Capitalism and the Emergent World Order

22 Pages Posted: 28 Jul 2014  

George Lawson

London School of Economics & Political Science (LSE)

Barry Buzan

London School of Economics & Political Science (LSE)

Date Written: 2014

Abstract

The two centuries old hegemony of the West is coming to an end. The ‘revolutions of modernity’ that fuelled the rise of the West are now accessible to all states. As a result, the power gap that developed during the nineteenth century and which served as the foundation for a core-periphery international order is closing. The result is a shift from a world of ‘centred globalism’ to one of ‘decentred globalism’. At the same time as power is becoming more diffuse, the degree of ideological difference among the leading powers is shrinking. Indeed, because all great powers in the contemporary world are in some form capitalist, the ideological bandwidth of the emerging international order is narrower than it has been for a century. The question is whether this relative ideological homogeneity will generate geoeconomic or geopolitical competition among the four main modes of capitalist governance: liberal democratic, social democratic, competitive authoritarian and state bureaucratic. This article assesses the strengths and weaknesses of these four modes of capitalist governance, and probes the main contours of inter-capitalist competition. Will the political differences between democratic and authoritarian capitalists override their shared interests or be mediated by them? Will there be conflicting capitalisms along the lines of the early part of the twentieth century? Or will the contemporary world see the development of some kind of concert of capitalist powers? A world of politically differentiated capitalisms is likely to be with us for some time. As such, a central task facing policy makers is to ensure that geoeconomic competition takes place without generating geopolitical conflict.

Suggested Citation

Lawson, George and Buzan, Barry, Capitalism and the Emergent World Order (2014). APSA 2014 Annual Meeting Paper. Available at SSRN: https://ssrn.com/abstract=2454441

George Lawson (Contact Author)

London School of Economics & Political Science (LSE) ( email )

Houghton Street
London, WC2A 2AE
United Kingdom

Barry Buzan

London School of Economics & Political Science (LSE) ( email )

Houghton Street
London, WC2A 2AE
United Kingdom

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