US’ Venezuela raid shows geopolitics is now a contest between economic blocs

The latest developments in Venezuela are interpreted as part of a broader US strategy to secure access to major oil resources. They are much more than that: the US raid signals a transformation in the global economy wherein a country’s power is increasingly determined not by its political actions, but by its capacity to embed resource wealth within a self-sustaining production system. These deeper processes did not begin today, but rather around 2008-2009 when, according to an integrated...