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...