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The Rise and Fall of Empires: A Historical Cycle
The cycle of the rise and fall of empires, according to Giovanni Arrigi, involves the evolution of powerful economic and political hegemonies eventually becoming dependent on financial speculation rather than tangible production, leading to a crisis of financialization. This cycle often culminates in the breakdown of hegemonic power, potentially sparking conflicts. Arrigi predicts a shift towards a multipolar world order, highlighting the emergence of new powers like China amidst the changing global landscape.