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

By Leo Panitch, Martijn Konings

ISBN-10: 0230227678

ISBN-13: 9780230227675

ISBN-10: 0230551262

ISBN-13: 9780230551268

In a full of life critique of ways foreign and comparative political financial system misjudge the connection among worldwide markets and states, this ebook demonstrates the critical position of the yank kingdom in present day global of globalized finance. The individuals put aside conventional emphases on army intervention, taking a look as an alternative to economics.

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In a full of life critique of the way foreign and comparative political financial system misjudge the connection among international markets and states, this publication demonstrates the valuable position of the yankee kingdom in latest international of globalized finance. The participants put aside conventional emphases on army intervention, having a look as a substitute to economics.

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

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This imperial vision was articulated just as the US Treasury was taking the initiative, in conjunction with the British Treasury, to develop the plans that eventually led to Bretton Woods. Roosevelt’s Secretary of the Treasury, Henry Finance and American Empire 21 Morgenthau, promised a ‘New Deal in international economics’. Important to the final outcome were Keynes’ influential attacks on financial orthodoxy in the context of the new ‘facts on the ground’ – the comprehensive wartime controls over currency and capital flows.

Apart from the competitive advantages they enjoyed from having pioneered the innovations in securitized finance, they were also aided by the other financial centres’ emulation of New York’s ‘big bang’, and by the American state’s own concerted actions aimed at the diffusion of its neoliberal regime. The fact that the major New York investment banks took the lead in providing financial services and advice for mergers and acquisitions in all the regional financial centres from Europe to East Asia meant that they came to play a significant role in transforming not only financial markets, but business practices generally, on US lines.

The New York bankers had considerable influence in the Treasury under the Truman administration, even though ‘lingering New Deal suspicion of Wall Street [had] culminated in one last cannonade’ in the form of an antitrust suit launched in 1947 by the Justice Department against the investment houses that handled 70 per cent of Wall Street underwriting. But when this suit failed in the courts a few years later, it was a ‘watershed in the history of Wall Street’ that ‘finally freed the Street of its image as the home of monopoly capitalists .

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American Empire and the Political Economy of Global Finance (International Political Economy) by Leo Panitch, Martijn Konings


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