GUEST BLOG: Pat O’Dea – Meet the new Boss

Meet the New Boss, (same as the old Boss)

Taking a sporting analogy, in every competition there are winners and a losers. In a competitive free market economy, competition between rival producers and manufacturers also results in winners and losers. The losers are driven out of the market, the winners go on to become monopolies. Monopolies go on to dominate national economies (with ambition to dominate world economies).

Finance-Capital
Monopoly producers link up with banks, gain influence over the banking system. Through control of the financial sector, Finance Capital gains control of economic policy and influence over government policy, (including foreign policy). This web of economic and political influence is known as Monopoly Capital.

Monopoly Capital is the driver of imperialism. Imperialism is capitalist competition writ large on the world stage.

Meet the New Boss, Same as the Old Boss

Is your nation feeling constrained by the domination of the world’s markets and economy by the US and Europe?

Then the Multipolar World maybe for you.

The Call for a Multipolar World

After the collapse of the USSR, and the end of the Cold War, the US was hailed as the world’s sole remaining superpower bloc. Since those heady days, we have seen China rise as an economic and military power with ambitions to empire.
We have seen the Russian Federation under Vladimir Putin’s dictatorship, expressing a revanchist desire for Russia’s lost empire.

The supporters of Russian and Chinese imperialism, cover up the naked truth about these new global powers imperialist ambitions, as being about creating a multipolar world, free from domination of America and Europe. We hear talk about the rise of the Brics and the replacement of the US Dollar with a new global reserve currency.

The sharpening of imperialist divisions caused by war, some of these ambitions are being realised.

What the supporters of the Multipolar World theory, don’t tell you about the multipolar world they are fighting for, is that it will not be a meeting of equals, but of a new hegemony by China and Russia, over the rest.

Even the fragile, off again on again, alliance between Russia and China, would not long survive the multipolar world, before one or the other sought complete hegemony.

Imperialism means war

The rise of Brics

BRIC is an acronym for the developing nations of Brazil, Russia, India, and China. They are countries that some believe will be the dominant suppliers of manufactured goods, services, and raw materials by 2050. China and India will become the world’s dominant suppliers of manufactured goods and services. Brazil and Russia will become similarly dominant as suppliers of raw materials.

In 2010, South Africa joined the group and it became known as BRICS.

In the wake of war, Brics challenge the dominance of the Greenback

In June 2022, the BRICS countries announced plans to introduce a new reserve currency as an alternative to the US dollar. Will we see the new currency in the forex market to compete with the US dollar and the euro?

Can the new BRICS reserve currency compete with the US dollar?

Pat O’Dea is a trade unionist and human rights activist.

Related Posts