London is resisting.
The Libor scandal demonstrated that the London-based market is not a real market but an oligopolistic structure. The interbank financial market in this city has lost its credibility.
On the other hand, Britain's economy collapsed a long time ago. The entire world will experience a "British problem" in the years to come. As Britain is losing its might, some repercussions may be experienced.
The 16th and 17th centuries were periods of British expansion and exploitation. The entire world experienced a true British problem in the 18th century and through the late 19th century; in 1922, one-fourth of the entire world population was under British domination, but they were poor, exploited, wounded and murdered.
When Britain eliminated the pound's dependence on gold in 1931, the monetary system known as the gold standard officially ended; in practice, this meant the end of Britain's conventional colonialism. However, this hegemony was perpetuated through the domination and prominence of London as the main center of the global system. Now, this unofficial domination is also nearing an end. The Barack Obama administration makes decisions about the former dominions of Britain without asking London. For instance, the commercialization of northern Iraq's energy sources -- natural gas and oil -- and Caspian energy sources through Turkey and the transportation of Caspian sources to Central Europe via the Southern Gas Corridor are unpleasant developments for London. In other words, British control over the energy sources in Asia and the Middle East is fading because of the emergence of Turkey. However, there is also another big picture to this issue if we look at it through a deeper historic perspective.
British economist Angus Maddison depicts the growth of the world economy up to 2030 in "Contours of the World Economy 1-2030 AD" (2007). Maddison argues that population growth in the West will decline and that the average global economic growth will be around 3 percent. However, according to Maddison, Asian growth will be striking. In other words, the Asian continent, which will assume most of the global production, will return to its early 19th century might. The center of gravity of the world economy moved from the East and Mesopotamia in the early 19th century to the West. The Ottoman state declined and then collapsed at this stage. The 20th century was the period of European aggression and domination, but when the aggressiveness of fascism turned into a war, Europe lost its role as the center and was replaced by the US.
To cut a long story short, the ongoing crisis, as foreseen by a leading theoretician like Maddison, is a process by which the center of gravity in the global economic system is moving from Berlin-London-Washington to the south through Turkey and where the East is becoming a key player in the world economy again. London... Like I said, this city is not just the capital city of a former empire. It was also the capital of global financial oligarchy that gave advice to Washington. London is resisting; Britain has just realized what a theoretician like Maddison had seen before and for this reason, we could say that they are taking action against Turkey.
Irrespective of the mistakes by the Recep Tayyip Erdoy-an government, we need to take a look at the Gezi Park protests in Turkey that have been ongoing for two weeks from this perspective. The primary reason for the exaggerated remarks and statements in the Western media, including Britain, suggesting that there is a regime crisis in Turkey is of course the orientalist approach of the West vis-a-vis Turkey. However, the fading domination of London is also another reason and motive behind this exaggeration. Therefore, we could say that unlike the protesters in Istanbul, London is resisting against the Erdoy-an administration.
CEMyL ERTEM (Cihan/Today's Zaman) CyHAN
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