By Leo Panitch, Martijn Konings (eds.)
In a full of life critique of the way foreign and comparative political economic climate misjudge the connection among international markets and states, this publication demonstrates the imperative position of the yank kingdom in contemporary international of globalized finance. The individuals put aside conventional emphases on army intervention, taking a look as a substitute to economics.
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Extra resources for American Empire and the Political Economy of Global Finance
The post-war economic boom and the financial bull market through the 1950s provided the space for American finance, even while still operating within the framework of the New Deal regulations, to further deepen its 24 Contours and Sources of Imperial Finance markets at home and expand abroad. Financial institutions of various types across the country not only participated in the rapid growth of industry but also found ways to encourage and take advantage of rising consumerism to draw in the working classes, especially through state-backed mortgage securities and consumer loans.
But more generally, the thirtyyear crisis of capitalism, and its declining legitimacy in the face of both Soviet communism and the strength of the left in the West European labour movements, meant that more than just an American-led post-war economic reconstruction of Europe was at stake: the tendency towards the establishment of a liberal global capitalist order, so severely interrupted since the First World War, now depended for its realization on the unique capacity of the American state for its revival and extension.
Meanwhile, outside the purview of the Fed but by no means unrelated to its objective, was President Reagan’s smashing of the air traffic controllers’ strike in 1981. Indeed, Volcker would later say that ‘the most important single action of the administration in helping the anti-inflation fight was defeating the air traffic controllers strike’ (quoted in Taylor 1995: 778). It was on this basis that the American state regained the confidence of Wall Street and financial markets more generally. This proved pivotal to the reconstitution of the American empire by unleashing the new form of social rule subsequently labelled ‘neoliberalism’ – promoting the expansion of markets and using their discipline to remove the barriers to accumulation that earlier democratic gains had achieved.
American Empire and the Political Economy of Global Finance by Leo Panitch, Martijn Konings (eds.)