American Empire and the Political Economy of Global Finance

In a lively critique of how international and comparative political economy misjudge the relationship between global markets and states, this book demonstrates the central place of the American state in today's world of globalized finance. The contributors set aside traditional emphases on military intervention, looking instead to economics.

The relationship between states and globalization is one of the burning questions of our time. Providing a lively critique of how international and comparative political economy misjudge the relationship between markets and states, this book demonstrates the American state's central place in today's world of globalized finance. While US military interventions draw most attention to the imperial nature of the American state, the highly original contributions here show how US power is embedded in the structures of global finance. The first part of the volume examines the contours and sources of American financial power, and the second part traces the processes through which the pillars of American power in global finance have been constructed. Taking the analysis right up to the present situation, this book powerfully reveals the role the American state plays in the expansion of international financial markets and in managing the economic crises that emanate from them.

Preface Introduction
L.Panitch &
M.Konings PART I: CONTOURS AND SOURCES OF IMPERIAL FINANCE Finance and American Empire
L.Panitch &
S.Gindin American Finance and Empire in Historical Perspective
M.Konings PART II: CONSTRUCTING THE PILLARS OF IMPERIAL FINANCE US Structural Power and the Internationalization of the US Treasury
D.Sarai Neo-Liberalism and the Federal Reserve
E.Newstadt US Power and the International Bond Market: Financial Flows and the Construction of Risk Value
S.Aquanno Towards the Americanization of European Finance? The Case of Finance-Led Accumulation in Germany
T.Sablowski Accounting for Financial Capital. American Hegemony and the Conflict over International Accounting Standards
T.Sablowski From Bretton Woods to Neoliberal Reforms: The International Financial Institutions and American Power
R.Felder The Role of Financial Discipline in Imperial Strategy
C.Rude Conclusion
M.Konings &
L.Panitch