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Publication Details

Reference
Vanaik, Achin  (2013) Capitalist Globalisation and the Problem of Stability: enter the new quintet and other emerging powers. Third World Quarterly : 194-213.

Summary
Ever-expanding capital accumulation cannot be stable or cumulative without coordination and regulation provided by the state and the system of states, wherein the subset of the most powerful states is vital for establishing stability. There is a hegemonic transition of sorts towards a new quintet of powers in which the USA will remain indispensable as the key coordinator. Pretensions regarding China as the new hegemon are exposed as also are Indian claims. Moreover, it is argued that the BRICS grouping cannot provide an effective alternative to the quintet. However, the likely failure of the quintet to guarantee future stability raises the issue of the viability of capitalism itself.

Transiting towards a post-capitalist order requires as a necessary if insufficient condition confronting the informal empire project of the USA that underpins capitalist globalisation.

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