Download American Empire and the Political Economy of Global Finance by Leo Panitch, Martijn Konings (eds.) PDF

By Leo Panitch, Martijn Konings (eds.)

In a full of life critique of the way overseas and comparative political financial system misjudge the connection among international markets and states, this ebook demonstrates the relevant position of the yankee kingdom in present day 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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Above all, it would be necessary for the American state, as the imperial state, to retain the confidence of the ever more dynamic and powerful financial capitalists in the face of the pressures on the dollar. All this implied addressing the deeper contradictions of the Bretton Woods arrangements for fixed exchange rates and tying the dollar to gold, which by then had become a barrier to the American state’s capacity to navigate between its domestic and imperial responsibilities. Especially important in this regard was the way class relations had developed in the advanced capitalist states during the Keynesian era.

Roosevelt’s Secretary of the Treasury, Henry Finance and American Empire 21 Morgenthau, promised a ‘New Deal in international economics’. Important to the final outcome were Keynes’ influential attacks on financial orthodoxy in the context of the new ‘facts on the ground’ – the comprehensive wartime controls over currency and capital flows. But this should not obscure the compromises that were made with the bankers, reflecting the continuing importance of financial capital both inside and outside the state.

But they never relinquished their view that such controls should be only temporary. 6 So while the Bretton Woods Agreement recognized that states could operate capital controls, what was more significant was the US state’s own refusal to use such controls, and the expectation in both Washington and New York that other states would use them only for a transitional period of reconstruction. How short the transitional period was initially expected to be was evident from the great pressure the US put upon the British to quickly make sterling convertible, and the open arms with which Wall Street received a wave of capital flight from Europe immediately after the war.

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