ABSTRACT
The theory of capitalist peace claims that contractual social relations, free trade and cross-border investments are conducive to peace. In discussing this theory, I first sketch some key paradoxes and contradictions of capitalist market economy. These paradoxes and contradictions have critical implications for the theory of liberal-capitalist peace. Free-market policies and re-regulations have released and strengthened various problematical mechanisms that are typical to capitalist market economy. Second, I explain Piketty’s inequality r > g and its wider meaning to democracy and global integration under market globalism. Third, I describe briefly two mechanisms that can explain the move from uncertainty and inequalities to existential insecurity and securitization. Fourth, I summarize how these mechanisms can shape macro-history and why the anticipation of a global military catastrophe by futurologists such as Attali and Wagar is not only relevant but unfortunately also plausible. Finally, I discuss briefly how the contradictions of global political economy could be overcome by collective actions and by building better common institutions.
