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international / history and heritage / feature Friday October 17, 2008 19:54 by George Stapleton
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'.
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. read full story / add a comment
international / anti-capitalism / opinion/analysis Wednesday October 15, 2008 17:15 by john throne
Now the Bush regime has taken a stake in the top nine US banks. It does so to save the system which the Wall Street Journal says was on the edge of a precipice. This is a major defeat for the US model of capitalism. And for the Bush regime. Bush came to power promising to reverse the gains of the 1930's and the 1960's. Now he will leave power having gone back to again increasing the role of the state in the economy. Not to mention the military defeats abroad. read full story / add a comment |
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