New PDF release: American Empire and the Political Economy of Global Finance

By Leo Panitch, Martijn Konings

ISBN-10: 0230227678

ISBN-13: 9780230227675

ISBN-10: 0230551262

ISBN-13: 9780230551268

In a full of life critique of ways foreign and comparative political financial system misjudge the connection among international markets and states, this ebook demonstrates the vital position of the yankee nation in modern 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 (International Political Economy)

Sample text

Paulson, 2007)3 Despite the hubris that has attended the global ambitions of American financiers for over a century, the actual rise to world dominance of American finance was far from smooth or inevitable. The goal of ‘building the world’s capital for all time to come’ in New York, already articulated in the late nineteenth century, looked set to be realized by the end of the First World War. Yet it was only a decade later that the Wall Street crash triggered the Great Depression and the breakdown of the international financial order.

It was a situation that proved confusing to all the main actors – including the Americans. The sang froid with which the Fortune editors had proclaimed in 1942 that the new American empire would not be ‘afraid to help build up industrial rivals to its own power . . because we know industrialization stimulates rather than limits international trade’ was no longer in evidence in 1960, as both the outgoing Eisenhower administration and the incoming Kennedy administration panicked over the new American balance of payments deficit.

Just as the internationalization of finance had earlier accompanied the internationalization of production, so any attempt to control finance by the 1970s would not be able to leave industrial capital untouched. Not even social democratic governments in Europe were inclined to seriously contemplate such a radical intervention, as was shown by the hostile treatment of Tony Benn’s Alternative Economic Strategy in Britain in 1975–6, and the rejection at the same time of the German unions’ much milder proposals for investment planning (Panitch and Leys 2001).

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American Empire and the Political Economy of Global Finance (International Political Economy) by Leo Panitch, Martijn Konings


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