Speculations from Political Economy

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Speculations from Political Economy

Speculations on the Political Economy of War and Empire. This article addresses the internal contradictions of American imperialism. By emphasizing imperial adventures and the buildup of the military without paying serious attention to the underlying economic conditions, the United States may have difficulty maintaining its military domination. Download full text from publisher File URL: More about this item Keywords military ; imperialism ; contradictions ; Statistics Access and download statistics.

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Help us Corrections Found an error or omission? RePEc uses bibliographic data supplied by the respective publishers. The stability of the post-New Deal financial system is often attributed to the Glass-Steagall separation of the stock market and commercial banking.

Speculations on the Political Economy of War and Empire

But Minsky tended to view Glass-Steagall as one of several measures to direct bank credit away from the stock market towards other, no less speculative ends, notably consumer and mortgage financing. To his mind, the stability of the post-war period derived rather from the creation of an extensive financial safety net which included, for instance, deposit insurance, which removed the rationale behind bank runs that served to socialize risk.

This institutional arrangement turned out to have a significant drawback: Muddling through, it seemed, was the price of avoiding another financial crash and depression.

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The Volcker shock of changed this dynamic in a way that Minsky had not foreseen but that is comprehensible when seen through the lens he provided us with. Paul Volcker looked to monetarism not as a means to enforce an external limit or standard on the financial system, but as a politically expedient way to break with accommodating policies and to proactively engage the endogenous dynamics of finance.

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The consequences of the Volcker shock were predictable which is exactly why the Federal Reserve had been reluctant to pursue similar policies in previous years: Inflation was conquered as jobs were lost and wages stagnated. And, far from money being returned to its neutral exchange function, opportunities for speculation multiplied.

The American state was never going to sit idly by as the financial system returned to dynamics of boom and bust: Of course, Volcker would not have been able to predict the specific features of the too-big-to-fail regime as it emerged during the s and evolved subsequently; but the very point of the neoliberal turn in financial management that he had overseen was to create a context where risk could be socialized in ways that were more selective and therefore did not entail generalized inflation.

Existing critical perspectives tend to view crisis and the need for bank bailouts as manifesting the essential incoherence of neoliberal finance, its lack of solid foundations and the irrationality of speculation.

Capital and Time breaks with such moralistic assessments. At this point in time, the critique of speculation does little more than lend credibility to official discourses that present crises as preventable and bailouts as one-off, never-to-be-repeated interventions. In that way, it prevents us from critically relating to a neoliberal reality that has been shaped to its core by the speculative exploitation of risk and uncertainty, and in which regressive risk socialization serves as the everyday logic of financial governance.

For a New Critique of Neoliberal Reason. This post originally appeared on the Stanford University Press blog.

Speculations From Political Economy

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