In 2007 the conservative English historian Niall Ferguson and co-author Moritz Schularick wrote an article entitled 'Chimerica' and the Global Asset Market Boom, in International Finance, 10:3. A new text by Hung Ho-Fung gives a lot more depth to their analysis.
About four years ago, after the disastrous US elections in 2004, a group of us meeting at 16 Beaver Street in New York launched the idea of Continental Drift. The hypothesis: a coming "tectonic" shift in the geopolitical system, precipitated by the mismanagement of neoliberal globalization under the Bush-Blair regime. What we saw on the horizon was some kind of collapse of dollar hegemony -- "hegemoney," as Arrighi puts it -- and the rise of a multipolar order, with new possibilities and challenges for grassroots egalitarian movements around the world.