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.
LEO PANITCH is the Canada Research Chair in Comparative Political
Economy and Distinguished Research Professor at York University,
Toronto, Canada, and the co-editor of the Socialist Register.
MARTIJN KONINGS is currently a researcher at York University, Toronto,
Canada.
Table of Contents
Preface
Introduction; L.Panitch & M.Konings
PART I: CONTOURS AND SOURCES OF IMPERIAL FINANCE
Finance and American Empire; L.Panitch & S.Gindin
American Finance and Empire in Historical Perspective; M.Konings
PART II: CONSTRUCTING THE PILLARS OF IMPERIAL FINANCE
US Structural Power and the Internationalization of the US Treasury;
D.Sarai
Neo-Liberalism and the Federal Reserve; E.Newstadt
US Power and the International Bond Market: Financial Flows and the Construction
of Risk Value; S.Aquanno
Towards the Americanization of European Finance? The Case of Finance-Led
Accumulation in Germany; T.Sablowski
Accounting for Financial Capital. American Hegemony and the Conflict over
International Accounting Standards; T.Sablowski
From Bretton Woods to Neoliberal Reforms: The International Financial Institutions
and American Power; R.Felder
The Role of Financial Discipline in Imperial Strategy; C.Rude
Conclusion; M.Konings & L.Panitch
352 pages, Paperback