BRICS or Bust?

Elsenhans, Hartmut; Babones, Salvatore

doi:10.1515/9781503604919

Cited by 6 publications

(2 citation statements)

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“…This idea was formulated long before the emergence of the post-Keynesian debate on this issue. 2 Previous scholarship (Elsenhans & Babones, 2017) has shown how this theoretical model might be applied to the BRICs (Brazil, Russia, India, China), while the present contribution applies it on a global scale.…”

Section: Introductionmentioning

confidence: 92%

“…Any attempt to transgress the boundaries of the West in order to build coalitions of labour for the purpose of making capitalism work on a global scale would have to engineer an understanding between the remnants of a Western, Keynesian secular left and the rising mass movements of cultural nationalism in the South (Elsenhans, 2017). Such a coalition is difficult to envisage, but nonetheless necessary for the survival of capitalism.…”

Section: Discussing Alternatives and Conclusionmentioning

confidence: 99%

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Impending Threat of Rent Globalization and the Defence of Capitalism by Labour

Elsenhans

2019

International Studies

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It is wrong that globalization necessarily leads to a world system where all participating economies are capitalist economies. Under the prevailing conditions of disempowerment of labour, capitalism is too weak to transform rent-based underdeveloped economies. Globalization is driven by currency devaluation, which transforms new comparative advantage into cost competitiveness. The major check on devaluation is full employment. It is often not achieved in countries engaging in devaluation-driven exports. In order to globalize capitalism, labour in the South would have to be empowered. At the theoretical level, a neoliberal understanding of capitalism as against Keynesianism blocks an understanding of the importance of mass consumption for maintaining capitalism. At the political level, mass movements where they exist in the South are captured by secular nationalism or cultural nationalism. An increasingly fragmented multipolar system emerges where governments promote rent seeking.

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Section: Introductionmentioning

confidence: 92%

Section: Discussing Alternatives and Conclusionmentioning

confidence: 99%