Pre-history of the crisis - New article by me

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georgestapleton
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Oct 22 2008 19:45
Pre-history of the crisis - New article by me

I thought some of you might be interested in this.

An article I wrote for the forthcoming Red and Black Revolution has been made available online.

US Finance and Global Capitalism

The historical development of the global financial order under US hegemony

Quote:
This is the second of a series of articles covering the financial and money markets from a critical perspective.

In 'Financial Weapons of Mass Destruction', Paul Bowman examined the derivatives market and promised that the succeeding article would cover the 'story of the historical development of successive regimes of global financial orders' and would explain the role of the Eurodollars market 'in undermining the Keynesian Bretton Woods system'.

However, in the interests of space and relevance, I will only tell the story of the historical development of the regime of global financial order under US hegemony. I will begin by examining how the centre of capital accumulation shifted from Europe to the US in the first half of the twentieth century, and how following World War II the global financial order became centred around the US through the Bretton Woods system.

I will then look at how the Bretton Woods System was undermined, concentrating as much on the role of workers’ militancy as on the role of the Eurodollars market. After considering the response to the crisis of Bretton Woods, I'll look at the Clinton boom bringing us up to the current situation of the US’s current heavy dependence on foreign borrowing.