By Leo Panitch, Martijn Konings
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Extra info for American Empire and the Political Economy of Global Finance
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. When the Depository Institutions Deregulation and Monetary Control Act was passed in 1980 right in the midst of the Volcker shock, it revealed by its very title the futility of any discourse cast in terms of a dichotomy between ‘regulation’ vs.
The Fed’s brief embrace at this time of the Friedmanite goal of controlling the money supply was contradicted by the diversity of financial instruments that had already developed – and that would soon spread much further under the impetus of extremely high interest rates. As Greenspan (1997) later explained: ‘Increasingly since 1982 we have been setting the funds rate directly . . in the current state of our knowledge, money demand has become too difficult to predict . . ’ The Federal Reserve now explicitly took responsibility for directly declaring an interest rate that would project an unwavering anti-inflationary commitment so as to become the global anchor of a dollar-based world economy.
Paying more attention to business strategy, product development, marketing, and costs, the stuff of business-school curricula’ (Sylla 2002: 62). e. the shift from depositing money in a bank to buying a tradable financial asset from 28 Contours and Sources of Imperial Finance the bank). This transformed the role of banking from direct credit intermediation (taking deposits from and loaning money to particular customers) to mediating the interactions of lenders and borrowers in depersonalized securities markets.
American Empire and the Political Economy of Global Finance by Leo Panitch, Martijn Konings