By Leo Panitch, Martijn Konings (eds.)
In a full of life critique of ways foreign and comparative political economic system misjudge the connection among worldwide markets and states, this booklet demonstrates the critical position of the yankee country in ultra-modern international of globalized finance. The participants put aside conventional emphases on army intervention, taking a look as a substitute to economics.
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Extra resources for American Empire and the Political Economy of Global Finance
The American working and middle classes maintained their standards of living by working longer hours and going into debt. They often remortgaged their homes to do so, and commercial banks sold off the resulting debt in packages to investment banks which in turn repackaged them for sale in the derivatives market. On the other side of the ledger, commercial banks relied less and less on deposits for their funding and more and more on selling and trading securities. Meanwhile the New York investment banks famously made out like bandits.
Crucial here was the increased international liquidity of credit and its contribution to the management of risk. This allowed for what Dick Bryan has called the international ‘commensurability of value’ (Bryan et al. 2000). Financial markets, especially through the invention of a large number of financial instruments called derivatives (swaps, options, futures not based on the trade in physical products), put a price on the various dimensions of risk associated with exchange rates, trade, long- vs.
The introduction in the early 1960s of American controls on the export of capital for the first time since the war was certainly not welcomed by the New York bankers, who instead demanded – as did central bankers in Europe – higher American interest rates to cope with the problem. But the fact that these controls were seen as temporary and were accompanied by further US encouragement of other states to remove their capital controls, showed how limited an about-face it really was; it actually had the effect of further encouraging American banks to set up as direct participants in the Eurodollar market.
American Empire and the Political Economy of Global Finance by Leo Panitch, Martijn Konings (eds.)