Making of Global Capitalism

Making of Global Capitalism

by Leo Panitch
     
 

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ISBN-10: 1844677427

ISBN-13: 2901844677428

Pub. Date: 10/09/2012

Publisher: Verso Books

The all-encompassing embrace of world capitalism at the beginning of the twenty-first century was generally attributed to the superiority of competitive markets. Globalization had appeared to be the natural outcome of this unstoppable process. But today, with global markets roiling and increasingly reliant on state intervention to stay afloat, it has become clear that

Overview

The all-encompassing embrace of world capitalism at the beginning of the twenty-first century was generally attributed to the superiority of competitive markets. Globalization had appeared to be the natural outcome of this unstoppable process. But today, with global markets roiling and increasingly reliant on state intervention to stay afloat, it has become clear that markets and states aren’t straightforwardly opposing forces.

In this groundbreaking work, Leo Panitch and Sam Gindin demonstrate the intimate relationship between modern capitalism and the American state, including its role as an “informal empire” promoting free trade and capital movements. Through a powerful historical survey, they show how the US has superintended the restructuring of other states in favor of competitive markets and coordinated the management of increasingly frequent financial crises.

The Making of Global Capitalism, through its highly original analysis of the first great economic crisis of the twenty-first century, identifies the centrality of the social conflicts that occur within states rather than between them. These emerging fault lines hold out the possibility of new political movements transforming nation states and transcending global markets.

Product Details

ISBN-13:
2901844677428
Publisher:
Verso Books
Publication date:
10/09/2012
Edition description:
NE
Pages:
464

Related Subjects

Table of Contents

Preface vii

Introduction 1

Part I Prelude to the New American Empire

1 The DNA of American Capitalism 25

The Dynamic Economy 26

The Active State 31

Internationalizing the American State 35

2 American State Capacities: From Great War to New Deal 45

From Wilson to Hoover: Isolationism Not 46

The Great Depression and the New Deal State 53

From New Deal to Grand Truce with Capital 59

Part II The Project for a Global Capitalism

3 Planning the New American Empire 67

Internationalizing the New Deal 69

The Path to Bretton Woods 72

Laying the Domestic Foundations 80

4 Launching Global Capitalism 89

Evolving the Marshall Plan 91

The American Rescue of European Capitalism 96

"The Rest of the World" 102

Part III The Transition to Global Capitalism

5 The Contradictions of Success 111

Internationalizing Production 112

Internationalizing Finance 117

Detaching from Bretton Woods 122

6 Structural Power Through Crisis 133

Class, Profits, and Crisis 135

Transition through Crisis 144

Facing the Crisis Together 152

Part IV The Realization of Global Capitalism

7 Renewing Imperial Capacity 163

The Path to Discipline 164

The New Age of Finance 172

The Material Base of Empire 183

8 Integrating Global Capitalism 195

Integrating Europe 196

Japan's Contradictions of Success 203

The Rest of the World (Literally) 211

Part V The Rule of Global Capitalism

9 Rules of Law: Governing Globalization 223

The Laws of Free Trade 224

Global Investment, American Rules 230

Disciplinary Internationalism 234

10 The New Imperial Challenge: Managing Crises 247

Firefighter in Chief 248

The Asian Contagion 254

Failure Containment 261

Part VI The Global Capitalist Millennium

11 A World After Its Own Image 275

Chief Financial Architect 277

The US and the Globalized Economy 283

The Integration of China 292

12 American Crisis/Global Crisis 301

Smoldering Bushfires 303

"The Worst Financial Crisis in Global History" 310

The Empire's Not So New Clothes 318

Conclusion 331

Notes 341

Index 447

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