Dipak Basu is Emeritus Professor in Economics at Nagasaki University, Japan. He obtained a PhD from the University of Birmingham, England. Previously, he was a Research Officer at the Department of Applied Economics, University of Cambridge and a Lecturer in Econometrics at the Institute of Agricultural Economics, University of Oxford.Victoria Miroshnik is Professor in Management at Reitaku University, Japan. She obtained a PhD from the University of Glasgow, Scotland. Previously, she was Professor at Jindal Global University, New Delhi, and Associate Professor at Tsukuba University, Tokyo and Ritsumeikan Asia Pacific University, Beppu, Japan.

• 1. Historical context: First Globalization, British Empire, effects on the colonies, Industrial revolution in Britain, Deindustrialization in Bengal, slave trade.- 2. New Globalization starts with the abolition of the Soviet Union in 1991. WTO in 1995, impacts on Yugoslavia, Brazil, India. Farmers revolt in India.- 3. Chinese Empire since 1949, occupation of Tibet, East Turkestan, Inner Mongolia, Manchuria and plan for Formosa.- 4. China’s entry to WTO, fear and reality, China’s trade policy, exchange rate policy, labour policy, Belt and Road initiative, Debt trap creation, recent China’s expanding empire in South China Sea, Pakistan, Sri Lanka, Africa, Cambodia, Corona virus and its political effects.- 5. American Empire and its recent expansion in Iraq, Libya, Syria, Yugoslavia, and Ukraine.- 6. American resistance and collaboration to China, Trump, Democratic Party, Wall Street.- 7. The future, Mandala Concept, Concepts of religious philosophies.- 8. Conclusion.