The Internationalism

Internationalism No. 84, February 2026 Page 11 The hunger for capital and raw materials which drives Donald Trump's challenges is indicative of the anxieties of the leading imperialisms, pressured by the steady maturation of Chinese imperialism. American power is in relative decline, and although still the best equipped, it does not have sufficient strength to continue playing the role of a hegemonic power, as it has done more or less since 1945 amid numerous crises. In 1973, Charles Kindleberger [1910-2003] , an important historian of the Great Depression, derived from the historical experience of the hegemonic systems of the United Kingdom and the United States five imperatives concerning the role of the leader or stabiliser country: 1) maintain a relatively open market for surplus goods; 2) provide long-term countercyclical or at least stable loans; 3) maintain a relatively stable exchange rate system; 4) ensure the coordination of macroeconomi...

From the series News from the Silk Road “Chinese people treat [US democracy] as a variety show which is much more interesting than House of Cards’ [...]”. Beijing does not feel the same embarrassment as the old democracies of the West faced with the grotesque scenes of demonstration against the Capitol organised by the president of the United States. Zhao Minghao from the Chongyang Institute spelled out the obvious in his analysis some time earlier: “the political farce by the incumbent president and some Republican lawmakers is reflecting the profound crisis on US domestic politics.” The Global Times is serving a hefty bill to the ideologies of liberal interventionism: “the ‘beacon of democracy’, and the beautiful rhetoric of ‘City upon a Hill’ [...]” are undergoing a serious debacle or in other words, a “Waterloo of US international image”. It will be a while before the US can “interfere in other countries’ domestic affairs with the excuse of ‘democracy’[...]”. Attention is also...