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Sumit Verma

Dr. Rajan Krishnan


22 September 2019

This study of the long twentieth century starts with a crisis that has been seen in the periods of

the last quarter of the twentieth century - the dominance of the US system of capital

accumulation on a global level of scale. Although the recurrence of this phenomenon has been

acquainted earlier too from the beginning epoch of the late medieval Europe. And the world has

seen the capitalistic evolution as it is in its latest and highest stage.

To study this Introduction of The Long Twentieth Century from an economist point of view,

these complex systems of capital, Arrighi notion of systematic cycle of accumulation, we have to

refer to “regime of accumulation” to develop a better understanding of the same. For the same it

would be a wise initiative to have looked for “Marx’s General Formula”, also how the shift from

the Fordism-Keynesianism happened. A clear understanding of productive forces will help in

understanding the operations related with the processes “means of production and means of

consumption” as well as “historical materialism”. We will see how the Metamorphosis of Europe

was the appalling shaper of the World History of capitalism and political situation of the

interstates that resulted in the successful material expansions throughout these cycle to

understand the relationship between the state and the capital during the Post-cold-war periods.

Regime of Accumulation is described as Systems of Production and Consumption. In every epoch

of these Financial Expansions new accumulation regimes were being created and the earlier ones

were sinking to an end.

Marx’s General formula for capital comprises two forms of capital : MCM’, the first one is

Money Capital means its freedom of choice and flexibility, the Commodity Capital which

narrows its freedom of choice and concreteness and expanded Money capital which will be

expanded flexibility and greater freedom of choice than ever before. Capitalist agencies seemed

to emphasis on investment on flexible form of capital . As after the beginning of mechanization

in the world capital history specialize with the birth of the new world industry, reverted to non-


Fordism is this new emergence focused in mass production and in chain arrangement - in the

early twentieth century by Ford Motors and its rise in political and social order in advanced post-

war economic boom. And Keynesian theory emphasis on to focus more on government

expenditure and lowering of taxes to pull the world economy out of the great depression. And

Monetary policies resulted the ever-rising problem with rigidities of long term firm’s standing.

Productive forces are the People and Means - means comprised Means of Production and Means

of consumption respectively. Karl Marx had different ideas, suggested it as union of Human

Labour and Means of labour. Historical materialism is Karl’s theory on how the centrality of

matter that subject in the creation of the Human society and their historical evolution,

disallowing ideas centrality.

Mench’s Metamorphosis Model gives us an easy understanding about - phases where there is a

stable growth of capitalist economy and the phases of crisis are analyzed through the

discontinuity of the S - waves, where continuous waves show single development of stability.

Material Expansions phase for the stable growth of the economy, and financial expansions results

into the crisis due to restructuring and reorganisation of processes of capital accumulation.

After the world war dominance of Core in the making of the economy and then the emphasis on

mass consumption during the war gives rise to capitalist expansion to a great extent, shows the

maturity of capitalist agencies in terms of evolution in this recurrent process of never stopping

the will to make more of this liquid form of Money capital. And these strong armed in terms of

large scale profit - Capitalist regimes resulted in the politically stronger state of the particular

regime. And German influence on war made these US industries and altogether US to be the

superpower of the world, also Military constraints to have control on the war things on these

capitalist system.

As the conventional view of the social science suggests similarities of capitalism and the market

economy in political notion or mass media and that the state power is a totally different aspect in

this context. But Braudel’s talks about the real dependencies of capitalism for its evolution and

expansion on the state power as well as opposing the constituency of market economy. The three

layers of the operation of Capital as I absorb from Braudel notion’s , are Capitalism - the top

layer for the processes of operation of capital in a three tiered structure, and no existence of top

layer without the lower stages as their dependencies on these -the lowest layer is the layer of

Material life,nature and raw material that is flooded to use for this era of Capitalism - use and

degradation of this material life.

Market Economy as the above this layer that links with supply, demand - In this recurrent

process of the operation of capital alongside this layer a layer of anti market reside and layer

encompasses the “real home of capitalism”. The world economy market make a median point for

different market where they for these basic self-sufficient economy. But these punk and their law

of the jungle operates. And Braudel in opposite to conventional view of social science

exaggerate- Capitalism wants to erode this extra layer of market economy that has bridged

between these antimarket- the real home of capitalism and the material life of different market.

Now I will talk about what Capitalism as the top layer and the Arrighi interest in this layer and

its geographical mobility after the series of transition. His emphasis is not how and when the

second layer rose above primitive structure of life, it is how and when capitalism rose above

market economy and have achieved to change the lives of the entire world.

To understand its manageable units can be systematic cycles of accumulation. This can be

quantified the last 500 years as the Four systematic cycle of accumulation - The Genoese cycle in

the 15th century - The Dutch flexibility during financial expansion from the commerce to bank

system near 1750 - The British followed The Dutch late nineteenth and early twentieth and it

created an oversupply of Money Capital and then the US financial expansion the destruction of

the British old regime with the creation new US regime of capitalism after the great depression

on the economy. The capital command over human and nature can decrease with extreme rise of

capitalist competence than the non - capitalist supplier profitability will fall as well capital will

lose command over resources. The wars were defining the full potential of prices and production.

Non-specialized layer in the hierarchy of world trade. Here Big profits were being made by the

flexibility of business by investing in new lines of business rather than one which is vanishing.

And how the MCM’ from reverted to MM’ cash flow to financial deals. Big Money is being

made every time capitalism is evolving. Now the norm of mobile capital served the purpose to

create the political capitalism during the late Middle Ages epoch. But Closed nation chances of

its development were not destroyed- as I articulate with the study of this Introduction of the Long

Twentieth Century, till nation disapproval on its globality and flexible. the Victory of new region

on the old one and with a large-scale was being done on every shift can be seen and profit

accrued only capital flow from the declined centres to core was seen during the first phase of

financial expansion but this current phase of expansion is different from the last one. Japan and

East Asia new regime of Capital Accumulation from declining to emergent create major flow.

What I understood fromTakeuchi’s the United States have scale and resource that Japan would

never had and Japan was rebuilding the economy for the United States, the Capital assistance of

Japan to the US to become a world power. As the military forces could be the main focus of

strong political structure and the political consideration were joint to the consideration of profit.

The aggregate of Japan, South Korea and Taiwan was new workshop for the world of Capitalist

history and it forced Europe and US to restructure their industry and their ownity. And Max

Weeber thoughts on superiority of force would be the cause the end of enduring Capitalist

History and antithetical Adam Smith’s consideration of World Economy market end the capitalist

era. US systematic cycle of accumulation - Matrix of capitalist greatest times.



The Focus on the less transparent and very less touchable systems of capitalism on the

top layer might seek Arrighi attention on this layer. The lack of history in the lower layer of

material and invisibility of the upper layer the complexity of that constitutes it. As World System

Theory and Marx’s emphasis on lower layer showed Arrighi about the polarization of the world

economy in Core and periphery locales. The only purpose of financial expansion is to deepen our

understanding for the upcoming expanded financial expansion


Works Cited

Braudel, Fernand. Civilization and Capitalization, 1977. Print.

Arrighi, Giovanni, Transforming the Revolution: Social Movements and the world: New York:

Monthly Review Press 1990b.