China Daily, May 10, 2021.
Cheng Enfu is a principal professor at the University of the Chinese Academy of Social Sciences, director of the Research Center for Economic and Social Development at the Chinese Academy of Social Sciences, and president of the World Association for Political Economy. He can be reached at 65344718[at]vip.163.com. Lu Baolin is a professor at the School of Economics, Qufu Normal University.
Neoimperialism is the specific contemporary phase of historical development that features the economic globalization and financialization of monopoly capitalism. The characteristics of neoimperialism can be summed up on the basis of the following five key features. First is the new monopoly of production and circulation. The internationalization of production and circulation, together with the intensified concentration of capital, gives rise to giant multinational monopoly corporations whose wealth is nearly as great as that of whole countries. Second is the new monopol
Monthly Review | Capital, Science, Technology
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Monthly Review | The Ideology of Late Imperialism
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John Bellamy Foster is the editor of
Monthly Review and a professor of sociology at the University of Oregon. R. Jamil Jonna is associate editor for communications and production at
Monthly Review. Brett Clark is associate editor of
Monthly Review and a professor of sociology at the University of Utah.
The authors thank John Mage, Craig Medlen, and Fred Magdoff for their assistance.
The U.S. economy and society at the start of 2021 is more polarized than it has been at any point since the Civil War. The wealthy are awash in a flood of riches, marked by a booming stock market, while the underlying population exists in a state of relative, and in some cases even absolute, misery and decline. The result is two national economies as perceived, respectively, by the top and the bottom of society: one of prosperity, the other of precariousness. At the level of production, economic stagnation is diminishing the life expectations of the vast majority. At the same time, financializatio