I can sum my point of view on the situation over the modern economy in the following way. We have been in a long systemic crisis of capitalism, which has started in 1975 with the end of the convertibility of the Dollar in gold. It is not a like the famous financial crisis in 2008. No, it is a long systematic crisis of monopoly capitalism which started forty years ago and it continues. The capitalists reacted to the crisis with the sets of measures. The first one was to strengthen centralization of control over the economy by the monopolies. An oligarchy is ruling all capitalist countries – the United States, Germany, France, Great Britain and Russia as well. The second measure was to convert all economic activity productions into subcontractors of monopoly capital. I mean, they have not even a hint of freedom. Competition is just rhetoric, there is no competition. There is an oligarchy which is controlling the whole economic system. Now, we are facing a united front of imperialist powers, which are forming a Collective imperialism of the Triad.

The Triad is the United States, Western and Central Europe, and Japan. This group of countries has become a single imperialist power, the leader of which is the US. This has led to the deepening of the depth of the crisis. The crisis is in the shape of an “L”. The normal crisis is in the shape of a “U”, the economy rises up after the decline. But this crisis is different. There is no way out of the crisis; the only way to get out is to move out of capitalism. There is no other possible solution. Capitalism should be considered as a moribund system. In order to survive it is moving to destruction and to wars.

We have an alternative which is the socialism. I know that it is not very popular to say, but the only solution is socialism. It is a long road which starts from reducing the power of the oligarchy, reinforcing the state control and establish a state-capitalism, which should replace private capitalism. It doesn’t mean that private capitalism will not survive, but it should be subordinated to state control. The state control should be used also in order to support a social progressive policy. This should guarantee good full-employment, social services, education, transport, infrastructure, security etc.

The role of China is very big, because it is, perhaps, the only country in the world today, which has a sovereign project. That means that it is trying to establish a pattern of modern industry, in which of course, private capital has a wide place, but it is under the strict control of the state. Simultaneously it gives a view of the present to the culture. The other pattern of Chinese economy culture is based on family producers. China is walking on two legs: following the traditions and participating globalization. They accept foreign investments, but keep independence of their financial system. The Chinese bank system is exclusively state-controlled. The Yuan is convertible only to a certain extent, but under the control of the bank of China. That is the best model that we have today to respond to the challenge of globalists imperialism.

Maybe Russia is moving in this direction, but not as much as China, because it has payed a very big price for the destruction of the shock therapy from Gorbachev and Yeltsin. Those leaders have led Russia to a private oligarchy, closely related to the international financial capitalism of the US, Germany and others. This has reduced Russian capacity of control. But now Russia is moving gradually towards reestablishing control of the state over its own economy.

The world now is in serious danger. The collective imperialism of the US, Western Europe and Japan are run by US leadership. In order to keep their exclusive control over the whole planet, they do not accept independence of other countries. They do not respect the independence if China and Russia. That is why we are about to face continuous wars all over the world. The radical Islamists are the allies of imperialism, because they are supported by the US in order to carry out destabilization. This is permanent war. I do believe that the best response to it is the Eurasian project. Russia should unite with China, Central Asian countries, Iran and Syria. This alliance could be also very attractive for Africa and good parts of Latin America. In such a case, imperialism would be isolated.

[Samir Amin (1931-2018) was one of the world’s greatest radical thinkers. Born in Egypt, he served as director of Third World Forum in Dakar from 1980 until his death. He has written numerous articles and books for Monthly Review and Monthly Review Press, including ‘Accumulation on a World Scale: A Critique of the Theory of Underdevelopment’ (1974), ‘The Law of Worldwide Value’ (2010), and ‘Samir Amin: Memoirs of an Independent Marxist’ (2018). Courtesy: Katehon, a Russia based group of experts who specialize in the geopolitical, geostrategic and political analysis of world events.]