By Leo Panitch, Martijn Konings
In a full of life critique of ways overseas and comparative political economic climate misjudge the connection among worldwide markets and states, this booklet demonstrates the vital position of the yank country in cutting-edge global of globalized finance. The members put aside conventional emphases on army intervention, taking a look in its place to economics.
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Extra info for American Empire and the Political Economy of Global Finance (International Political Economy)
In May 1968, after de Gaulle granted a huge wage-hike to derail a general strike and induce labour away from the revolutionary ambitions of the students, he acknowledged that the gold standard would have denied him this flexibility and ‘stopped daydreaming about a return to gold’ (Arrighi 2003: 35–6). As for the US itself, the Nixon administration elected in 1968 was caught between the call for higher interest rates to reduce capital outflows and the political costs associated with the increased unemployment this would cause.
14 This triumph was political, not technical. Like the first panic over the value of the dollar that marked the transition between the Eisenhower and Kennedy administrations in 1960, the Volcker Finance and American Empire 31 shock also spanned the transition between Carter and Reagan, two presidents of otherwise very different temperaments. Volcker was himself no more than a ‘pragmatic monetarist’ (having first worked in the New York Fed and the US Treasury under Kennedy and Nixon trying to patch up the holes in the Bretton Woods system).
How far this could be accomplished varied from country to country. But it was certainly expressed in the determination with which the Bundesbank and the Finance Ministry in Germany espoused neoliberal monetarist policies throughout the post-war period. And, in the UK, the Bank of England – even after its nationalization by the post-war Labour government – continued to represent the interests of the City of London, often in alliance with a UK Treasury increasingly obsessed with restraining union wage power under conditions of high employment.
American Empire and the Political Economy of Global Finance (International Political Economy) by Leo Panitch, Martijn Konings