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The Rise of Emerging Markets Signifies the End of the Beginning of the American Century: Henry Luce and the Emergence of Global Capitalism

Starrs, S. ORCID: 0000-0002-0333-8950 (2018). The Rise of Emerging Markets Signifies the End of the Beginning of the American Century: Henry Luce and the Emergence of Global Capitalism. In: Regilme, S. S. F. & Parisot, J. (Eds.), American Hegemony and the Rise of Emerging Powers. (pp. 76-101). Abingdon, UK: Routledge. doi: 10.4324/9781315529370

Abstract

This chapter argues that the twenty-first-century rise of emerging markets—and most of all China—signifies far from American decline, but a closer realization of Henry Luce’s “American century” (1941) than ever before. I argue: (1) that the core of Luce’s vision in the 1940s was a world in which American corporations could expand capitalism and mass consumerism across the globe; (2) that this vision was only partially realized in the latter half of the twentieth century, with many challenges, including Third World attempts to decouple; (3) that the twenty-first-century capitalist rise and integration of “emerging markets” (no longer the Third World) finally allowed the expansion of mass consumerism to develop truly globally; and (4) that American corporations (and the US state) have been the primary drivers and benefactors of what is now called “globalization.” To bolster this argument, I provide data to show that American corporations continue to be at the pinnacle of global capitalism, with no contenders on the horizon, including China. Moreover, much of China’s contemporary efforts are to join, rather than supplant, the US-centered world order. Hence, the American century is only now being truly realized under the banner of globalization.

Publication Type: Book Section
Additional Information: This is an Accepted Manuscript of a book chapter published by Routledge/CRC Press in American Hegemony and the Rise of Emerging Powers: Cooperation or Conflict, on 16 Oct 2017, available online: https://www.taylorfrancis.com/chapters/edit/10.4324/9781315529370-5/rise-emerging-markets-signifies-end-beginning-american-century-sean-starrs?context=ubx&refId=7ac7bf08-40fc-4b60-ac63-09851ac8d24e
Subjects: H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HG Finance
J Political Science
J Political Science > JK Political institutions (United States)
J Political Science > JQ Political institutions Asia
J Political Science > JZ International relations
Departments: School of Arts & Social Sciences > International Politics
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