By Leo Panitch, Martijn Konings
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Extra info for American Empire and the Political Economy of Global Finance
The only possible alternative to this would have involved extensive American capital controls over Wall Street, with cooperation from the European states. The outflows of capital from the US that so worried American leaders by the late 1970s came from American investors as much as disenchanted foreigners. Because the flow went to the unregulated Eurodollar and Eurobond markets, the Fed had at one point proposed that reserve requirements be put on Eurodollar deposits, which in order to be effective would have required other central banks to do the same (Hawley 1984).
Bound up with renewed capitalist confidence in the US was the free-market, anti-statist rhetoric of Reaganism and Thatcherism. This did not mean the end of regulation, of course – any more than Keynesianism had, conversely, meant the suppression of markets. When the Depository Institutions Deregulation and Monetary Control Act was passed in 1980 right in the midst of the Volcker shock, it revealed by its very title the futility of any discourse cast in terms of a dichotomy between ‘regulation’ vs.
But more generally, the thirtyyear crisis of capitalism, and its declining legitimacy in the face of both Soviet communism and the strength of the left in the West European labour movements, meant that more than just an American-led post-war economic reconstruction of Europe was at stake: the tendency towards the establishment of a liberal global capitalist order, so severely interrupted since the First World War, now depended for its realization on the unique capacity of the American state for its revival and extension.
American Empire and the Political Economy of Global Finance by Leo Panitch, Martijn Konings