By Leo Panitch, Martijn Konings (eds.)
In a full of life critique of the way foreign and comparative political economic system misjudge the connection among international markets and states, this booklet demonstrates the principal position of the yankee nation in cutting-edge international of globalized finance. The members put aside conventional emphases on army intervention, having a look as a substitute to economics.
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Additional info for American Empire and the Political Economy of Global Finance
Notably, once the government entered directly into the Chrysler bankruptcy proceedings in 1980, Congress insisted that Paul Volcker sit on the public board responsible for the negotiations with the company, its creditors and suppliers, and the union; and Volcker was indeed finally responsible for securing from the UAW, the highest-profile union in the US, the conditionality (wage cuts and outsourcing) attached to the loan that Chrysler was granted. 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.
Looking back to his appointment as Chairman of the Federal Reserve at the end of the 1970s, Paul Volcker recalled ‘all the hesitations and false starts, the uncertainty and questions’ after a decade in which ‘theorizing and empirical analysis about stable and predictable relationship[s] . . seemed to break down in the United States and other countries’ (Volcker 1990: 5). 3. 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.
E. 7 The use of ‘offsetting financing’ – which would become the primary means of coping with capital flight in the neoliberal era – had been discussed at Bretton Woods but was formally rejected there in favour of capital controls. 8 The Bretton Woods rules and international institutions like the IMF did allow more flexibility in national adjustments to international imbalances. But what was really crucial was the way the American state’s acceptance of what it always saw as temporary and transitional barriers to selected US exports and investments abroad, helped to incorporate the Western European (and Japanese) states into the new imperial order.
American Empire and the Political Economy of Global Finance by Leo Panitch, Martijn Konings (eds.)