By Leo Panitch, Martijn Konings
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Extra resources for American Empire and the Political Economy of Global Finance
Ultimately, the risks involved in international accumulation are contingent on confidence in the dollar. This is founded on its material foundations in the strength of the American economy and on the capacity of the American state to manage the inevitable volatility of financial markets. The post-war boom had reflected this kind of confidence in American power; the reconstitution of empire that began in the early 1980s was about restoring it after the uncertainties of the 1960s and 1970s. The turning point marked by the Volcker shock thus represented a convergence of imperial and domestic responsibilities.
The post-war boom had reflected this kind of confidence in American power; the reconstitution of empire that began in the early 1980s was about restoring it after the uncertainties of the 1960s and 1970s. The turning point marked by the Volcker shock thus represented a convergence of imperial and domestic responsibilities. Bound up with renewed capitalist confidence in the US was the free-market, anti-statist rhetoric of Reaganism and Thatcherism. This did not mean the end of regulation, of course – any more than Keynesianism had, conversely, meant the suppression of markets.
In the interests of facilitating international harmony the appearance of US hegemony should not be sought’ (quoted in Gowa 1983: 129). But at a deeper level it was the American penetration of the other developed capitalist countries, and the dense institutional linkages that had evolved between them 30 Contours and Sources of Imperial Finance and the US, which determined that inter-state tensions were limited to renegotiating the terms of the imperial relationship, not questioning its essence. Within the third world, instances of attempted withdrawal from Americanled global capitalism were contained (the American defeat in Vietnam had not led to any domino effect) or turned around (the overthrow of Allende being followed by the introduction of neoliberalism under Pinochet), while the recycling of petrodollars further integrated the third world into global financial circuits.
American Empire and the Political Economy of Global Finance by Leo Panitch, Martijn Konings