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this economistic social thought would find its expression in the manuals of the Briton Alfred Marshall, the bibles of economics at the time.

      The promises of globalized liberalism, as they were then vaunted, seemed to be coming true for a while during the belle époque. After 1896, growth started again on the new bases of the second industrial revolution, oligopolies, and financial globalization. This ‘emergence from the crisis’ sufficed not only to convince organic ideologues of capitalism—the new economists—but also to shake the bewildered workers’ movement. Socialist parties began to slide from their reformist positions to more modest ambitions: to be simple associates in managing the system. The shift was very similar to that found today in the discourse of Tony Blair and Gerhard Schröder. The modernist elites of the periphery also believed that nothing could be imagined outside the dominant logic of capitalism.

      The triumph of the belle époque lasted less than two decades. A few dinosaurs, still young at the time (Lenin, for instance!), predicted its downfall but no one heard them. Liberalism, or the attempt to put into practice the individualist ‘free market’ utopia—what is, in fact, the unilateral domination of capital—could not reduce the intensity of the contradictions of every sort that the system carried within itself. On the contrary, it sharpened them. Behind the cheerful hymns sung by the workers’ parties and trade unions as they mobilized for the cause of capitalist-utopian nonsense, one could hear the muted rumble of a fragmented social movement, confused, always on the verge of exploding, and crystallizing around the invention of new alternatives. A few Bolshevik intellectuals used their gift for sarcasm with regard to the narcotized discourse of the ‘rentier political economy’, as they described the ‘pensée unique’ of the time—the hegemonic rules of ‘free market’ thought. Liberal globalization could only engender the system’s militarization in relations among the imperialist powers of the era, could only bring about a war which, on its cold and warm forms, lasted for just over thirty years—from 1914 to 1945. Behind the apparent calm of the belle époque it was possible to discern the rise of social struggles and violent domestic and international conflicts. In China, the first generation of critics of the bourgeois modernization project were clearing a path; their critique—still in its babbling stage in India, the Ottoman and Arab world, and Latin America—would finally conquer the three continents and dominate three-quarters of the twentieth century.

      Between 1914 and 1945, the stage was held simultaneously by the thirty years’ war between the United States and Germany, over who would inherit Britain’s defunct hegemony, and by the attempts to contest, contain, and control—by any available means—the alternative hegemony described as the construction of socialism in the Soviet Union.

      In the capitalist centres, both victors and vanquished in the war of 1914–1918 attempted persistently—against all the odds—to restore the utopia of globalized liberalism. We therefore witness a return to the gold standard; a colonial order maintained through violence; and economic management, regulated during the war years, once again liberalized. The results seemed positive for a brief time, and the 1920s saw renewed growth, pulled by the dynamism of the new mass automotive economy in the United States and the establishment of new forms of assembly line labour (parodied so brilliantly by Charlie Chaplin in Modern Times). But these developments would find ready ground for generalization, even within the core capitalist countries, only after the Second World War. The 1920s restoration was fragile and, as early as 1929, the financial underpinnings—the most globalized segment of the system—collapsed. The following decade, leading up to the war, was a nightmare. The great powers reacted to recession as they would again in the 1980s and 1990s, with systematically deflationist policies that served only to aggravate the crisis, creating a downward spiral characterized by massive unemployment—all the more tragic for its victims because the safety nets invented by the welfare state did not yet exist. Liberal globalization could not withstand the crisis; the monetary system based on gold was abandoned. The imperialist powers regrouped in the framework of colonial empires and protected zones of influence—the sources of the conflict that would lead to the Second World War.

      Western societies reacted differently to the catastrophe. Some sank into fascism, choosing war as a means of reshuffling the deck on a global scale (Germany, Italy, Japan). The United States and France were the exceptions and, through Roosevelt’s New Deal and the Front Populaire in France, launched another option: that of market management (‘regulation’) through active state intervention, backed by the working classes. These formulas remained timid and tentative in practice, however, and were expressed fully only after 1945.

      In the peripheries, the collapse of the belle époque myths triggered an anti-imperialist radicalization. Some countries in Latin America, taking advantage of their independence, invented populist nationalism in a variety of forms: in Mexico, during the peasant revolution of the 1910s and 1920s; in Argentina, during Perónism in the 1940s. In the East, Turkish Kemalism was their counterpart. Following the 1911 revolution, China was torn by a long civil war between bourgeois modernists—the Kuo Min Tang—and communists. Elsewhere, the yoke of colonial rule imposed a delay several decades long on the crystallization of similar national-populist projects.

      Isolated, the Soviet Union sought to invent a new trajectory. During the 1920s, it had hoped in vain that the revolution would become global. Forced to fall back on its own forces, it followed Stalin into a series of Five-Year Plans meant to allow it to make up for lost time. Lenin had already defined this course as ‘Soviet power plus electrification’. The reference here is to the new industrial revolution—electricity, not coal and steel. But ‘electrification’ (in fact, mainly coal and steel) would gain the upper hand over the power of the Soviets, emptied of meaning.

      This centrally planned accumulation was, of course, managed by a despotic state, regardless of the social populism that characterized its policies. But then, neither German unity nor Japanese modernization had been the work of democrats. The Soviet system was efficient as long as the goals remained simple: to accelerate extensive accumulation (the country’s industrialization) and to build up a military force that would be the first one capable of facing the challenge of the capitalist adversary, by beating Nazi Germany and then ending the American monopoly on atomic weapons and ballistic missiles during the 1960s.

       THE CRISIS (1970–PRESENT)

      The Second World War inaugurated a new phase in the world system. The takeoff of the postwar period (1945–1975) was based on the three social projects of the age, projects that stabilized and complemented each other. These three social projects were: (i) in the West, the welfare state project of national social democracy, based on the efficiency of productive interdependent national systems; (ii) the ‘Bandung project’ of bourgeois national construction on the system’s periphery (development ideology); and (iii) the Soviet-style project of ‘capitalism without capitalists’, existing in relative autonomy from the dominant world system. The double defeat of fascism and old colonialism had indeed created a conjuncture that allowed the popular classes, victims of capitalist accumulation, to impose variously limited or contested but stable forms of capital regulation and formation, to which capital itself was forced to adjust, and which were at the roots of this period of high growth and accelerated accumulation.

      The crisis that followed (which started between 1968 and 1975) is one of the erosion, then the collapse, of the systems on which the previous takeoff had rested. This period, which has not yet come to a close, is therefore not that of the establishment of a new world order, as is too often claimed. Rather, this period is characterized by chaos that has not been overcome—far from it. The policies implemented under these conditions do not constitute a positive strategy of capital expansion but simply seek to manage the crisis of capital. They have not succeeded because the ‘spontaneous’ project produced by the unmediated, active domination of capital, in the absence of any framework imposed by social forces through coherent and efficient reaction, is still a utopia: that of world management through what is referred to as ‘the market’—that is, the short-term interests of capital’s dominant forces.

      In modern history, phases of reproduction based on stable accumulation systems are succeeded by periods of chaos. In the first of these phases, as in the postwar takeoff, the succession of events gives the impression of a certain monotony, because the social and international relations

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