The very nature of the modern capitalist model — which has existed from the time of the Industrial Revolution in the 1700s, with markets and profits managed by a bourgeoisie capitalist class — is changing.
This writer is not of the school that believes that capitalism is dead, replaced by digital technology and a new tech feudalism. Instead, he believes capitalism has simply evolved with technology. Capitalism is organic. It changes with time.
The ubiquitous monitor, tablet, cell phone and desktop computer are the tools of modern prosperity. These devices are linked to a vast network of fibre-optic cables on land and undersea, which in turn are linked with the microchips, algorithms and server networks that themselves are linked with satellites and even space stations. The Information Age has birthed the Digital Revolution that drives the present world order. And both ages have been led by the United States tech industry.
US a ‘world hegemon’
Interestingly, the assertion that the US is in decline is not supported by hard numbers. The US continues to be the world hegemon, a rising China notwithstanding.
Indeed, the US remains by far the global hegemon economically and militarily. It possesses a vast defence sector and spends more on defence than the next eight countries combined. China comes a distant second in terms of gross domestic product and defence spending.
Indeed, the US is well ahead of China, with a GDP of $30 trillion to China’s $19 trillion.
Trump
US President Donald Trump’s dose of irresponsible leadership will not derail the US bullet train. Why? Strong financial markets, an independent Federal Reserve, and powerful legal and legislative institutions remain a check on runaway executive power.
A federal court judge has the power to stall a US president and his agenda at the passing of a single judicial decision.
However, the world should become more prosperous and equal in the current trajectory of events with technological and demographic shifts towards the global south.
The singular threat is war in Asia between the US and China. Empires do not like rivalry. The Thucydides Trap theory asserts that the threat of war increases when a rival power threatens to displace an existing hegemon.
