Economic Imperialism

One of my top sources for economic insight is a blog written by an avowed Marxist. Why would a Marxian weblog appeal to anyone with conservative and capitalist leanings? In short, the blog in question’s number-crunching and power index calculations are opinions that should not be dismissed.

If there is anything to be dismissed about the Marxist’s blog it is the title. Economicsofimperialismblogspot is neither catchy nor correct. The theories of economic imperialism as proffered by Leninists and others have been proven to be incorrect, repeatedly. Imperialism was never a reaction to amassed capital, rather a more complex outreach dependent on a whole host of variables. The Marxist owner of the blog claims the title refers to use of the term ‘imperialism’ in the classical sense to describe the system of domination in the capitalist world economy – that seems like a sidestep of Marxist belief to me.

The site in question can be found here. Its author, Tony Norfield has written at least one excellent book – The City (he worked close to 20 years in bank dealing rooms in the City, latterly as Executive Director in charge of analysing global FX markets for a major European bank) which can be bought here.

With his regularly updated index of power, Norfield is brilliant. The latest update can be found here. Those naysayer remoaners should all have a read. They will hate where Britain rightly stands in the index. Norfield’s Index also highlights the dramatic inequality of power across the globe. In the top group, only China, the UK, Japan, France and Germany have an index value that is more than 20% of that for the US. Only 30 countries have a total index value that is more than 2% of the US number; the world’s remaining 170 or so countries count for even less.

Many of Norfield’s takes – on politics and Palestine – I can’t agree with but his blog certainly makes you think. Well worth a read. Thankyou for your efforts, Tony.

Just goes to show that the splitting of the world into political tribes is all very well but you should never put your fingers in your ears when your opponents are talking. Which reminds me of Voltaire who on his deathbed was asked by a priest to renounce Satan:

“Now, now my good man, this is no time to be making enemies.”

Published by Dominic Wightman

Businessperson, Editor & Father, Dominic Wightman spends his time between the UK and Venezuela.

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