By Leo Panitch, Martijn Konings (eds.)
In a full of life critique of ways overseas and comparative political financial system misjudge the connection among international markets and states, this ebook demonstrates the valuable position of the yank kingdom in modern-day international of globalized finance. The individuals put aside conventional emphases on army intervention, having a look in its place to economics.
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Extra resources for American Empire and the Political Economy of Global Finance
At the time of the entry of the US into the Second World War there was a broad consensus in American capitalist and state circles that a top priority for the post-war world would be the reconstruction of a global free trade system. ‘We have profited by our past mistakes,’ Roosevelt said as early as September 1942. 5 The editors of Fortune,Time and Life magazines, in a joint statement in 1942, called for a ‘new American imperialism’ whose goal would be ‘to promote and foster private enterprise, by removing the barriers to its natural expansion’, through the creation of ‘an expansionist context in which tariffs, subsidies, monopolies, restrictive labour rule .
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.
In the interests of facilitating international harmony the appearance of US hegemony should not be sought’ (quoted in Gowa 1983: 129). But at a deeper level it was the American penetration of the other developed capitalist countries, and the dense institutional linkages that had evolved between them 30 Contours and Sources of Imperial Finance and the US, which determined that inter-state tensions were limited to renegotiating the terms of the imperial relationship, not questioning its essence.
American Empire and the Political Economy of Global Finance by Leo Panitch, Martijn Konings (eds.)