A must read for everyone who is concerned about where the future of capitalism might lie.
This is a major work in political economy—rigorously researched, compellingly written, and bursting with fresh insights on nearly every page. The authors help us see the active making of global capitalism mostly overlooked in mainstream explanation.
A great book. Leo Panitch and Sam Gindin have so much to offer as we deliberate about the paths to follow for empowerment and meaningful change. Most valuable are the ways these Canadians set out anti-capitalist principles and critiques of reformism, and defend socialist aspirations.
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- Professor Martijn Konings.
In perhaps no other site in the English-speaking academic world are such committed, principled and generous leaders so warmly received by colleagues and students, and more importantly, by workers and communities in struggle. This means taking with utmost seriousness both their analysis and strategy, for even if they do not always jump the gap perfectly, no one I know has a better working model.
Panitch and Gindin survey global capitalism from its head office so to speak, in order to follow a train of decisions and actions which they contend demonstrate precisely how global capitalism is—and indeed can only be—the logical result of the organization and operation of a new form of American empire. The first part of this volume is devoted to laying out the outlines and historical sources of US imperial power.
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- About this book.
Panitch and Gindin's chapter seems to argue for two interrelated mechanisms through which the American empire has come to be constructed and reproduced. The first is US foreign direct investment FDI , which, they assume, has resulted in the 'induced reproduction' of US capital as an internal affair of capital-receiving states; thus they eventually became dependent on the US state and capitalism for their own reproduction.
The second mechanism is the US financial system, which has been fully exploited by the USA to sustain its imperial power since the crisis of the s. In the face of double-digit inflation, rising labour militancy, large outflows of capital and a declining dollar, the USA freed the dollar from its post-war commitments and increased interest rates.
These measures not only disciplined discontent through an 'induced recession', but also brought the world's savings to the USA, thereby putting Wall Street at the centre of a new system of global accumulation and reinforcing the USAs capacity to revive global capitalism pp. Konings's chapter Author: Eren Duzgun. Date: June 1,
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