Rolf 2015
Rolf 2015
Rolf 2015
Locating the State: Uneven and Combined Development, the States System and the
Political
Steve Rolf
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POLITICAL
Steve Rolf
ABSTRACT
state; Marx
INTRODUCTION
A theory of the capitalist State must be able to elucidate the metamorphoses of its
object. (Poulantzas, 2014, p. 123)
pp. 2 5). While this has significantly advanced our understanding of how
the feudal states system was transformed into a capitalist one, it is yet to
satisfactorily account for why, and with what consequences, the plurality
of states remains ‘a constitutive expression and component of capitalist
relations of exploitation and competition’ (Hirsch & Kannankulam,
2011, p. 22).
In what follows, I return to the work of Trotsky, Marx, theorists of
uneven geographic development and state theorists: in order to systematise
Trotsky’s scattered remarks into a research framework which can incorpo-
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For critics of capitalism, the crisis and its aftermath have put states back at
the centre of attention. State-led financial and industrial rescue packages;
the growth of statist capitalisms in the form of the BRICs; and the revival
of interimperialist skirmishes in the Caucasus, Ukraine, Syria and the
South China Sea; have decisively challenged the thesis that national states
are in permanent decline under the pressures of ‘globalisation’ (Callinicos,
2010; Klassen, 2014). Cosmopolitan capitalism, the smoothing and evening
out of economic and political space hypothesised by neoliberals (Bhagwati,
2004; Wolf, 2005) and some Marxists (Hardt & Negri, 2000; Robinson,
2005) alike, has not materialised. Instead, ‘globalisation’ has proved itself
to be yet another phase in the world expansion and deepening of antagonis-
tic capitalist social relations (Rosenberg, 2005).
116 STEVE ROLF
Where did the theory come from, and what gives it its contemporary
allure? Trotsky, since the failed revolution of 1905, had sought to justify
the Bolsheviks’ future seizure of power on the basis of the strategy of per-
manent revolution. In contrast to the stagism of the Marxist orthodoxy of
the Second International, it could theorise the possibility of transition from
the underdeveloped semi feudalism of fin-de-siècle Russia to socialism
without the necessity for a capitalist stage. Underpinning the strategy of
permanent revolution, though itself rather ironically underdeveloped, lay
Trotsky’s broader theory: that of the uneven and combined development
(UCD) of world capitalism (cf. Löwy, 2010; Trotsky, 2007).
Uneven development had become common parlance in the Bolshevik
party since Lenin (1916) theorised imperialism as an effect of a world
system dominated by capitalism: in which the ‘uneven and spasmodic
development of individual enterprises, individual branches of industry and
individual countries is inevitable’ (cf. Davidson, 2010). This perpetual
dynamism meant that any stable, ‘ultra-imperialist’ arrangement between
the great powers was impossible. Later, Stalinist usages of uneven develop-
ment were aimed at justifying the process of building ‘socialism in one
country’; because the ‘advantages of backwardness’ provided the possibility
of skipping ahead of rivals through catch up development. Challenging this
notion, Trotsky emphasised the twin tendencies inherent in capitalism, of
both differentiation as well as equalisation: through perpetual expansion,
capital ‘brings about their rapprochement and equalises the economic and
cultural levels of the most progressive and the most backward countries’.
He stressed the global nature of capitalism, a system defined by the devel-
opment of its parts in combination, not isolation. The result is ‘on the one
hand, unevenness, i.e., sporadic historical development … while, on
the other hand, the organic interdependence of the several countries,
developing toward an international division of labor’ (Trotsky, 1928).
Interconnectedness of the world economy rendered impossible any delink-
ing of socialist Russia.
118 STEVE ROLF
While UCD built on Lenin’s (1916) earlier recognition of both the world
domination of capital and the spatially uneven pattern of its development,
Trotsky grasped far better how unevenness was not only distributed
amongst states, but also inside social formations. In Russia, highly
advanced industrial forms coexisted with semi feudal social relations:
modern munitions factories in St. Petersburg and Moscow provided the
anachronistic Tsarist state with the means to defend itself against colonial
encroachment:
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The backward nation, moreover, not infrequently debases the achievements borrowed
from outside … The very process of assimilation acquires a self-contradictory character.
Thus the introduction of certain elements of Western technique and training, above all
military and industrial, under Peter I, led to a strengthening of serfdom as the funda-
mental form of labor organization. European armament and European loans both
indubitable products of a higher culture led to a strengthening of tsarism, which
delayed in its turn the development of the country. (Trotsky, 2009, pp. 4 5)
processes of development interact with other states, the outcome is the set
of disruptive effects known to international relations theory merely as
‘anarchy’, which makes possible spatial, economic, political and ideological
unevenness.
There can be no hard and fast separation between what constitutes
national and world politics. As Gramsci (1971, p. 176) put it:
Any organic innovation in the [national] social structure, through its technical-military
expressions, modifies organically absolute and relative relations in the international
field too.
Despite its apparent promise for grasping current developments, the revival
in UCD has instead led to historically focused debate on the transition to
capitalism. Rosenberg (2008), Anievas (2013), Shilliam (2009) and Matin
(2013), stand out as contributions that strikingly unite early capitalist
developments with their precapitalist origins, in ways that advance our
understanding of the geopolitical origins of capitalism. Because, as Anievas
(2015) points out, the existence of the states system was assumed rather
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(Ashman (2010)). Removed from the capitalist law of value, which gives
advancement and late development their meaning, UCD ‘becomes descrip-
tive rather than explanatory’ (Kiely, 2012, p. 234). Rioux (2014), however,
has suggested that these weaknesses may derive from the original formula-
tion itself. Trotsky’s scattered remarks on UCD only haphazardly relate it
to specifically capitalist dynamics. As Herod (2006, p. 156) argues, Trotsky
‘does not develop a formal conceptual outline’ of UCD. The concept is ela-
borated with reference to the specificities of the Russian social formation
rather than as a more general process capable of theorisation, leaving rela-
tions between capitalist development and UCD (understandably) vague
due, most likely, to a preoccupation with developing socialist strategy.
Hardy (2013, p. 145) also notes that Trotsky ‘did not offer an explanation
of the drivers or causes of unevenness’. As such, recent attempts to apply
UCD have resulted in confusion as to whether the ‘international’, or the
laws of accumulation highlighted by Marx, should take logical priority.
In an interesting attempt to provide this kind of logical-theoretical
account of UCD, Barker (2006, p. 80) certainly appears to be on the cor-
rect track in suggesting the capitalist law of value, defined by the obligation
of less productive capitals to improve or perish, ‘expresses the capitalist
form of combined and uneven development in a summary manner’. The
most advanced capitals ‘shape the validation of products via socially neces-
sary labour time’, and ‘producers are compelled’ to try to match the latest
technique’. Capitalist development, measured by the productivity of labour
in a national economy, provides an objective measure of what constitute
advanced and late developing states. Such an abstract formulation, how-
ever, cannot tell us much about existing patterns of UCD in the world
economy or their relationships with states. The challenge remains to
explain why the states system remains a constitutive ‘dimension of the capi-
talist mode of production’, a key driver of the capitalist system’s political
economy (Callinicos, 2009, p. 83). Advancing the debate requires returning
to Marx and his analysis of capitalist development.
UCD, the States System and the Political 123
ignores one form: tax. Any further development of the critique of political
economy most decidedly requires the development of that category, for tax
collection is the presupposition of all state intervention’ (Barker, 2009,
p. 22; Marx, 1991).6 Reluctance to integrate uneven development and states
into his analysis was not, however, ‘arbitrary … [but] consistent with his
logico-historical method, this assumption reflects his conviction that capital
would progressively level these geographical differentiations’ (Smith, 2010,
p. 128).
Outlining his method in the Grundrisse (1973, p. 101), Marx proposes to
ascend ‘from the simple, such as labour, division of labour, need, exchange
value, to the level of state, exchange between countries and the world mar-
ket’. Capital, however, never reached this level of theoretical exposition. So
while Marx certainly recognised the critical significance of many states for
capital, Capital’s theoretical schema did not develop these internal relations
between states and capital. Marx excluded consideration ‘of foreign trade,
of geographical expansion’, and the states system, as they ‘merely compli-
cated matters’ (Harvey, 2001, p. 308).7 This has caused ongoing problems
for those wishing to use Marx’s analysis to understand the political form of
world capitalism. Lasslett (2014, p. 2) notes that ‘reluctance among
[Marx’s] students to widen the boundaries of Capital with honourable
exceptions has blunted efforts to theorise the specific way state power is
organized under capitalism, and how it mediates the processes and tenden-
cies conceptualized in Capital’s first three volumes’. While politics is imma-
nent in Marx’s political economy (Jessop, 2006), its elaboration into a
theory of the state remains incomplete: presenting a major challenge for
those wishing to develop Marx’s categories in order to grasp contemporary
geopolitical economy.
The remainder of this paper aims to construct a logical-theoretical
approach to explain where the states system fits in a schema of capital accu-
mulation. Beginning with theorists of uneven development Harvey
(2006b), Smith (2010), Massey (1995) who have best engaged with the
UCD, the States System and the Political 125
is burst asunder. The knell of capitalist private property sounds. The expropriators are
expropriated. (Marx, 1979, p. 625)
The actual determination of this [national] scale does not come directly from the dialec-
tic of equalisation and differentiation, however much it is provoked by this relationship,
but is politically determined by a series of historical deals, compromises, and wars.
(Smith, 2010, p. 190)
Smith appears to conclude that (i) the states system is only contingently
necessary for capital (and explicates this position more fully in Cowen &
Smith, 2009; Smith, 2006), and (ii) capital theory is inherently unsuited to
130 STEVE ROLF
analysis of the political nature of state power and its exercise. His aim is
explicitly to ‘offer a skeletal account of the economic rationale for uneven
development’ (Smith, 2010, p. 284). So the dynamics of each spatial scale
of organisation can be theorised as part of capital’s value relations apart
from the states-system which, within the bounds of uneven development
theory, appears as a product of pure historical contingency.
The confusion over the theorisation of the state in the uneven develop-
ment literature more frequently results in a functionalism, which assumes
that states relay the pregiven interests of capitalists unmediated. David
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concentrated form they take (Marx, 1978, pp. 310 311). Since the form of
state is constituted through the political mechanisms of the organisation of
classes and class fractions as social forces, capable of acting in their own
interests; the development of hegemonic projects; and methods of state
intervention. These all entail their own unique set of determinations, none
of which the rigidly demarcated capital-theoretical perspective of uneven
development theorists is able to fully consider. As Poulantzas (2014,
pp. 128 129) view of the state: ‘like “capital”, it is rather a relationship of
forces, or more precisely the material condensation of such a relationship
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among classes and class fractions, such as this is expressed within the State
in a necessarily specific form’.
A second problem is that uneven development theory tends to assume
contemporary patterns of uneven development can be sufficiently explained
by an elaboration of the categories developed by Marx in Capital. Weeks
(2001) posits the existence of unevenness as the outcome of competitive
agglomerations of fixed capital with productivity differentials. Guido
Starosta (2010a, 2010b), in an otherwise fascinating critique of the global
value chains literature, attempts to capture contemporary global patterns
of uneven development without consideration of state mercantilism or
imperialism. Arrighi et al. (2003) argue that core countries are locked in a
virtuous cycle of capturing the gains from large corporations facilitated by
plentiful savings and credit, while firms in peripheral states languish in low
value added segments of production networks. Callinicos (2009) cites
the potential of rising returns to scale facilitated through agglomeration
economies. Selwyn (2012, 2014) suggests that the relentless and shifting
exploitation of global production networks by transnational corporations
debars late entrants from competing with firms in the core countries.
These various explanations shy away from internalising within the logic
of theory the active role of the states system in upholding patterns of
uneven development, alongside the intermittent interruption of such
patterns by contender development. The role of hegemonic state strategy,
in its destabilization of developmental states, and the construction of inter-
national organisations that behave in a mercantilist fashion, is absent from
such accounts. But this is the striking fact of contemporary capitalism. As
Gowan (2010, p. 135) notes, the past few decades have seen states massively
increase their roles in ‘constructing secure market bases for their compa-
nies, training workforces, supplying transport and communication infra-
structures and, of course, the exercise of geopolitical influence to open
and protect overseas markets’. A fuller explanation would point to the
structural and strategic role of competition between states in establishing
132 STEVE ROLF
preferable conditions for capital to operate in the core at the expense of the
periphery, and in shaping the superior structures of capitals located in core
states (Gowan, 1999; Harman, 1991).
Why has uneven geographical development theory shied away from
doing so? A suggestion may be to find in its disavowal of an examination
of combined development. Desai (2013, p. 14) notes a lack of attention to
‘the multiple instances of combined capitalist development’ in the post-war
period. Smith (2006, p. 185) suggests that the qualifier ‘combined’ is no
longer necessary, since it is implied by the very global reach of capitalism
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with state forms. This section aims to open up the space of a consideration
of these determinations, before providing a critique of state theory for its
treatment of state forms in the singular.
It is therefore necessary to identify the process by which the ‘general
interests’ of capital are formed, articulated and pursued in every case; as
well as how they become mediated by their conflict with alternative inter-
ests and class (fractional) strategies (Jessop, 1990, p. 215). Such an
approach also points towards a means of theorising interstate relations, as
any actors wishing to take state power must take on the problems of mana-
ging capitals’ global competitive strategy. As Adrian Smith (2015, p. 10)
argues, ‘the particular configuration of the state and the accumulation
regime, involving the organization of forms of insertion into the world
economy through global production networks, is contingent and associated
with the wider social struggles involved in establishing the form of the
state’. We cannot conceptualise concrete patterns of accumulation without
a politicised reading of state regulation.
Jessop (1982, p. 221, 1992, 1999, 2008), the most noted contemporary
state theorist, develops an incredibly insightful theory of the state as a
social relationship comprising a set of institutions which ‘cannot, qua [an]
institutional ensemble, exercise power’ without the successful exercise of
hegemony by a particular class or class fraction ‘which must be consti-
tuted politically’. Thus the state does not merely function for capital. This
functioning is contingent on the successful political constitution of a
particular faction of the capitalist class which can present its interest as
a universal interest, binding together a heterogeneous territory into a
(relatively) unified state.16 Capital, at the level of abstraction at which
Marx was working in his economic manuscripts, can only supply the raw
materials for this political process and cannot guarantee its success.
For Jessop, there is no necessary correspondence between the separate
‘chains of causality’ implied by economic and political approaches to social
analysis respectively and that though they may intersect, the autonomous
134 STEVE ROLF
Where Holloway and Picciotto (1977, p. 96) insist that ‘the state is not
capital’ and must be treated as part of a separate chain of causality to that
of the value form, they maintain that there nonetheless exists a ‘generality
implicit in [the state’s] form’, the source of which remains ambiguous in
their work. Jessop (2008, p. 8), however, contends that there can be no
general theory of capitalist states: although states find their basis in the
capitalist value form, they exist on a fundamentally different plane of exis-
tence and operate to a logic almost entirely removed from that of capital:
A state could operate principally as a capitalist state, a military power, a theocratic
regime, a representative democratic regime answerable to civil society, an apartheid
state, or an ethico-political state … [while there] is no unconditional guarantee that the
modern state will always (or ever) be essentially capitalist.
Thus an attempt to extend value theory to encompass the state (as the
German state derivationists did, cf. Clarke, 1991; Nachtwey & ten Brink,
2008) is to wrongly invoke ‘one plane or axis of theoretical determination
to explain everything about the state and politics’ (Jessop, 1982, p. 212).
For Jessop, at the level of the state, contingency rules and only a partial
consideration of the ‘economic limitations’ confronting states is neces-
sary.17 This focuses on the plethora of state forms produced by modern
capitalism is a relief from the rigidly abstract model of uneven geographical
development, and sits well with Trotsky’s (2007, p. 132) insistence that
‘economic [and political] peculiarities of different countries are in no way
of a subordinate character’ in understanding their development. Two inter-
related problems are, however, evident here.
Firstly, Jessop maintains a rigid analytical separation between state and
capital because of the lack of a concept of uneven geographic development
in his theory of the state. Treating the state in the singular rather than
as one component of a multiplicity of interacting states results in an
aspatial model, in which interactions between units have no determinate
effect on the individual units themselves (see Rosenberg, 2013). This also
UCD, the States System and the Political 135
capitalist society as a global ‘social formation’, as a real totality, the world is seen as a
set of capitalist societies, a mere agglomeration and not a unity.
rootedness in space on the other. This double characteristic defines the unique nature of
the socialized character of territorial organization as a force of production [my italics].
Because the state provides an organising role for labour markets, and a
multiplicity of fixed capitals and infrastructures with differential turnover
times, catch up development is intrinsically political. Since it by definition
cannot be organised on the initiative of a single or collective capitalist’s
short-term interests, catching up requires the intervention of a state in order
to construct a socialized territorial assemblage able to compete with more
advanced productive forces. This may empower fractions of the capitalist
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Reworking the theory of UCD also has implications for our understanding
of the interstate system. The system of capitalist states is the outcome of
the dialectic between the international compulsions of capital and its
continued national political mediation. While ‘the political … is a moment
of a global relation it is expressed not in the existence of a global state
but in the existence of a multiplicity of apparently autonomous, terri-
torially distinct national states’ (Holloway, 1996, p. 31). States are, in turn,
only particular sets of specific institutions, charged with establishing the
universal interest within a social formation (Poulantzas, 2014). There is a
perpetual tension between the inherently extra-national instincts of capital
140 STEVE ROLF
CONCLUSION
spacelessness of capital flows and the territoriality of the states system, then
this contradiction can only exist within the logic of capital. This states
system has long been subsumed under the imperatives of capitalist accumu-
lation; as Marx (1979, p. 919) writes, ‘national debts, i.e., the alienation of
the state whether despotic, constitutional or republican marked with
its stamp the capitalistic era’. States cannot be understood without grasping
their fundamental subsumption under the law of value. While this sub-
sumption is not passive but active: states’ competitive strategic agency, and
their territorialised form of competition, ultimately serve to reproduce the
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NOTES
1. I take the concept of an ‘active moment’ from Harvey’s (2006a, 2006b) work.
In my usage, it implies that states and political struggles are effects of capital accu-
mulation, but they also causally determine the shape of this accumulation process.
2. A third means of understanding states and their interactions is offered by rea-
lism in International Relations theory, and its mercantilist equivalent in interna-
tional political economy. This work avoids the ‘globalisation’ trap by cutting off
states from their domestic social makeup entirely, treating them as ‘black boxes’
whereby internal political processes can be ignored in theorising their external sys-
temic interactions (cf. Gilpin, 2001; Krasner, 1983; Waltz, 1979). This approach is
the mirror image of ‘internalist’ approaches to the extent it has no tools with which
to link the internal and external aspects of states. IR ‘avoids the immediate problem
of methodological nationalism; but it also produces an anomalous conception of
“the international” as a dimension of the social world which subsists without socio-
logical foundations’ (Rosenberg, 2013, p. 570).
3. Cited in the 2007 introduction by Michael Löwy.
4. This competition does not of necessity take military form. In fact, it is far
more likely to take the form of tariffs, protectionism and the formation of regional
trading blocs.
5. See the Varieties of Capitalism literature, which catalogues multiple types of
diversity across political economies but has thus far struggled to convincingly
explain (cf. Hall & Soskice, 2001; Hall & Thelen, 2009; for a critique, see Bruff &
Ebenau, 2014).
6. Compare Marx’s more or less scattered remarks on taxation, with the 100 +
pages each devoted to: the conversion of surplus value into industrial profit,
merchant capital, interest bearing capital and ground rent, respectively.
7. Pradella’s (2013) recent contention that Marx was here theorising a globally
expansionary system and thus did to some extent aim to incorporate political
mediations into his theory of accumulation in Capital as, for instance, in
144 STEVE ROLF
the chapter on primitive accumulation does not resolve the problem that he delib-
erately chose not to incorporate the competitive dynamic of multiple nation states
into the scope of his analysis. As she notes (2013, p. 124), ‘in Volume I Marx does
not take into account the relations in circulation and the multiplicity of nations’.
8. This position is made explicit by work on the new imperialism, amongst it
Harvey’s New Imperialism (2003) and Arrighi’s (2007) late work, which treats the
territorial logic of states as opposite and separate from the ‘economic’ logic of capi-
tal. Suggesting means to conceptually overcome such a dualism is one aim of this
paper.
9. My approach, however, differs critically from Rosenberg’s, in that I assume
uneven development to be a specifically capitalist process rather than a transhistoric
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process which precedes capitalism. Geopolitical economy should also question just
how ‘anarchical’ interstate relations are: or whether their interactions are structured
enough to make them amenable to theorisation (thanks to Radhika Desai for this
point).
10. This is evidenced by many critical studies of globalisation, which repeatedly
found a tendency (even before the crisis of 2008) for supposedly transnational cor-
porations to trade mainly within their home state or home region (see Rugman,
2005; Rugman & Verbeke, 2004). More concretely, the crisis of 2008 acted to put
such novel ‘globalized’ forms of spatial regulation to the test and they emerged
wanting, as capitalist states provided enormous rescue packages for supposedly
deterritorialized forms of capitalist finance and production (see Therborn, 2011).
11. Avoiding a functionalist reading of the production of this states system
requires an historical account of its emergence out of feudal relations of production
and its simultaneous transformation and incorporation into the capitalist mode of
production (Anievas & Nisancioglu, 2013; Wood, 2002).
12. On international relations theory, see Waltz (1979); for a critique, see
Rosenberg (1994), and Buzan and Little (2001).
13. Though the equalisation of space is certainly never achieved in class-riven
cities, close geographical proximity of the labour force to concentrations of fixed
capital permits a more or less absolute space of capitalist production to develop in
which the law of value operates unmediated through a system of ground rents.
Concomitantly, the global scale forms the site of a purely differentiated space; while
extremities of wealth are evident in underdeveloped states (and poverty in developed
countries), they are broadly found concentrated in advanced capitalist societies
and this global system is upheld through the disparity in valuations of labour
power. Arrighi, Silver, and Brewer (2003, p. 5) discover that the main axis of
income inequality remains international, accounting for around two thirds of total
income inequality, rather than within states or regions.
14. To this extent, Trotsky took on board Lenin’s theory of imperialism which
is more nuanced than it is often credited for in its account of why a nonterritorial
form of imperialism comes to dominate under advanced capitalism (see
Sakellaropoulos & Sotiris, 2015).
15. A second danger in the existing literature on uneven development (the first
being that of capitulating to form-determinism) is the state-derivationist argument
that it is possible to ‘read’ the existence of the capitalist state from the capital-
relation alone. This, I believe, accounts for the conceptual consonance between
UCD, the States System and the Political 145
Marxist geography and Open Marxism (for a critique, see Bieler, Bruff, & Morton,
2010).
16. For a rich and varied literature on this question, see the work of the neo-
Gramscian state theorists (summated in Overbeek, 2000; updated in Worth, 2011).
17. The political corollary of Jessop’s position is the eurocommunist strategy
pursued by Western European communist parties from the 1970s until their decline,
which eschewed revolutionary politics in favour of a struggle for workers’ hege-
mony within the state. Inspired by the structuralist Marxism of Louis Althusser and
Nicos Poulantzas, this approach was predicated (theoretically, at least) upon a mis-
reading of Gramsci’s concept of the state as ‘the condensate of class struggle’, found
in the works of Poulantzas and avidly incorporated into the practice of the Italian
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and French Communist parties in particular (Poulantzas, 2014, pp. 128 129).
While the state is undoubtedly a condensate of class struggle, it is not the only, nor
necessarily the most significant one. The state remains structured in the interests of
capital and thus never meekly reflects the state of workers’ struggle, but rather seeks
to absorb and contain it.
18. Jessop (2008, pp. 23 25) acknowledges the problem of politicism but prefers
it to the risk of capital-centrism. My approach aims to transcend what I regard to
be a false polarity. It should also be noted here that Jessop’s more recent work
(2012, 2014) has moved away from a focus on national states and begun to explore
questions of world market.
19. For a ‘first-cut’ attempt at theorizing the operationalization of combined and
uneven development, which has proved extremely influential in the development of
my ideas, see Anievas’ (2013) excellent account of the outbreak of the First World
War. Anievas goes some way towards constructing the methodological approach
that I present here, but does not at least explicitly relate his methodology to
theoretical debates around the states system (in which he participated see
Anievas, 2010 for an overview). This contribution seeks to plug this gap.
20. Trotsky discussed in particular the effects of sociological amalgamation
across modes of production that is, between feudalism and capitalism. There
seems little reason, however, why this analysis cannot be extended to the contradic-
tory effects of sociological amalgamation inside the capitalist mode of production
but across variegations of it that is, between the predominantly neoliberal global
north and the predominantly state capitalist global south, for instance. For more,
see Davidson (2006).
21. This is precisely the dilemma facing developing economies of the global
South at the present conjuncture. Debates over the possibility of decoupling in
Brazil, Russia, India and China (BRICs) and mounting a challenge to US economic
hegemony have found expression in the creation of a development bank aimed at
fostering an alternative path of accumulation to US-led neoliberalism for underde-
veloped states, particularly in sub-Saharan Africa (Bond, 2013), alongside more
recent debates over the Asian Infrastructure Investment Bank.
22. Consider the dramatic impact of the North African revolutions of 2011 and
their aftermath, and the panicked response that they continue to generate in both
the US state and its allies. This is the source of the policy of ‘transformismo’ prac-
ticed by advanced capitalist states, to incorporate anti-systemic contender states
into hegemonic global structures: see Cox (1983).
146 STEVE ROLF
23. British financial capital and the rapid development of the core European
states; American Fordism, the rise of US counter-hegemony, and the Cold War;
US-led neoliberalism and financialisation, post-colonialism and perpetual crises in
the periphery. The crisis of neoliberalism has witnessed the resurgence of the periph-
ery as an emerging engine for capital accumulation. For the definitive statement of
this accumulation-geopolitics relationship, see Arrighi (2009).
24. Without wishing to endorse his pessimistic conclusions for emancipatory
politics, we may follow Postone (1993) in considering capital and capitalist strategy
as a (if not the) subject of historical development: there seems no reason why we
cannot incorporate the determinations of the states system into this kind of strategic
model which produces novel forms of social development via strategic agency while
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ACKNOWLEDGEMENT
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