10-15-2008, 05:29 PM
expanding the above article:
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->âThe Beginning of the Endâ of the American Empire
By Jo Hyo-je, Translated By Yeunmee Ryu, 9 October 2008
South Korea - The Hankyoreh - Original Article (Korean)
While preparing a book review for 'European Universalism' by Immanuel Wallerstein, recently translated and published, I began to wonder about the historical significance of the Wall Street financial crisis. I looked for articles that deal with the problem at a macro level for an economical analysis. To my surprise, it was quite a few people who usually didnât speak of American imperialism or who werenât classified as radicals who were bringing out a very pessimistic outlook. Moreover, even some neocon theorists were bringing the same judgment. If even centrists or conservatives see gloomy America, now there are more reasons to take a cool view of this country not only by political views but also practical bases. It is thought that there are largely three sets of arguments under way.
Firstly, where to find a historical precedent for the present situation? A majority of critics compare this crisis to the Great Depression of 1929. However, economic historian Scott Reynolds Nelson points out that the âoriginalâ Great Depression of the 19th century was a lot more similar to today. <b>Due to âthe Panic of 1873â which started in Eastern Europe, swept over Western Europe and finally swallowed America, more than 100,000 people lost their jobs in no time just in New York and armed riots broke out in a lot of eastern cities. He also believes this is what spawned a wave of American religious fundamentalism.</b> Why is this case important? <b>Itâs because the situation of 1873 paradoxically moved the center of world economy from Europe to America. If we accept this theory, itâs highly probable that todayâs incident provided a chance to shift the pivot of world economy from America to China and India.</b>
Secondly, where was America when it had to deal with this Situation? A rash war in Middle East and an astronomical debt immediately come to mind. But there is one more matter we shouldnât miss. <b>Every empire needs not only âhard powerâ such as military force, but also âsoft powerâ.</b> A written constitution, amendments of Federal Constitution known as the Bill of Rights, independent judicial branch were Americaâs main âexportsâ since the modern era. The American Supreme Court is the worldâs oldest court established by constitution. Traditionally, American Constitution and cases of the Supreme Court had been cited often in other countriesâ courts. However, the frequency of citing American cases in other countries such as Canada, Australia, India, New Zealand, and The Republic of South Africa decreased rapidly after the Bush administration. <b>Judges of these countries no longer tend to cite the law of the nation that is neither popular in the international society nor just. The nation met with economic crisis when itâs already in trouble of hard power and soft hegemony.</b>
Thirdly, then is America beginning to go downhill now? <b>John Gray, following Isaiah Berlin as a leading figure in Britainâs contemporary liberalism political philosophy, sees this financial crisis as the similar level with the fall of the Soviet Union.</b> It means that the worldâs geopolitical power domain is irrevocably changed. âHow symbolic yesterday that Chinese astronauts take a spacewalk while the US Treasury Secretary is on his knees.â Then again, international political scientist Robin Niblett doesnât even admit Americaâs relative weakening. He says that countries like Russia, China, and India are not competent enough to be Americaâs substitute for various reasons. Whoâs right? Itâs difficult to make an immediate conclusion. <b>Yet, assuming America has entered âthe beginning of the endâ as in Churchillâs expression, </b>changing our intellectual compass and mode of life is more likely a wise and safe choice. <b>We might be having a rare historical experience - directly witnessing the fall of the Soviet Union and the beginning of the collapse of American empire, in one generation's "moment".</b><!--QuoteEnd--><!--QuoteEEnd-->
<!--QuoteBegin-->QUOTE<!--QuoteEBegin-->âThe Beginning of the Endâ of the American Empire
By Jo Hyo-je, Translated By Yeunmee Ryu, 9 October 2008
South Korea - The Hankyoreh - Original Article (Korean)
While preparing a book review for 'European Universalism' by Immanuel Wallerstein, recently translated and published, I began to wonder about the historical significance of the Wall Street financial crisis. I looked for articles that deal with the problem at a macro level for an economical analysis. To my surprise, it was quite a few people who usually didnât speak of American imperialism or who werenât classified as radicals who were bringing out a very pessimistic outlook. Moreover, even some neocon theorists were bringing the same judgment. If even centrists or conservatives see gloomy America, now there are more reasons to take a cool view of this country not only by political views but also practical bases. It is thought that there are largely three sets of arguments under way.
Firstly, where to find a historical precedent for the present situation? A majority of critics compare this crisis to the Great Depression of 1929. However, economic historian Scott Reynolds Nelson points out that the âoriginalâ Great Depression of the 19th century was a lot more similar to today. <b>Due to âthe Panic of 1873â which started in Eastern Europe, swept over Western Europe and finally swallowed America, more than 100,000 people lost their jobs in no time just in New York and armed riots broke out in a lot of eastern cities. He also believes this is what spawned a wave of American religious fundamentalism.</b> Why is this case important? <b>Itâs because the situation of 1873 paradoxically moved the center of world economy from Europe to America. If we accept this theory, itâs highly probable that todayâs incident provided a chance to shift the pivot of world economy from America to China and India.</b>
Secondly, where was America when it had to deal with this Situation? A rash war in Middle East and an astronomical debt immediately come to mind. But there is one more matter we shouldnât miss. <b>Every empire needs not only âhard powerâ such as military force, but also âsoft powerâ.</b> A written constitution, amendments of Federal Constitution known as the Bill of Rights, independent judicial branch were Americaâs main âexportsâ since the modern era. The American Supreme Court is the worldâs oldest court established by constitution. Traditionally, American Constitution and cases of the Supreme Court had been cited often in other countriesâ courts. However, the frequency of citing American cases in other countries such as Canada, Australia, India, New Zealand, and The Republic of South Africa decreased rapidly after the Bush administration. <b>Judges of these countries no longer tend to cite the law of the nation that is neither popular in the international society nor just. The nation met with economic crisis when itâs already in trouble of hard power and soft hegemony.</b>
Thirdly, then is America beginning to go downhill now? <b>John Gray, following Isaiah Berlin as a leading figure in Britainâs contemporary liberalism political philosophy, sees this financial crisis as the similar level with the fall of the Soviet Union.</b> It means that the worldâs geopolitical power domain is irrevocably changed. âHow symbolic yesterday that Chinese astronauts take a spacewalk while the US Treasury Secretary is on his knees.â Then again, international political scientist Robin Niblett doesnât even admit Americaâs relative weakening. He says that countries like Russia, China, and India are not competent enough to be Americaâs substitute for various reasons. Whoâs right? Itâs difficult to make an immediate conclusion. <b>Yet, assuming America has entered âthe beginning of the endâ as in Churchillâs expression, </b>changing our intellectual compass and mode of life is more likely a wise and safe choice. <b>We might be having a rare historical experience - directly witnessing the fall of the Soviet Union and the beginning of the collapse of American empire, in one generation's "moment".</b><!--QuoteEnd--><!--QuoteEEnd-->