The Long Twentieth Century by Giovanni Arrighi

Description

The Long Twentieth Century by Giovanni Arrighi is a landmark analysis of the evolution of global capitalism over the past several centuries, offering a sweeping and profound interpretation of how economic power, finance, and state control have shaped world history. Arrighi presents capitalism not as a linear progression but as a series of systemic cycles of accumulation, each dominated by different leading powers: Genoa, Holland, Britain, and the United States. He draws on world-systems theory, Marxist economics, and Braudelian historical analysis to argue that these cycles are marked by a shift from material expansion to financialization—a phase where profits increasingly derive from financial speculation rather than productive activity. According to Arrighi, each hegemon experiences an initial phase of economic growth and expansion, followed by a period of financialization that signals its decline and eventual displacement by a new center of accumulation. In this context, he interprets the "long twentieth century" as the era of American hegemony, now entering its twilight as financial speculation dominates and new centers of power, particularly East Asia, emerge on the global stage. Arrighi's analysis links historical patterns of capitalism to contemporary global crises, offering deep insights into the origins and possible futures of our current world order. This book is an essential read for those interested in political economy, history, and global power dynamics.