental management costs. Some suppliers are achieving reduced labor costs through violations of national and international labor standards and human rights laws. Practices such as forced labor, child labor, failure to pay minimum wage and illegal overtime work are typical challenges in a number of industries. In addition to downward pressure on wages, the drive for reduced costs often results in significant occupational safety and health violations…. Downward pricing pressure has created economic incentives for violating environmental regulations and industry best practices, leading to the increased release of disease-causing pollutants and climate change–related emissions. Cutting costs by engaging in negative social and environmental practices is a particularly acute trend in developing countries.48

Bhagwati even uses a feminist argument to defend his beloved multinational corporations, and was one of the few to spring to the industries’ defense after the Rana Plaza disaster. Casting around for evidence of the “liberating effect [on] young girls in Bangladesh” of employment in garment factories, he quotes a study on girls’ adolescence in developing countries:

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