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 economic system misjudge the connection among worldwide markets and states, this booklet demonstrates the valuable position of the yankee country in latest global of globalized finance. The members put aside conventional emphases on army intervention, taking a look in its place 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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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).

The consequent increase in international holdings of highly liquid US Treasury bills not only had a major impact on furthering the development of massive secondary markets in bonds, but lay at the core of the reconstituted form of American imperial rule. It allowed the American state to consistently rely on global financial reserves to expand its – and capitalism’s – global reach. As this direction was consolidated and international confidence in the US was firmed up, access to foreign capital became less dependent on offering a higher rate 34 Contours and Sources of Imperial Finance of interest.

The financial sector as a whole expanded explosively, both in the US and globally. This was facilitated by legislation through the 1980s and 1990s that provided more and more space for banks to operate in securities markets, and non-bank institutions to engage in commercial property-lending (and thus gradually reversing the provisions of the New Deal’s Glass-Steagall Act long before it was formally repealed at the turn of the century). The legislation facilitating competition in the financial services sector was also designed to expand consumer credit markets.

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