5-22-09

5-22-09—The hegemon’s ruling class, looking for investment opportunities, provides seed money for the next hegemon. As Marx himself pointed out, Venice (and Genoa) invested in The Netherlands, which eventually invested in England, which in turn invested in the United States, and as the United States appears to be currently doing in China. According to Arrighi, it appears to the hegemon’s ruling class that these new investments will leave them in their privileged position. Eventually, however, one of the regions favored by new investment establishes its own leadership in the production of key commodities. Eventually financially hegemony—which is technically easier to imitate, but depends on accumulated wealth—follows as well, and a new hegenomic wave begins. Richard Marens “It’s Not Just for Communists Any More,” OXFORD HANDBOOK OF SOCIOLOGY AND ORGANIZATION (2009) p 104