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Lecture 4.2 International cooperation and competition during the long boom

Lecture 4.2 International cooperation and competition during the long boom. Introduction. Insufficiency of national explanations (yesterday) Systemic explanations Hegemonic Stability Theory Dependency / neo-colonialism Arms spending. revisited.

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Lecture 4.2 International cooperation and competition during the long boom

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  1. Lecture 4.2 • International cooperation and competition during the long boom

  2. Introduction • Insufficiency of national explanations (yesterday) • Systemic explanations • Hegemonic Stability Theory • Dependency / neo-colonialism • Arms spending revisited

  3. US Hegemony and Hegemonic Stability Theory • U.S. Economic pre-eminence • U.S. become ‘willing’ to assume hegemony • domestic debates / interests • international alliances (e.g. City of London - Helleiner) • H.S.T. after Kindleberger- Liberal HST • 1 Capital flow to poorer countries • 2 Order in foreign exchange • 3 At least moderate macro-economic coordination • 4 Open market for distressed goods, supply of scare goods • 5 Lender of last resort

  4. Direct U.S. interventions • War-time loans (Lend Lease) • Marshall Aid - other Overseas Development Aid • Military interventions / occupations • Overseas investment • International Institutions • IMF (contrast Keynes’s ‘Clearing Union’ idea) • The Gold/Dollar Standard • World Bank • International Trade Organization/ General Agreement on Tariffs and Trade (GATT) • UN/NATO • Ideas • Keynesian / Social Democratic consensus • Cold War and anti-Communism • ‘regime’ of ‘embedded liberalism’ (Ruggie)

  5. Dependency / neo-colonialism • Ambiguities of the inter-war period • De-colonisation • Predecessors: • Lenin, Baran, Singer-Prebisch, Frank • Unequal exchange (Emmaunel, Sau) • World-Systems Theory (Wallerstein) • Dependency and critique of ‘development’  • Underdevelopment as the source of core wealth • Qualitative dimensions (Magdoff) • Institutional Asymmetries and the international regime • The growing importance of oil

  6. Permanent Arms economy • U.S. (Western) v U.S.S.R. (Eastern) competition • Baran/Vance/Cliff version – • arms spending as a stimulus - ‘military Keynesianism’ • Kidron/Harman version - arms spending as waste • i) reduces (the overaccumulation of) capital and Tendency of the Rate of Profit to Fall (TRPF) • p’ = s / (c + v) • ii) arms spending a greater cost to the US (and USSR) • (and UK and France?) • than to Germany and Japan (c.f. free riders and H.S.T.)

  7. Conclusions? • US power and wealth  stability (c.f. ‘30 years’ war) • Benefits from trade (not necessarily confined to comparative advantage) • Arms spending and systemic stimulus and stabiliser (!) • But adequate as theory? • " " " of the boom?? • " " " " " “ and the crisis???

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