By Leo Panitch, Martijn Konings (eds.)
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 important position of the yank kingdom in present day international of globalized finance. The members put aside conventional emphases on army intervention, having a look as an alternative to economics.
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Additional info for American Empire and the Political Economy of Global Finance
Social democratic governments in Europe tried to cope by wooing trade unions into corporatist arrangements for wage controls, a strategy that increasingly proved unstable as workers revolted against their own unions (Panitch 1986: chs. 4–6). In France, where low union density and communist strength in the labour movement ruled this out, de Gaulle tried to return to the gold standard as a way of imposing austerity at home. Going back to the gold standard had the added attraction of undermining the dollar internationally.
And however committed (or not) the Mitterrand government in France was to the radical programme on which it was elected in 1981, by then extensive controls on capital and investment had already been ruled out in Europe no less than in the United States. Thus when the Federal Reserve acted as it did in 1979–82 to show the imperium’s own determination to win the confidence of the financial markets through the radical use of monetary policy, it was endorsing the inclination of European governments.
At the end of the 1950s the American state was not merely at the apex of a hierarchy of states, but was by now a qualitatively different kind of state from the rest, and was internationalized in a distinct way. 11 But while all the advanced capitalist states increasingly recognized (to varying degrees) the responsibility they had to participate in the 26 Contours and Sources of Imperial Finance management of international capitalism, they also recognized – and increasingly insisted on – the central role the American state had to play in this.
American Empire and the Political Economy of Global Finance by Leo Panitch, Martijn Konings (eds.)