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

By Leo Panitch, Martijn Konings

In a full of life critique of ways overseas and comparative political financial system misjudge the connection among worldwide markets and states, this e-book demonstrates the principal position of the yank country in cutting-edge global of globalized finance. The individuals put aside conventional emphases on army intervention, taking a look as a substitute to economics.

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Extra resources for American Empire and the Political Economy of Global Finance (International Political Economy)

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Before the war, the branches of American investment banks had acted mainly as diplomatic outposts for their home offices, but by the late 1950s and early 1960s they had become dynamic financial actors inside Europe. This involved the export of American banking techniques and expertise, and facilitated an explosion of foreign direct investment by American multinational corporations. And US commercial banks, barred since the New Deal from investment banking activity at home, also jumped at the chance to set up foreign branches in Europe so that they could conduct the full range of activities requested by their American clients – and soon were also wooing European companies.

Because the flow went to the unregulated Eurodollar and Eurobond markets, the Fed had at one point proposed that reserve requirements be put on Eurodollar deposits, which in order to be effective would have required other central banks to do the same (Hawley 1984). Yet this was nothing like the early wartime proposals for cooperative capital controls. With Nixon’s rescinding of the temporary capital controls that had been introduced in the 1960s, the American state was now more adamantly opposed than ever to the use of capital controls (Helleiner 1994: 101–21).

And while New York took its place as the world’s principal financial centre at the end of the Second World War, this seemed much less important when the new Bretton Woods order had supposedly marginalized finance relative to production and trade. As the story of twentieth-century capitalism is usually told today, only the neoliberal ‘revolution’ of the 1980s and 1990s finally 17 18 Contours and Sources of Imperial Finance unleashed the forces that made Wall Street the central location of the world economy.

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