By Leo Panitch, Martijn Konings
In a full of life critique of the way overseas and comparative political economic climate misjudge the connection among international markets and states, this booklet demonstrates the relevant position of the yank nation in cutting-edge global of globalized finance. The members put aside conventional emphases on army intervention, taking a look as a substitute to economics.
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Extra info for American Empire and the Political Economy of Global Finance (International Political Economy)
The resolution of the crisis of the 1970s through the strengthening of the structural power of finance thus reinforced the capacity of the American state to revive global capitalism. The means by which American inflation and the wage militancy of US labour were broken – high interest rates and an induced recession – also led to an inflow of capital, a stronger dollar, and greater public debt (the Reagan defence expenditures adding to the costs of the recession). The consequent increase in international holdings of highly liquid US Treasury bills not only had a major impact on furthering the development of massive secondary markets in bonds, but lay at the core of the reconstituted form of American imperial rule.
This is founded on its material foundations in the strength of the American economy and on the capacity of the American state to manage the inevitable volatility of financial markets. The post-war boom had reflected this kind of confidence in American power; the reconstitution of empire that began in the early 1980s was about restoring it after the uncertainties of the 1960s and 1970s. The turning point marked by the Volcker shock thus represented a convergence of imperial and domestic responsibilities.
Such a neoliberal solution was presaged by the measures the US Treasury and New York Federal Reserve Bank required of the British Labour government during the 1976 IMF crisis, leading to the explicit abandonment of Keynesianism even before the election of Margaret Thatcher (Panitch and Leys 2001: chs. 5–6). But the asymmetry amongst the capitalist states in the new imperial order was such that until the American state dealt with the problem at home, no such solution abroad could be stable. In spite of the problems faced by the American state through the 1970s, no serious challenge surfaced to its international dominance.
American Empire and the Political Economy of Global Finance (International Political Economy) by Leo Panitch, Martijn Konings