Geopolitical Economy: After US Hegemony, Globalization and Empire (The Future of World Capitalism) by Radhika Desai

Author:Radhika Desai [Desai, Radhika]
Language: eng
Format: epub
ISBN: 9781849648417
Publisher: Pluto Press
Published: 2013-02-20T00:00:00+00:00

The inflationary pressures that helped bring down the system ... plagued the country for a decade or more. The monetary system has not been put back together in a way that really seems to satisfy anyone. And somehow we are still complaining about military, aid and trade burdens.

(Volcker and Gyohten, 1992: 80)

NIXON’S INSOUCIANCE?

The closing of the gold window, which effected immediate dollar devaluation, was part of a mercantilist new economic policy (NEP) which also included wage, price and rent freezes, import surcharges and tax cuts to stimulate the economy (ERP, 1972: 3). It sought to ‘raise exports relative to imports’ while avoiding ‘either... depressing the American economy or imposing controls on foreign trade’ except temporarily and to pressure other powers to liberalize trade (1972: 28). In the face of competition, ‘US manufacturers, strongly supported by the state, had launched a sustained counter-attack’ to achieve dollar devaluation and keep US workers’ wage gains below those of competing countries while their productivity increased’ (Brenner, 1998: 158).

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