Since the launch of China’s Belt and Road Initiative (BRI) in 2013, development financing has returned to the fore of global geopolitics. Despite its critics, the latest surge of great-power competition could be a good thing for developing countries.
Clip from the video, "Multipolarity, US-China Relations, and the Political Economy of Global Insecurity - Jeffrey D. Sachs." In this segment, Sachs discusses GDP discrepancies between China and Western countries, underscoring how China and the West view economic growth and competition.
Financialization is a product of power and can only be sustained so long as there are significant economic
imbalances between major countries and peripheral countries (Arrighi 1994). Militarization is not just a major
source of profits but also an indispensable tool to reproduce finance capital by protecting and expanding markets.
Also, finance capital has increased its power over the military sector by buying stock in arms corporations to
become a major component of the military industrial complex. Therefore, financialization and militarization
reinforce each other in the US.
Firat Demir spoke with Dr. Eric Lob, a member of the SiC multipolarity working group and associate professor of International Relations at Florida International University, about his research on Iran's Foreign Development Agency "Construction Jihad."