By Leo Panitch, Martijn Konings
In a full of life critique of ways foreign and comparative political economic system misjudge the connection among international markets and states, this ebook demonstrates the imperative position of the yankee nation in cutting-edge international of globalized finance. The members put aside conventional emphases on army intervention, taking a look as a substitute to economics.
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Additional info for American Empire and the Political Economy of Global Finance (International Political Economy)
We show that at each of the turning points in the evolution of the international capitalist economy, the American state both registered and extended the power and depth of financial capital at home as well as abroad. Section 4 examines not only the crises and contradictions but also the synergies involved in the relationship between finance, production and American empire today. It makes three central points. First, the expansion of finance has not been something apart from, but rather integral to the deepening of accumulation, as seen in both the continued internationalization of production networks and – as part and parcel of this – the continuing Finance and American Empire 19 strength of the American economy.
The Federal Reserve’s success in initiating this turn rested on how convincing it was in its determination that not just short-term, but long-term inflation would be controlled. This introduced a new parameter in state policy that implicitly accepted lower rates of growth as a corollary to the priority of low inflation, so as to stabilize the dollar and assure its international role. But the Volcker shock’s contribution to the new priority of ‘breaking inflationary expectations’ in the early 1980s depended on something more fundamental still.
By the end of the 1970s, the non-financial sectors of capital had themselves generally come to acknowledge the need to give priority to fighting inflation and thereby to accept that strengthening financial capital was in their own interests. 15 Of course, the US-led attack on inflation was only effective in combination with the strong underlying capacities of the American economy: its technological base, depth of financial institutions, and the resources that came with its imperial role. In breaking the inflationary spiral in the US through breaking the economic power of labour, the American state not only won back the confidence of financial markets, but also put itself in the position to be able to tell other states – all too ready to blame the US for their own inflation – to likewise address their own balance of class forces.
American Empire and the Political Economy of Global Finance (International Political Economy) by Leo Panitch, Martijn Konings