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Making of Global Capitalism (12 Edition)by Leo Panitch
Synopses & ReviewsPlease note that used books may not include additional media (study guides, CDs, DVDs, solutions manuals, etc.) as described in the publisher comments.
The all-encompassing embrace of world capitalism at the beginning of the twenty-first century was generally attributed to the superiority of competitive markets. Globalization had appeared to be the natural outcome of this unstoppable process. But today, with global markets roiling and increasingly reliant on state intervention to stay afloat, it has become clear that markets and states aren’t straightforwardly opposing forces.
In this groundbreaking work, Leo Panitch and Sam Gindin demonstrate the intimate relationship between modern capitalism and the American state, including its role as an “informal empire” promoting free trade and capital movements. Through a powerful historical survey, they show how the US has superintended the restructuring of other states in favor of competitive markets and coordinated the management of increasingly frequent financial crises.
The Making of Global Capitalism, through its highly original analysis of the first great economic crisis of the twenty-first century, identifies the centrality of the social conflicts that occur within states rather than between them. These emerging fault lines hold out the possibility of new political movements transforming nation states and transcending global markets.
"In this sweeping, timely, and well-researched study of global capitalism, York University political scientist Panitch and York University visiting social justice scholar Gindin (coauthors, with Greg Albo, of In and Out of Crisis: The Global Financial Meltdown and Left Alternatives) trace economic developments from the 1944 Bretton Woods conference to the present. Panitch and Gindin maintain that after WWII, U.S. officials did not pursue a narrow conventional concept of national self-interest; rather, in pushing for nondiscriminatory international access for capital, 'European capitalists forged ties with American capitalists both within Europe and within the US,' strengthening cross-border capitalist powers. If this argument stretches the concept of class unity to a perhaps untenable solidity, it also underscores the evolution of 'a truly global financial system based on the internationalization of the U.S. financial system.' However, decades later, global capital mobility led to 72 financial crises in the 1990s among low- and middle-income nations. The authors conclude that 'turning the financial institutions that are the life-blood of global capitalism into public utilities' is a 'necessary prerequisite for social justice and democracy'; whether this is a desirable, or even plausible, action need not vitiate the merits of the authors' compelling arguments. (Oct.)" Publishers Weekly Copyright PWxyz, LLC. All rights reserved.
Groundbreaking account of the development of capitalism.
Panitch and Gindin's monumental study offers a significant rethinking of the development of global capitalism. Transcending classical theories of interimperialist rivalry and the false dichotomy between states and markets in the neoliberal era, this book produces an exceptionally rich account of postwar global capitalism to the present day. Focussing on the American state, Panitch and Gindin argue that its distinctiveness rests in its capacity to identify the interests of its own capital with that of capital in general, while restructuring other states to the end of spreading capitalist social relations and preventing economic crises from interrupting capital's globalizing tendencies. Examining recent economic crises, the authors identify social conflict occurring within, rather than between, states, producing political fault-lines replete with possibilities for the emergence of new movements to transcend capitalist markets and states.
About the Author
Sam Gindin is the Packer chair in Social Justice in the Department of Political Science at York University in Toronto. His books include In and Out of Crisis: The Global Financial Meltdown and Left Alternatives, and The Terrain of Social Justice.Leo Panitch is Professor of Political Science at York University, Canada, and an editor of The Socialist Register. His publications include A Different Kind of State? (with Greg Albo and David Langille) and Working-Class Politics in Crisis.
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