Amin’s later work took in the ’new stage of imperialism’: the process of globalisation through which world capitalism became a ‘system of [five] generalised and globalised monopolies’ concentrated in the ‘Triad’ of the US, Europe and Japan: technological monopoly of large corporations supported by the state especially in the defence industries; financial control of global financial markets; monopolistic exploitation of natural resources around the globe; monopolisation of the media; and finally monopolisation by the United States of military weaponry of mass destruction. These developments turned the industries of the global south into subcontractors creating a world of monopoly profits and cheap labour, a concentration of capital in a few global corporates and a global plutocracy getting even richer by speculating in financial markets with increasing inequality between and within nations, in short, a ‘declaration of war’ on the peoples of the world by monopoly capital. The system was now ‘imploding before our eyes’ under the weight of its own contradictions.
So what was to be done? Amin outlined an ‘audacious programme for the radical left: the social ownership of the monopolies with democratic management involving suppliers and consumers, especially peasants in peripheral economies, and other interested parties related to them; the de-financialising of economies under similar democratic control as the monopolies, abolishing the trade in speculative financial products and requiring banks and other financial institutions to conduct business – especially mobilise savings and channel investment funds - to needed productive activities. Amin’s third element in the programme, de-globalising international relations, brings us to Amin’s concept of delinking. This was not advocating autarky but withdrawing from the ‘world capitalist law of value’ and moving to an ‘autocentric national development’: abolishing monopolistic industrial and agricultural private ownership of land and factories, making peasant agriculture the base of the economy, promoting more equal income distribution especially between rural and urban dwellers, using a mix of technologies at appropriate periods of development, involving the people in the decisions about which technologies to use, and finally, controlling foreign capital and investment flows.
For the full publication and more kindly use the link below: