Adam Smith in Beijing: Lineages of the Twenty-First Century, by Giovanni Arrighi

This expansive work seeks to understand differing paths of capitalist economic development and portends tectonic shifts in world capitalism as China emerges as challenger to US hegemony. Beginning with a theoretical discussion of Adam Smith’s political economy, Arrighi contrasts Europe’s historical development with the purer market economics of the contemporaneous Far East. By examining historical transitions from one world-leading centre of capitalism to another, considering the role of financialisation in these processes, Arrighi ponders the future of US dominance after a series of monumental political and military failures. In the background China is rising; the new workshop of the world. SS

Verso; 2008; 418 pages

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