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The author tells us that historically the spread and growth of capitalist economies has required low wages, taxation, and environmental costs, as well as a hegemonic nation to prevent international competition from eroding these requirements. With the decline of the economic power of the United States, its current hegemonic role will deteriorate and the unprecedented growth of China will so erode the foundations of capital accumulation-by pushing wages and environmental costs up, for example-that the entire capitalist system will be shaken to its core. This is essential reading for those who still believe that there is no alternative.