4 Crisis of US hegemony and the growth of regional economic integration in Pacific-Asia

 

Each time decentering occurs, a recentering takes place.

Fernand Braudel

By almost every conceivable yardstick, the 23 years from the beginning of the Korean War in 1950 was an exceptional period of material expansion – ‘the golden age of capitalism’ as Stephen Marglin and Juliet Schor (1991) among others have called it. The installation of state-centered strategies of development under the Bretton Woods system heralded a sustained burst of economic growth not only in the reconstructed economies of Western Europe and Japan, but also in the ‘people's democracies’ of Eastern Europe, in the USSR, in Latin America, and in the newly-independent states of Asia ...

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