Thomas Kalinowski
- Published in print:
- 2019
- Published Online:
- October 2019
- ISBN:
- 9780198714729
- eISBN:
- 9780191782992
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198714729.003.0003
- Subject:
- Business and Management, Finance, Accounting, and Banking, International Business
This chapter on US finance-led capitalism is the first of the three chapters to investigate the domestic origins of international economic cooperation and conflicts. First it builds on the trilemma ...
More
This chapter on US finance-led capitalism is the first of the three chapters to investigate the domestic origins of international economic cooperation and conflicts. First it builds on the trilemma triangle introduced in Chapter 2 and explains the US position. The chapter then investigates the historical origin of the US finance-led model of capitalism. It then turns to investigating the economic foundation of this model, before turning to the political economy of the US-specific neoliberal class compromise. As we shall see, the UK is also mentioned frequently as another finance-led country that has similar preferences to the US, and, with the British exit from the EU, the UK will probably align even more closely with the US.Less
This chapter on US finance-led capitalism is the first of the three chapters to investigate the domestic origins of international economic cooperation and conflicts. First it builds on the trilemma triangle introduced in Chapter 2 and explains the US position. The chapter then investigates the historical origin of the US finance-led model of capitalism. It then turns to investigating the economic foundation of this model, before turning to the political economy of the US-specific neoliberal class compromise. As we shall see, the UK is also mentioned frequently as another finance-led country that has similar preferences to the US, and, with the British exit from the EU, the UK will probably align even more closely with the US.
Thomas Kalinowski
- Published in print:
- 2019
- Published Online:
- October 2019
- ISBN:
- 9780198714729
- eISBN:
- 9780191782992
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198714729.003.0004
- Subject:
- Business and Management, Finance, Accounting, and Banking, International Business
The global role of the European Union and its position in the trilemma triangle differ substantially from the global–hegemonic approach pursued by US finance-led capitalism. This chapter first ...
More
The global role of the European Union and its position in the trilemma triangle differ substantially from the global–hegemonic approach pursued by US finance-led capitalism. This chapter first explores the historical choices that countries in Europe made after the collapse of the BWS and the internal, regional dynamics of an emerging integration-led euro capitalism. We show that the EU (and until 1992 the European Economic Community) developed a distinct regional solution for the challenges of globalization with the creation of the single market and the European Monetary Union. This growth model is based economically on a specific European complementary specialization production system and politically on a distinct form of euro-corporatism. This does not mean that national governments and national political economies have become irrelevant, but rather that there is a convergence towards a common EU position when it comes to global economic governance.Less
The global role of the European Union and its position in the trilemma triangle differ substantially from the global–hegemonic approach pursued by US finance-led capitalism. This chapter first explores the historical choices that countries in Europe made after the collapse of the BWS and the internal, regional dynamics of an emerging integration-led euro capitalism. We show that the EU (and until 1992 the European Economic Community) developed a distinct regional solution for the challenges of globalization with the creation of the single market and the European Monetary Union. This growth model is based economically on a specific European complementary specialization production system and politically on a distinct form of euro-corporatism. This does not mean that national governments and national political economies have become irrelevant, but rather that there is a convergence towards a common EU position when it comes to global economic governance.
