American Empire and the Political Economy of Global Finance [NOOK Book]

Overview

The relationship between states and globalization is one of the burning questions of our time. Providing a lively critique of how international and comparative political economy misjudge the relationship between markets and states, this book demonstrates the American state's central place in today's world of globalized finance. While US military interventions draw most attention to the imperial nature of the American state, the highly original contributions here show how US power is embedded in the structures of ...
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American Empire and the Political Economy of Global Finance

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Overview

The relationship between states and globalization is one of the burning questions of our time. Providing a lively critique of how international and comparative political economy misjudge the relationship between markets and states, this book demonstrates the American state's central place in today's world of globalized finance. While US military interventions draw most attention to the imperial nature of the American state, the highly original contributions here show how US power is embedded in the structures of global finance. The first part of the volume examines the contours and sources of American financial power, and the second part traces the processes through which the pillars of American power in global finance have been constructed. Taking the analysis right up to the present situation, this book powerfully reveals the role the American state plays in the expansion of international financial markets and in managing the economic crises that emanate from them.
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Editorial Reviews

From the Publisher
"Panitch and Konings do a marvellous job in bringing together a set of innovative and rigorous chapters that throw critical light on the obscure and complex nature of the American Empire and its role in shaping the landscape of contemporary capitalism. This book is essential reading in understanding how the world works." — Susanne Soederberg, Canada Research Chair, Global Development Studies, Queen’s University, Canada
"This work, written by some of the world's finest scholars on the topic, breaks new ground by demonstrating how finance is anchored in the social structure of the United States in profound and often unique ways. This takes the book far beyond routine assessments of how a dominant political and economic power translates its superiority into financial clout; compared to Europe, let alone the rest of the world, American capitalism also connects a wide variety of interests directly into the financial system. If Gramsci once said that in the United States hegemony grows directly in the factory, this collection demonstrates that it is also directly translated into hegemony in the global financial system. Are we now witness to its demise? At a time of profound financial disturbance, no student of global political economy can afford to ignore this eminent collection." — Kees van der Pijl, Professor of International Relations, University of Sussex, UK, and author of Global Rivalries from the Cold War to Iraq
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Product Details

  • ISBN-13: 9780230268333
  • Publisher: Palgrave Macmillan
  • Publication date: 7/24/2008
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 718 KB

Meet the Author

LEO PANITCH is the Canada Research Chair in Comparative Political Economy and Distinguished Research Professor at York University, Toronto and the co-editor of the Socialist Register.

MARTIJN KONINGS recently completed a PhD on the rise of American Finance at York University and is currently a Researcher in the Amsterdam Institute for Metropolitan and International Development Studies at the University of Amsterdam, The Netherlands.

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Table of Contents

List of Figures and Tables

1 Demystifying Imperial Finance Leo Panitch Panitch, Leo Martijn Konings Konings, Martijn 1

Pt. I Contours and Sources of Imperial Finance 15

2 Finance and American Empire Leo Panitch Panitch, Leo Sam Gindin Gindin, Sam 17

3 American Finance and Empire in Historical Perspective Martijn Konings Konings, Martijn 48

Pt. II Constructing the Pillars of Imperial Finance 69

4 US Structural Power and the Internationalization of the US Treasury David Sarai Sarai, David 71

5 Neoliberalism and the Federal Reserve Eric Newstadt Newstadt, Eric 90

6 US Power and the International Bond Market: Financial Flows and the Construction of Risk Value Scott Aquanno Aquanno, Scott 119

7 Towards the Americanization of European Finance? The Case of Finance-Led Accumulation in Germany Thomas Sablowski Sablowski, Thomas 135

8 Accounting for Financial Capital: American Hegemony and the Conflict Over International Accounting Standards Thomas Sablowski Sablowski, Thomas 159

9 From Bretton Woods to Neoliberal Reforms: the International Financial Institutions and American Power Ruth Felder Felder, Ruth 175

10 The Role of Financial Discipline in Imperial Strategy Christopher Rude Rude, Christopher 198

Pt. III Conclusion 223

11 The Politics of Imperial Finance Martijn Konings Konings, Martijn Leo Panitch Panitch, Leo 225

Bibliography 253

Index 275

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