The Making of Global Capitalism: The Political Economy Of American EmpireThe all-encompassing embrace of world capitalism at the beginning of the twenty-first century was generally attributed to the superiority of competitive markets. Globalization had appeared to be the natural outcome of this unstoppable process. But today, with global markets roiling and increasingly reliant on state intervention to stay afloat, it has become clear that markets and states aren’t straightforwardly opposing forces. In this groundbreaking work, Leo Panitch and Sam Gindin demonstrate the intimate relationship between modern capitalism and the American state, including its role as an “informal empire” promoting free trade and capital movements. Through a powerful historical survey, they show how the US has superintended the restructuring of other states in favor of competitive markets and coordinated the management of increasingly frequent financial crises. The Making of Global Capitalism, through its highly original analysis of the first great economic crisis of the twenty-first century, identifies the centrality of the social conflicts that occur within states rather than between them. These emerging fault lines hold out the possibility of new political movements transforming nation states and transcending global markets. |
Contents
| 23 | |
| 45 | |
| 65 | |
| 89 | |
| 109 | |
| 133 | |
| 161 | |
Integrating Global Capitalism | 195 |
THE RULE OF GLOBAL CAPITALISM | 221 |
Managing Crises | 247 |
THE GLOBAL CAPITALIST MILLENNIUM | 273 |
American CrisisGlobal Crisis | 301 |
CONCLUSION | 331 |
NOTES | 341 |
Index | 447 |
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Common terms and phrases
abroad advanced capitalist Alan Greenspan American empire American state’s Asian assets bankers billion bonds Bretton Woods capacity capital controls capitalist central banks century China competition corporations countries crises crucial currency debt decade deficits dollar domestic economic especially Eurodollar Europe European exchange rates expansion exports Fed’s Federal Reserve financial crisis financial markets financial system firms foreign funds global capitalism global financial Goldman Sachs growth imperial important increased increasingly industry inflation integration interest rates international financial internationally investment banks investors Japan Japanese Keynesian labor Leo Panitch liberalization loans London manufacturing Marshall Plan ment MNCs monetary policy mortgage neoliberal ofAmerican ofthe Panitch Paul Volcker percent postwar production profits quantitative easing reforms regulation regulatory restructuring role sector securities social South Korea stability strategy tion Treasury Treasury’s union University Press Volcker Wall Street Washington workers World Bank York