In the second part of ‘The history of Capitalism – a personal view’, Muhammad Nauman Khan explores the emergence of the USA’s “uni-polarity” and the eventual disappointing outcome of the ‘American dream’, adding
There is an erosion of US economic and political power, and a shift towards China is already palpable. In the Middle East, the US is winding down two disastrous and unsuccessful wars in Iraq and Afghanistan – and finds its influence threatened by the Arab awakening. Europe’s leaders are appealing Beijing, rather than Washington, for emergency financial assistance. In Africa, a continent is being transformed by Chinese investments.