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 worldwide markets and states, this booklet demonstrates the imperative position of the yankee nation in state-of-the-art global of globalized finance. The participants put aside conventional emphases on army intervention, taking a look in its place to economics.
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Additional resources for American Empire and the Political Economy of Global Finance
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 . . and all other barriers to further expansion can be removed’. This vision was strikingly similar to what would later be called neoliberalism, in which ‘universal free trade’ was seen as ‘the ultimate goal of a rational world’ ((Fortune Magazine 1942: 59–63).
By the end of the 1970s, the foreign earnings of the five largest American banks accounted for over half of their total earnings. Nor should it be thought that these developments took place within a self-contained financial sphere divorced from production and trade. 13 As financial capital outgrew the cradle of Bretton Woods, however, it ran up against the militant labour and other popular forces of the period. Every Finance and American Empire 29 advanced capitalist state had to deal with this underlying problem of class relations.
10 Robert Rubin, the future Secretary of the US Treasury who joined Goldman Sachs in 1965, recalls one of the old guard telling him in the early 1970s ‘that we junior partners would be unlikely to ever do as well financially as the older partners had because there would never be another period as good as the one that had just passed’ (Rubin 2003: 81). In the new dollar-centred international financial system the relationship of the rest of the world, and especially of Europe, to American finance could not be limited for very long to borrowing through financial services located in New York.
American Empire and the Political Economy of Global Finance by Leo Panitch, Martijn Konings (eds.)