Global capitalism selected essays

www.ebook3000.com Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Global Capitalism The essays in this volume range across a variety of topics and approaches to investigate the changing nature of global capitalism as a social order The introduction provides a brief historical account of how global capitalism has changed since the 1960s, before summarising each of the essays, situating them more immediately in the context in which they were written After sketching the evolution of his views over the period, the author concludes by discussing some important dimensions of global capitalism that need further study The twelve essays are presented in four sections, dealing with the overarching theme of globalisation; the case of Britain; the developing regions of the global South and the former Soviet bloc; and the crisis that has gripped global capitalism since 2008 Presenting an interdisciplinary approach that corresponds with the emergence of international political economy as a distinct field of scholarship, this book will prove an invaluable resource for students and scholars of international political economy, politics, economics, international relations, development studies, human geography, critical sociology and business studies Hugo Radice is a Life Fellow and former Senior Lecturer in International Political Economy at the University of Leeds, UK www.ebook3000.com Downloaded by [University of Sussex Library] at 08:58 08 June 2016 RIPE Series in Global Political Economy Series Editors: Jacqueline Best (University of Ottawa, Canada), Ian Bruff (Manchester University, UK), Paul Langley (Durham University, UK) and Anna Leander (Copenhagen Business School, Denmark) Formerly edited by Leonard Seabrooke (Copenhagen Business School, Denmark), Randall Germain (Carleton University, Canada), Rorden Wilkinson (University of Manchester, UK), Otto Holman (University of Amsterdam, Netherlands), Marianne Marchand (Universidad de las Américas-Puebla, Mexico), Henk Overbeek (Free University, Amsterdam, Netherlands) and Marianne Franklin (Goldsmiths, University of London, UK) The RIPE series editorial board are: Mathias Albert (Bielefeld University, Germany), Mark Beeson (University of Birmingham, UK), A Claire Cutler (University of Victoria, Canada), Marianne Franklin (Goldsmiths, University of London, UK), Randall Germain (Carleton University, Canada), Stephen Gill (York University, Canada), Jeffrey Hart (Indiana University, USA), Eric Helleiner (Trent University, Canada), Otto Holman (University of Amsterdam, Netherlands), Marianne H Marchand (Universidad de las Américas-Puebla, Mexico), Craig N Murphy (Wellesley College, USA), Robert O’Brien (McMaster University, Canada), Henk Overbeek (Vrije Universiteit, Netherlands), Anthony Payne (University of Sheffield, UK), V Spike Peterson (University of Arizona, USA) and Rorden Wilkinson (University of Manchester, UK) This series, published in association with the Review of International Political Economy, provides a forum for current and interdisciplinary debates in international political economy The series aims to advance understanding of the key issues in the global political economy, and to present innovative analyses of emerging topics The titles in the series focus on three broad themes:  the structures, processes and actors of contemporary global transformations;  the changing forms taken by governance, at scales from the local and everyday to the global and systemic; and  the inseparability of economic from political, social and cultural questions, including resistance, dissent and social movements www.ebook3000.com The RIPE Series in Global Political Economy aims to address the needs of students and teachers Titles include: Capitalist Restructuring, Globalisation and the Third Way Lessons from the Swedish model J Magnus Ryner Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Transnational Classes and International Relations Kees van der Pijl Globalization and Governance Edited by Aseem Prakash and Jeffrey A Hart Nation-states and Money The past, present and future of national currencies Edited by Emily Gilbert and Eric Helleiner Gender and Global Restructuring Sightings, sites and resistances Edited by Marianne H Marchand and Anne Sisson Runyan The Global Political Economy of Intellectual Property Rights The new enclosures? Christopher May Global Political Economy Contemporary theories Edited by Ronen Palan Ideologies of Globalization Contending visions of a new world order Mark Rupert The Clash within Civilisations Coming to terms with cultural conflicts Dieter Senghaas Transnational Capitalism and the Struggle over European Integration Bastiaan van Apeldoorn World Financial Orders An historical international political economy Paul Langley Global Unions? Theory and strategies of organized labour in the global political economy Edited by Jeffrey Harrod and Robert O’Brien Political Economy of a Plural World Critical reflections on power, morals and civilizations Robert Cox with Michael Schechter The Changing Politics of Finance in Korea and Thailand From deregulation to debacle Xiaoke Zhang Anti-Immigrantism in Western Democracies Statecraft, desire and the politics of exclusion Roxanne Lynn Doty www.ebook3000.com Downloaded by [University of Sussex Library] at 08:58 08 June 2016 The Political Economy of European Employment European integration and the transnationalization of the (un)employment question Edited by Henk Overbeek A Critical Rewriting of Global Political Economy Integrating reproductive, productive and virtual economies V Spike Peterson International Trade and Developing Countries Bargaining coalitions in the GATT and WTO Amrita Narlikar Rethinking Global Political Economy Emerging issues, unfolding odysseys Edited by Mary Ann Tétreault, Robert A Denemark, Kenneth P Thomas and Kurt Burch Global Institutions and Development Framing the world? Edited by Morten Bøås and Desmond McNeill Contesting Globalization Space and place in the world economy André C Drainville The Southern Cone Model The political economy of regional capitalist development in Latin America Nicola Phillips The Idea of Global Civil Society Politics and ethics of a globalizing era Edited by Randall D Germain and Michael Kenny Global Institutions, Marginalization, and Development Craig N Murphy Governing Financial Globalization International political economy and multi-level governance Edited by Andrew Baker, David Hudson and Richard Woodward Critical Theories, International Relations and ‘the Anti-Globalisation Movement’ The politics of global resistance Edited by Catherine Eschle and Bice Maiguashca Resisting Intellectual Property Debora J Halbert Globalization, Governmentality, and Global Politics Regulation for the rest of us? Ronnie D Lipschutz, with James K Rowe Neoliberal Hegemony A global critique Edited by Dieter Plehwe, Bernhard Walpen and Gisela Neunhöffer Images of Gramsci Connections and contentions in political theory and international relations Edited by Andreas Bieler and Adam David Morton www.ebook3000.com Global Standards of Market Civilization Edited by Brett Bowden and Leonard Seabrooke Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Beyond Globalization Capitalism, territoriality and the international relations of modernity Hannes Lacher Global Public Policy Business and the countervailing powers of civil society Edited by Karsten Ronit The Transnational Politics of Corporate Governance Regulation Edited by Henk Overbeek, Bastiaan van Apeldoorn and Andreas Nölke Critical Perspectives on Global Governance Rights and regulation in governing regimes Jean Grugel and Nicola Piper Governing International Labour Migration Current issues, challenges and dilemmas Edited by Christina Gabriel and Hélène Pellerin The Industrial Vagina The political economy of the global sex trade Sheila Jeffreys The Child in International Political Economy A place at the table Alison M.S Watson Capital as Power A study of order and creorder Jonathan Nitzan and Shimshon Bichler Global Citizenship and the Legacy of Empire Marketing development April Biccum The Global Political Economy of Intellectual Property Rights, second edition The new enclosures Christopher May National Currencies and Globalization Endangered specie? Paul Bowles Conflicts in Environmental Regulation and the Internationalization of the State Contested terrains Ulrich Brand, Christoph Görg, Joachim Hirsch and Markus Wissen Corporate Power and Ownership in Contemporary Capitalism The politics of resistance and domination Susanne Soederberg Beyond States and Markets The challenges of social reproduction Edited by Isabella Bakker and Rachel Silvey Savage Economics Wealth, poverty and the temporal walls of capitalism David L Blaney and Naeem Inayatullah www.ebook3000.com Cultural Political Economy Edited by Jacqueline Best and Matthew Paterson Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Development, Sexual Rights and Global Governance Resisting global power Amy Lind Cosmopolitanism and Global Financial Reform A pragmatic approach to the Tobin Tax James Brassett Gender and Global Restructuring, second edition Sightings, sites and resistances Edited by Marianne H Marchand and Anne Sisson Runyan Variegated Neoliberalism EU varieties of capitalism and international political economy Huw Macartney The Politics of European Competition Regulation A critical political economy perspective Hubert Buch-Hansen and Angela Wigger The Political Economy of Global Remittances Gender and governmentality Rahel Kunz A Critical History of the Economy On the birth of the national and international economies Ryan Walter The International Political Economy of Transition Neoliberal hegemony and Eastern Central Europe’s transformation Stuart Shields The Global Political Economy of Trade Protectionism and Liberalization Trade reform and economic adjustment in textiles and clothing Tony Heron Transnational Financial Associations and the Governance of Global Finance Assembling wealth and power Heather McKeen-Edwards and Tony Porter The Capitalist Mode of Power Critical engagements with the power theory of value Edited by Tim Di Muzio The Making of Modern Finance Liberal governance and the gold standard Samuel Knafo The State of Copyright The complex relationships of cultural creation in a globalized world Debora J Halbert Transnational Financial Regulation after the Crisis Edited by Tony Porter The Political Economy of Global Capitalism and Crisis Bill Dunn www.ebook3000.com Currency Challenge The euro, the dollar and the global financial crisis Miguel Otero-Iglesias Global Capitalism Selected essays Hugo Radice Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Debtfare States and the Poverty Industry Money, discipline and the surplus population Susanne Soederberg www.ebook3000.com Downloaded by [University of Sussex Library] at 08:58 08 June 2016 This page intentionally left blank www.ebook3000.com Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Global Capitalism Selected essays Hugo Radice www.ebook3000.com Downloaded by [University of Sussex Library] at 08:58 08 June 2016 230 Bibliography Svetlicˇ icˇ , M and Rojec, M (1998) ‘Short Overview of Slovenian Economy and Foreign Investment in Slovenia’, Eastern European Economics 36(5): 60–72 Taylor, G and Mathers, A (2002) ‘The Politics of European Integration: A European Labour Movement in the Making?’ Capital and Class 78: 39–60 Teschke, B (2003) The Myth of 1648: Class, Geopolitics and the Making of Modern International Relations, London: Verso Tett, G (2009) Fool’s Gold, London: Little, Brown Thirlwall, A.P (1976) Keynes and International Monetary Relations, London: Macmillan Thompson, G (1977) ‘The Relationship between the Financial and Industrial Sectors of the UK Economy’, Economy and Society 6(3): 235–83 ——(2010) ‘“Financial Globalization” and the “Crisis”: A Critical Assessment and “What is to be Done?”’, New Political Economy 15(1): 127–45 Tomlinson, J (1981) ‘Why was there Never a “Keynesian Revolution” in Economic Policy?’ Economy and Society X(1): 72–87 Toporowski, J (1989) ‘The Financial System and Capital Accumulation in the 1980s’, in F Green (ed.) The Restructuring of the UK Economy, Brighton: Harvester Wheatsheaf, 242–62 TUC/Labour Party Liaison Committee (1982) Economic Planning and Industrial Democracy: A Framework for Full Employment, London: TUC/Labour Party Turner, G (2008) The Credit Crunch: Housing Bubbles, Globalisation and the Worldwide Economic Crisis, London: Pluto Press Turok, I (1993) ‘Inward Investment and Local Linkages: How Deeply Embedded is “Silicon Glen”?’ Regional Studies 27(5): 401–17 UNECE (United Nations Economic Commission for Europe) (1995) Economic Bulletin for Europe 47 Vajda, M (1979) The State and Socialism, London: Alison and Busby van Apeldoorn, B (2002) Transnational Capitalism and the Struggle over European Integration, London: Routledge van der Pijl, K (1984) The Making of an Atlantic Ruling Class, London: Verso ——(1998) Transnational Classes and International Relations, London: Routledge von Braunmühl, C (1978) ‘On the Analysis of the Bourgeois State within the World Market Context’, in J Holloway and S Picciotto (eds) State and Capital: A Marxist Debate, London: Edward Arnold, 160–77 Wade, R (1990) Governing the Market, Princeton: Princeton University Press ——(1996) ‘Globalisation and its Limits: Reports of the Death of the National Economy are Greatly Exaggerated’, in S Berger and R Dore (eds) National Diversity and Global Capitalism, Ithaca, NY: Cornell University Press, 60–88 ——(2003) ‘What Strategies are Viable for Developing Countries Today? The World Trade Organization and the Shrinking of “Development Space”’, Review of International Political Economy 10(4): 621–44 ——(2010) ‘Is the Globalization Consensus Dead?’ Antipode 41(S1): 142–65 Wade, R and Veneroso, F (1998a) ‘The Asian Crisis: The High-debt Model versus the Wall Street-Treasury-IMF Complex’, New Left Review 228: 3–23 ——(1998b) ‘The Gathering World Slump and the Battle Over Capital Controls’, New Left Review 231: 13–42 Wainwright, H and Elliott, D (1982) The Lucas Plan: A New Trade Unionism in the Making? London: Allison & Busby Wainwright, H with Little, M (2009) Public Service Reform … But Not as We Know It, Hove: Picnic Publishing Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Bibliography 231 Walker, P (ed.) (1979) Between Labour and Capital, Brighton: Harvester Press Wallerstein, I (1971) ‘The State and Social Transformation: Will and Possibility’, Politics and Society 1(3): 359–64 ——(1974) ‘The Rise and Future Demise of the World Capitalist System: Concepts for a Comparative Analysis’, Comparative Studies in Society & History 16(4): 387–415 ——(1979) The Capitalist World-Economy, Cambridge: Cambridge University Press Warren, B (1971) ‘The Internationalisation of Capital and the Nation State: A Comment’, New Left Review 68: 83–88 (also in Radice 1975a) ——(1980) Imperialism, Pioneer of Capitalism, London: New Left Books Waters, M (1995) Globalization, London: Routledge Weiss, L (1997) ‘Globalization and the Myth of the Powerless State’, New Left Review 225: 3–27 ——(1998) The Myth of the Powerless State, Cambridge: Polity Press ——(ed.) (2003) States in the Global Economy: Bringing Domestic Institutions Back In, Cambridge: Cambridge University Press Whitfield, D (2010) Global Auction of Public Assets, Nottingham: Spokesman Books Whitley, R (ed.) (1992) European Business Systems: Firms and Markets in their National Contexts, London: Sage Wigan, D (2010) ‘Credit Risk Transfer and Crunches: Global Finance Victorious or Vanquished?’ New Political Economy 15(1): 109–25 Wilkin, P (2008) ‘Global Communication and Political Culture in the Semiperiphery: The Rise of the Globo Corporation’, Review of International Studies 34(Special Issue): 93–113 Wilkinson, R.G and Pickett, K (2009) The Spirit Level: Why More Equal Societies Almost Always Do Better, London: Allen Lane Wilks, S (1996) ‘Class Compromise and the International Economy: The Rise and Fall of Swedish Social Democracy’, Capital and Class 58: 89–111 Williamson, J (1983) ‘Keynes and the International Economic Order’, in D Worswick and J Trevithick (eds) Keynes and the Modern World, Cambridge: Cambridge University Press, 87–112 ——(1993) ‘Democracy and the “Washington Consensus”’, World Development 21(8): 1329–36 Willoughby, J.A (1982) ‘A Reconsideration of the Protectionism Debate Keynes and Import Controls’, Journal of Economic Issues XVI(2): 555–61 Wiseman, J (1996) ‘A Kinder Road to Hell? Labor and the Politics of Progressive Competitiveness in Australia’, Socialist Register 1996: Are there Alternatives? London: Merlin Press, 93–117 Wolf, M (2009) ‘Grim Truths Obama Should have Told Hu in Beijing’, Financial Times, 18 December: 15 Woo-Cumings, M (ed.) (1999) The Developmental State, Ithaca, NY: Cornell University Press World Bank (1993) The East Asian Miracle: Economic Growth and Public Policy, Washington, DC: World Bank ——(1996) World Development Report 1996: From Plan to Market, Washington, DC: World Bank ——(2000) Reforming Public Institutions and Strengthening Governance, Washington, DC: World Bank Wu, Y.P (2004) ‘Rethinking the Taiwanese Developmental State’, China Quarterly 177: 91–114 232 Bibliography Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Young, S and Hood, N (1992) ‘Transnational Corporations and Policy Dilemmas: The Problems of the Machine-tool Industry in the United Kingdom’, Transnational Corporations 1(3): 77–92 Young, S., Hood, N and Hamill, J (1988) Foreign Multinationals and the British Economy: Impact and Policy, London: Croom Helm Zysman, J (1983) Governments, Markets and Growth: Financial Systems and the Politics of Industrial Change, Ithaca, NY: Cornell University Press ——(1996) ‘The Myth of a “Global” Economy: Enduring National Foundations and Emerging Regional Realities’, New Political Economy 1(2): 157–84 Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Index 2008 world crisis 4, 7, 11, 175–213; banking 175, 178–79, 181, 183, 184, 190, 192, 198–99, 206 (securitisation 179, 189, 198); BIS 175, 184, 188, 198, 211–12; causes 7, 176–81, 198; class analysis 176, 188–91, 204; consequences 4, 7, 137 (global recession 175, 176, 177, 198, 201, 212; stagnation 177, 197, 206, 208); depoliticisation 188; deregulation 177, 178, 179–80, 183, 200; EU 4, 176, 184, 199, 212; financial services 7, 176, 181, 186, 196, 197, 211; financialisation 176, 177, 178–83, 186, 200; fiscal crisis 27, 184, 188, 199, 206; G8/G20 175, 184, 198, 211–12; global South 7, 207–14; globalisation 176, 177, 180, 185, 186, 189, 200; government 183, 184, 198; Greece 176, 190, 191, 199; IMF 175, 176, 177, 179, 184, 198, 202, 211–12; neoliberalism 7, 176, 177–78, 180, 186–90, 204; privatisation 177, 180, 182, 183, 188, 190, 191; recession 175, 176, 177, 198, 201, 212; recovery 176, 190, 206; solutions 183, 190–92 (national solutions 183–85; protectionism 184–85); unemployment 4, 176, 177, 198, 199; USA, sub-prime mortgage crisis 175, 179, 182, 183, 198, 199; working class 190, 191, 205; World Bank 179, 211–12; see also austerity policies; crisis Africa 4, 125, 140, 167, 206, 212 Aglietta, Michel 9, 21, 26, 47 Alternative Economic Strategy 9, 20, 22, 42, 119, 195; see also Labour Party Amin, Ash 65 Amsden, Alice 152, 153, 166 Amsterdam School 111, 169 Anderson, Perry 101 Andreff, Wladimir 22 Apple, Nixon 32, 171 Argentina 4, 143, 144, 151, 179, 198, 210 Arrighi, Giovanni 33, 139, 142–45, 147, 157 austerity policies 7, 51, 87, 126, 136, 192–206; 2008 world crisis: government deficits and bond markets 198–201 (resolving the crisis: class rule and neoliberalism 201–5); interventionism 193, 195, 202; lowering workers’ living standards 191; public spending cuts 176, 190, 191, 195 (resisting the cuts 192); reason for the cuts 193; tax increase 193–94; state spending 194–98 (the 1970s and the rise of Thatcherism 194–96; neoliberalism and globalisation 196–98); UK, Emergency Budget 203; USA, fiscal austerity 52; see also 2008 world crisis authoritarianism 134, 153, 166, 167, 202, 211 Balfour Committee 37 banking 45; 2008 world crisis 175, 178–79, 181, 183, 184, 190, 192, 198–99, 206; Bank of England 83, 101, 102; bank rate management 78, 81–82; debts owed to international private banks 54; East-Central Europe 129; internationalisation of banking 33, 88, 89, 104; Keynes, bank rate management 78, 81–82; securitisation 102, 179, 189, 198; state 43, 129 Downloaded by [University of Sussex Library] at 08:58 08 June 2016 234 Index Baran, Paul A 109, 133, 145, 146, 168, 181 Barratt Brown, Michael 101 Benda, Julien 213 Beveridge, William 43–44, 83, 155 BIS (Bank for International Settlements) 175, 184, 188, 198, 211–12 Blair, Tony 113, 114, 116, 119 Blanchflower, David 202 Block, Fred L 26 Bonefeld, Werner 111 Braverman, Harry 47 Brenner, Robert 177, 185 Brett, E.A 31–32 Bretton Woods institutions 1, 2, 45, 49, 85, 94, 125, 156, 159, 164, 167, 168; developmental state 163, 167, 168; enforcers of free-market development 3, 33; global debt collectors 3, 163, 208; monetary issues 2, 33, 185, 187, 195, 208; USA hegemony 33–34, 45, 87; see also GATT; IMF; World Bank Bromley, Simon 159 Brown, Gordon 113, 119 Buchanan, James M 156 Bukharin, Nikolai 8, 10, 27, 109, 146; critique of 24–25; imperialism 8, 22–25, 46–47, 158–59; Imperialism and World Economy 22; internationalisation 23, 47, 48; nationalisation 23, 46–47, 48 Burnham, Peter 112 ‘business as usual’ 4, 190 Callaghan, James 43, 108, 119 Callaghan, John 119 Cameron, David 203, 204 capitalism 140; Anglo-Saxon model 103–4, 114, 116, 129, 130, 135, 157, 163; capital and labour as central conflict in capitalism 6, 27, 47, 115–16, 188; capitalist order 13, 135–36; democratic capitalism 13; East-Central Europe 6, 113, 123, 126–30; European/continental model 103, 108, 112–15, 129, 135; financial capitalism 180–81; globalisation 157–58, 159 (trade imbalances 186); homogenisation of 135; industrial capitalism 8; Japanese model 103, 114, 129; nation-state 158–59; national capitalism 25, 93; neoliberal capitalism 3, 114, 160, 162; normal capitalism 7, 170, 206, 207, 209, 210, 212; Rhineland model 3, 114; state monopoly capitalism 26, 47, 109, 146, 160; varieties of capitalism 114–15, 116, 132, 187; see also capitalist world economy; East-Central Europe; global capitalism; neoliberalism; social market capitalism capitalist world economy 5, 45, 46, 48, 50; changes 46, 68, 93, 94, 125–26; class struggle 46, 50, 53; global or transnational 49; globalisation of capitalism 4–5, 20, 57; labour 45–47, 51, 53; MNC 49, 51; world capitalism and the Soviet system 123, 124–26; see also capitalism; nation-state and the capitalist world economy Cardoso, Fernando Henrique 142 Chase-Dunn, Christopher 139, 144–45, 147, 148, 150, 151 China 3, 51, 126, 144; developmental state 153, 154, 167, 208; hegemony 147 Churchill, Winston 79, 90 the City 5–6, 31, 92, 93, 95; the City/industry relationship 36–38, 93, 101–4, 105 (holding back industrial renewal 5–6, 101; industrial capital/financial capital relation 101, 102–4); economic and political dominance of 92, 101–2, 104, 105; financial interests 37, 89, 92, 102; political hostility to 37 Clarke, Simon 110, 112, 155, 160 class 156–57, 204; class analysis 7, 11, 13 (2008 world crisis 176, 188–91, 204); class politics 115–19, 125, 205; class rule 27, 110, 111, 146, 150, 169, 170, 201–5, 211; class struggle 42, 115, 119, 145, 201 (semiperiphery 145, 148; world capitalism 46, 50, 53); developmental state 7, 168–70; East-Central Europe, class formation 123, 132, 136; middle class 13, 14, 204, 210–11, 212; neoliberalism 168, 204–5; transnational capitalist class 157, 169; see also working class CMEA (Council for Mutual Economic Assistance) 51, 55 Coakley, Jerry 38, 39, 43 Cole, George D H 22 Commonwealth 31, 86, 112 communism 125, 194, 207, 211; 20th-century communism 14; The Communist Manifesto 48; state Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Index monopoly capitalism 26, 47, 109, 146, 160 competition/competitiveness 137, 141, 191; competition state 67, 148, 150, 198; international competitiveness 9, 53, 78, 115, 135, 138, 140, 143, 180, 181, 191; national competitiveness 7, 9, 67; UK 36, 100, 105, 106 Conservative Party 32, 81, 204; 2010 general election 176; Coalition government 203–4; UK/European integration 6, 117, 119; see also Thatcher, Margaret consumerism 123, 135, 153, 170, 189 convertibility 31–32, 49, 76, 85, 86, 92, 127, 129, 179 corporatism 117, 156, 162, 166, 211 Cowling, Keith 98 Cox, Robert 111 crisis 3–4, 124, 137, 196, 210; 1947 UK crisis 32; 1970s 177; 1990–91 global financial crisis 196; 1997 East Asian crisis 4, 59, 62, 197, 210; 1998 Russian crisis 4, 197, 210; ‘bubble’ crises 179; dot.com crisis 178, 179, 198, 210; fiscal crisis 27, 184, 188, 190, 199, 206; Mexico crises 4, 10, 163, 179, 197, 208, 209, 210; Wall Street crash 81, 206, 211, 212, 213; see also 2008 world crisis; debt CSE (Conference of Socialist Economists-UK) 9, 108, 119, 195 Dalton, Hugh 22, 32 debt 54, 94, 177; Bretton Woods institutions as global debt collectors 3, 163, 208; East-Central Europe 126, 127, 137; household indebtedness 175, 179, 182–83, 192, 197; public sector debt 193; sovereign debt 3, 88, 193, 208 (Eurozone sovereign debt 4, 212; Third World debt crisis 10, 45, 163, 166, 177, 196, 206, 208); see also crisis decolonisation 2, 139, 171, 207 deflation 26, 33, 37, 79, 85, 89, 95 deindustrialisation 2, 5, 36, 91–92, 93, 97–100, 104–7, 194; deindustrialisation/FDI relationship 93, 98–100; Labour Party 92; maturity thesis 97–98; MNC 98; solutions 91, 93, 104–7; specialisation thesis 97, 98; see also industry in UK Delors, Jacques 67, 113 235 democracy 156, 170; democratic capitalism 13; democratic revolution 211; industrial democracy 43; Latin America 141; South Korea 134, 208–11; transnational democratic governance 59 dependency theory 9, 46, 50, 64, 131, 141, 210; dependent development 142, 143–44, 150, 187; developmental state 152, 165, 207; East-Central Europe 124, 126, 133; semiperiphery 139–40 deregulation 4, 136, 196; 2008 world crisis 177, 178, 179–80, 183; ‘Big Bang’ of deregulation 101, 103; financial deregulation 3, 60, 61, 93; labour-market deregulation 3, 105; regulatory reform 190–91, 199; re-regulation 62, 92, 105, 106, 212 Desai, Radhika 166 development 139–40, 171, 187; capital inflows 130–31; capitalist development 134; capitalist world economy and uneven development 5, 50–52, 53; dependent development 142, 143–44, 150, 187; East-Central Europe 123, 132–37; global capitalism 6–7, 123–71; uneven development 5, 50–52, 53, 58; see also developmental state; developmentalism; LDC; underdevelopment developmental state 6–7, 11, 141, 150, 152–71; an alternative 7, 153–54; Bretton Woods institutions 163, 167, 168; China 153, 154, 167, 208; class 7, 168–70; concept 152; dependency theory 152, 165, 207; East Asia 152, 153, 166–67, 169–70, 177, 208–9; generalisability of the model 152, 153; global South 7, 152, 164, 168, 169, 203, 207–9, 211; instruments of 153; Latin America 141, 154, 166, 171; neoliberalism 152, 154–57 (global neoliberalism 6, 153, 155, 157–60, 163, 167, 168); political economy 6, 153, 158, 163, 170; a progressive model 152; return to 203; semiperiphery 141, 150; South Korea 6, 152, 153, 154, 167, 170, 208–9; state 7, 160–64, 170; state/business sector relationship 153; state-centred development 63–64, 139–40, 152; successful developmental state 61; Taiwan 6, 152, 153, 154, 167, 170, 208–9; Third World 164, 166, 167, 236 Index Downloaded by [University of Sussex Library] at 08:58 08 June 2016 189; World Bank 152, 157, 166, 167; see also development; developmentalism developmentalism 7, 46, 159, 164–68, 171, 189; see also development; developmental state Downs, Anthony 157 Drangel, Jessica 139, 142–45, 147 Duboff, Richard 32 East Asia 2, 58, 64, 108–9, 140; 1997 crisis 4, 59, 62, 197, 210; East Asian miracle 58, 125, 152, 163, 166–67; developmental state 152, 153, 166–67, 169–70, 177, 208–9; ‘state-centred’ politics 58–59 East-Central Europe 6, 10, 51–52, 123–38; banking 129; capitalism 6, 113, 123, 126–30; capitalist state strategies 136–37; class formation 123, 132, 136; Czech Republic 123, 128, 129, 132, 137; debt 126, 127, 137; dependency 124, 126, 133; foreign capital in models of economic system change 130–32; Hungary 123, 127, 128, 129; integration 123, 126, 136, 137, 151; market socialism 51–52; neoliberalism 6, 113, 123, 125, 126, 127, 136 (transition to a market economy 130); protectionism 136; state and national development 123, 132–37; underdevelopment 124, 133; world capitalism and the Soviet system 123, 124–26 EEC (European Economic Community) 2, 24, 42, 51, 52; Treaty of Rome 2, 108; UK/European integration 108, 112, 113; USA hegemony 34; see also EU; UK/European integration employment 2, 3; full employment 19, 31, 33, 43–44, 92, 112, 147, 171, 196, 200, 212 (Keynes, John Maynard 73, 78, 79, 89); full employment/sound finance relation 32; manufacturing employment 97; overseas employment 34; see also unemployment Engels, Friedrich 170, 205 EU (European Union) 107; 2008 world crisis 4, 176, 184, 199, 212; European Works Councils 67; Eurozone sovereign debt 4, 212; globalisation 135; Maastricht Treaty 196, 199; see also EEC; UK/European integration Evans, Peter B 58, 61–63, 133, 134, 144, 145 exploitation 45, 68, 115–16, 118, 138, 155, 169; neoliberalism 189; two dimensions of 145 Faletto, Enzo 142 fascism 123, 155, 211 FDI (foreign direct investment) 2, 4, 60, 181, 197; deindustrialisation/FDI relationship 93, 98–100; UK, relative decline (inward FDI 99–100; overseas investment 92–93, 96, 98–99, 104, 107) Ferguson, James 188, 202 financial issues: financial deregulation 3, 60, 61, 93; financial services 7, 176, 181, 186, 196, 197, 211; global financial market 60, 94; industrial capital/financial capital relation 101, 102–4; see also the City; financialisation financialisation 3, 197, 200; 2008 world crisis 176, 177, 178–83, 186; financial capitalism 180–81; globalisation 183, 185, 186; neoliberalism 176, 180, 186, 197 Fine, Ben 25–26, 102, 104 Fleischer, Helmut 12 Fordism 47, 132; post-Fordism 132, 137, 187 Frank, Andre Gunder 109, 140, 165 Friedman, Andy 116 Friedman, Milton 180, 195 Fröbel, Folker 47, 98 G8/G20 175, 184, 198, 211–12 Galbraith, John Kenneth 181 Gamble, Andrew 27, 108, 195 GATT (General Agreement on Tariffs and Trade) 2, 34, 125; see also Bretton Woods institutions Gerbier, Bernard 41 Gereffi, Gary 144, 145 Germany 25, 34, 98, 110, 116, 135, 163, 184 Gerschenkron, Alexander 152 Gifford, Chris 118–19 Gill, Stephen 111–12 Gilliatt, S 31–32 Gillies, Ietto 41 global capitalism 1, 14, 57, 135, 139; 2008 world crisis 7, 177; changing nature of 1–4, 14, 125–26; Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Index development 6–7, 123–71; global South 210; industrial capitalism 8; nation-state 1, 8; neoliberalism 115, 119, 125; semiperiphery and global capitalism 140, 145–50; socialism 11; UK/European integration 111, 115, 118–19 global plutocracy 3, 13 global South 3, 139, 191, 202; 2008 world crisis 7, 206–13 (impact of the 2008 financial crisis 7, 206, 211–13); developmental state 7, 152, 164, 168, 169, 203, 207–9, 211; emerging economies 175, 197, 206, 212; financial crises 210; global capitalism 210; national disintegration 210; normal capitalism 7, 206, 207, 209, 210–11, 212; ruling class 211; see also Third World globalisation 3, 4–5, 10, 19–69, 118; 2008 world crisis 176, 177, 180, 185, 186, 189 (deglobalisation 183, 185); academic and popular writing about 57; adverse effects 59; capital and labour as central antinomy 65, 118; capitalism 157–58, 159, 186; concept 57, 134, 135; empirical arguments on 59–61 (globalisation as merely regionalisation 60, 67); Europe 135; financialisation 183, 185, 186; global financial market 60, 94; global mass culture 48; historical scope of 158; the national/the global antinomy 157, 158, 159; neoliberalism 134, 135, 155, 176, 180, 186, 189, 197; socialism 134; worker as passive object of globalisation 66; see also capitalist world economy; internationalisation; progressive nationalism Gold Standard system 30, 31, 49, 92, 162, 194–95; Keynes, John Maynard 5, 74, 79–81, 82; see also monetary issues Gorbachev, Mikhail 52, 124, 126 Gordon, David 56 government 183; response to the 2008 world crisis 184, 198; see also austerity policies; nation-state Gramsci, Antonio 160, 204; neo-Gramscianism 6, 111, 117, 118 Harris, Laurence 25–26, 38, 39, 43, 102, 104 Harris, Nigel 19 237 Harrod, Roy Forbes 76, 83, 84, 90 hegemony 21–22; China 147; neoliberal hegemony 193, 194, 198 (class hegemony 7, 190); UK 25; USA 2, 21, 31, 109, 125, 126, 164, 192, 208 (Bretton Woods institutions 33–34, 45, 87) Heinrichs, Jürgen 98 Helleiner, Eric 60 Hettne, Björn 202 Hilferding, Rudolf 8, 37, 109, 146, 158, 180, 192 Hirst, Paul 56, 60, 65, 66 Hobson, John A 22, 92 Holland, Stuart 42 Holloway, John 110 Hood, N 99, 107 Hungary 9, 12–13, 51, 52, 109, 123, 127–28, 129 Hutton, Will 103, 114 IFS (Institute for Fiscal Studies-UK) 193, 194 IMF (International Monetary Fund) 33, 45, 61, 85–87, 90, 113, 126, 127, 196; 2008 world crisis 175, 176, 177, 179, 184, 198, 202, 211–12; changing role of 49–50; UK 32, 94–95, 195; USA 49–50; see also Bretton Woods institutions imperialism 8, 11, 20, 110; Bukharin, Nikolai 8, 22–25, 46–47, 158–59; colonial imperialism 92; inter-imperial war 23, 24, 47; Lenin, Vladimir 8, 22–23, 109, 158–59; UK 93; ultraimperialism 23, 47, 158; USA 24, 93–94, 109 income 4, 182–83, 171, 194, 204; egalitarian distribution of 144, 153, 202; national income 2, 28, 73, 101, 128, 176 Industrial Revolution 25, 117 industry 88, 94; industrial democracy 43; national industrialisation 133, 164; USA 40; see also NIC industry in UK 36, 37–38, 50, 94; the City/industry relationship 36–38, 93, 101–4, 105 (holding back industrial renewal 5–6, 101; industrial capital/ financial capital relation 101, 102–4); deindustrialisation 5, 36, 91–92, 93, 97–100, 104–7, 194; disintegrated productive structure 40, 41, 42, 53, 100; internationalisation of British Downloaded by [University of Sussex Library] at 08:58 08 June 2016 238 Index economy 36–38, 40–41, 42, 99; ‘Irelandisation’ of the UK 41; manufacturing employment 97; MNC 88–89, 98, 100, 101; no nationally limited industrial capitals 34; overseas production 34–35, 98–99; R&D 92, 99, 100; re-industrialisation 93; UK-located industry 36, 100, 104; see also the City; deindustrialisation; UK, relative decline inequality 13, 59, 105, 117, 147, 165, 201, 206 inflation 2, 85, 171, 195–96, 198; UK 33, 42, 95, 194–95, 196 Ingham, Geoffrey K 101 institutionalism 114–15, 131–32, 156; new institutionalism 12, 114 International Clearing Union 84–87 international division of labour 9, 23, 50, 207, 210; new international division of labour 9, 46, 47, 98, 99 internationalisation 132–33, 158; Bukharin, Nikolai 23, 47, 48; consequences of 21–22; cross-border economic integration 57, 94; definition 23; internationalisation/ nationalisation balance 23–25; internationalisation/nationalisation contradictions 25–26; internationalisation of banking 33, 88, 104; internationalisation of supply chains 10; MNC 41, 61; transnationalisation 58, 66, 126; USA hegemony 33–34; see also entries below for internationalisation; globalisation internationalisation of British economy 22, 33–42, 50–51, 104; the City 36–38; consequences 36, 41, 42; economic decline 36; import controls 36, 43; in search of the British economy 38–41; internationalisation of banking 89; internationalisation of capital 10, 19, 34, 35–36; internationalisation of industry 36–38, 40–41, 42, 99; Keynesian approach 87–89; MNC 38–39, 40–41; monetary issues 36; overseas employment 34; overseas investment 80, 85, 92–93, 96, 98–99, 104, 107; overseas production 34–35, 98–99; see also internationalisation internationalisation of capital 9, 19, 45, 46, 47, 66, 88, 132; control on international capital flows 54; internationalisation of British capital 10, 19, 34, 35–36; internationalisation of productive capital 49; Keynes, John Maynard 12, 87–88, 92; Marxian perspective 24; political implications 22; weakening of the state 27 internationalism 13, 54; internationalism of labour 42, 44, 53, 66; ‘internationalist’ analytical approach and the political right 21; Keynes and economic internationalism 75–76; labour 5, 42, 44, 53, 66–68 (challenge to the neoliberal ideology of globalisation 68); socialist internationalism 107, 137–38; USA 32 interventionism 92, 112, 135, 159, 163–64, 178; 2008 world crisis 193, 195, 202 Japan 3, 45, 52, 125, 135, 163, 167, 196, 208; East Asian crisis 59 Johnson, Chalmers 171 Kautsky, Karl 22, 23, 47, 109, 147, 158 Keynes, John Maynard 5, 155; capitalism 12, 162; critique of 28, 73; deficit financing 32, 33, 81; euthanasia of the rentier 31, 78, 162; General Theory 5, 28–30, 73–81 passim, 88, 89; Keynesianism 27, 42, 45, 73, 155, 163, 187; Keynesianism/social democracy fusion 31; practical work 73; theory of effective demand 12; Tract on Monetary Reform 80; see also Keynes, national economy; practical protectionism Keynes, national economy 22, 27–32, 41, 200; economic aggregation 28–29; international economic relations 77–78, 83–84; internationalisation 12, 75–76, 87–89, 92; national economy, a ‘Keynesian myth’ 9–10; neoclassical economics 28–29; overseas investment 80, 85; requirements of economic policy 29–32; ‘self-sufficient’ national economy 5, 30–31, 34 (political economy 75; practical protectionism 5, 74–76, 77, 90); socialisation of investment 79, 89, 162; state, enlargement of functions 77; see also Keynes, John Maynard; practical protectionism Kindleberger, Charles P 44 Korzeniewicz, Roberto P 143, 144, 145 Kotz, David 180, 182 Index Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Kreye, Otto 9, 98 Krugman, Paul 69, 202 labour 46, 65; capital and labour as central antinomy in capitalism 6, 27, 47, 115–16, 188; capital and labour as central antinomy in globalisation 65, 118; capitalist world economy 45–47, 51, 53; child labour 52; deregulation 3, 105; division of labour 142, 145, 146–47, 168; European Works Councils 67; female participation 46, 52; HRM 66; internationalism of labour 5, 42, 44, 53, 66–68 (challenge to the neoliberal ideology of globalisation 68); literature on 66; nationalist labour movement 53, 66; neoliberalism and commodification of labour-power 51, 52, 154; progressive nationalism 5, 57, 63, 65–68; retirement age 52; weakening of traditional labour-based movements and organisations 65; see also international division of labour; working class Labour Party 5, 11, 81, 94–95, 162; deindustrialisation 92; liberalisation 32; MNC 20; UK/European integration 6, 112–13, 114, 116, 119; see also Alternative Economic Strategy Latin America 2, 4, 64, 131, 209; democratisation 141; developmental state 141, 154, 166, 171; imperialism 20 LDC (less-developed country) 1, 45, 127, 130–31 Lee, S.-H 143–44, 146 Lehman Brothers 4, 7, 175, 198 Lend-Lease/Mutual Aid Agreement 32, 84 Lenin, Vladimir 9, 10, 146, 166, 171; imperialism 8, 22–23, 109, 158–59 Leys, Colin 101, 171 liberalism 3, 154–57, 202, 205; Bretton Woods institutions 3; corporate liberalism 112; Marxism 154–56; political economy 3, 154–55, 158; see also neoliberalism living standards 3, 33, 75, 116, 126, 170, 191 Luxemburg, Rosa 8, 9, 109 Macmillan Committee 37, 81, 83 macroeconomic policy 2, 28, 185, 187 Magdoff, Harry 109 239 Maier, Charles 12 Mandel, Ernest 33, 34, 109, 146 market 2; free market 41, 62, 91, 114, 130; global financial market 60, 94; market society 154, 160, 202; state/market relation 60, 61, 64–3, 68, 187–88 Martin, W.G 139, 143 Marx, Karl 156, 159, 161, 170; Capital 110, 155, 188; critique of capitalism 11, 14; Grundrisse 110; liberalism 154, 155; state 160 Marxism 8, 12, 13, 45, 156, 204; global capitalism 9; liberalism 154–56; Marxist political economy 146–50, 188; Marxist theory and European integration 6, 108–12, 118; Open Marxism 6, 108–11, 160; retreat of 14; Western Marxism 8, 109, 160 Mattick, Paul 33, 109, 155 Meltzer, Allan H 73, 76, 88 Merton, Robert 11 Mexico 212; 1982 debt crisis 10, 163, 209; 1994 crisis 4, 179, 197, 209, 210 Middle East 4, 211 Miliband, Ralph: Miliband-Poulantzas debate 110, 16061 Mitterrand, Franỗois 9, 163 MNC (multinational corporation/ company) 94, 181; adaptation to ‘local’ institutions and practices 58; deindustrialisation 98; internationalisation 41, 61; Labour Party 20; national economy 19, 20; trade union 19, 65; UK 38–39, 40–41, 88–89, 105; USA 49 modernisation 108, 112, 134, 156, 203–4; semiperiphery 139–40 monetarism 102, 108, 119, 125, 180, 187, 195–96 monetary issues 3, 29–30, 88; Bretton Woods institutions 2, 33, 185, 187, 195, 208; Eurodollar market 34, 101; international monetary ‘anarchy’ 33; neoliberalism 196–97; UK 94, 95, 194–95 (exchange controls 36, 86, 95, 101, 102; pound, devaluation 94; pound, high value 33, 35, 36, 37, 79, 89, 101); USA 3, 185–86, 195–96; see also Gold Standard system multilateralism 31–32, 84, 170 Murdoch, Rupert 117, 195 Murray, Robin 19, 25, 26, 34, 39–40, 47, 159 Downloaded by [University of Sussex Library] at 08:58 08 June 2016 240 Index NAFTA (North American Free Trade Area) 67, 209, 211 nation-state 64, 171; capital and the state: central conflict in capitalism 27; capitalism 158–59; competition state 67, 148, 150, 198; economic role of the state 26–28, 44; fiscal crisis 27, 184, 188, 199, 206; global capitalism 1, 8; inter-state system 64; internationalisation/nationalisation contradictions 25–26; Marx, Karl 160; the national/the global antinomy 157, 158, 159; sovereignty 136; state monopoly capitalism 26, 47, 109, 146, 160; welfare state 28, 48, 54, 62, 112, 114, 119, 135, 157, 159, 162, 163, 203; see also developmental state; government; interventionism; nation-state and the capitalist world economy; national economy; nationalisation; nationalism nation-state and capitalist world economy 1, 5, 10, 22–27, 45–55; alternative to the global resurgence of capitalism 53–54; CWE, an aggregation of distinct national economies 5, 46, 48; global neoliberalism 51–52; interlinked strategies of local, national and transnational resistance 5, 53–54; international integration and national disintegration 50–51; Keynes, enlargement of state functions 77; neoliberalism 160, 162, 187–88; political legitimacy 58; progressive nationalism 5, 57, 58, 59, 60–65, 68–69; protectionism 51; ‘statecentred’ approach 60–63; state/market relation 60, 61, 64–3, 68, 187–88; statehood 25, 164; transnational democratic governance 59; triple alliance model 133–34, 136; uneven development 5, 50–52, 53, 58; weakened state 27, 47, 50, 57, 62, 68–69; see also capitalist world economy; imperialism national economy 4–5, 19–44; Alternative Economic Strategy 20, 41–42; the international/the national antinomy 19, 63–64, 68; Keynes and the national economy 22, 27–32, 41; MNC 19, 20; national capitalism 22, 25, 93; national competitiveness 7, 9, 67; national economic integration 44; national economy, a proper object for socialist strategy 20–21, 41–42, 44; ‘self-sufficient’ national economy 5, 30–31, 34, 42, 74–76, 77, 90; see also nation-state; nationalisation; nationalism nationalisation 25, 43, 158; Bukharin, Nikolai 23, 46–47, 48; definition 23; denationalisation 189; internationalisation/nationalisation balance 23–25; internationalisation/ nationalisation contradictions 25–26; see also internationalisation; national economy nationalism 23, 44, 53, 134–35, 185; methodological nationalism 149, 185; nationalist labour movement 53; UK/European integration 117; see also national economy; progressive nationalism NATO (North Atlantic Treaty Organization) 33–34, 54, 109, 113 neoclassical economics 12, 69, 132; foreign capital 130–31; Keynes, John Maynard 28–29 neoliberalism 119, 154–55, 157, 187, 188–89, 196–97, 202, 209; 2008 world crisis 7, 176, 177–78, 180, 186–90; citizenship 204; class 168, 204–5; commodification of labour-power 51, 52, 154; developmental state 6, 152, 153, 154–60, 163, 167, 168; EastCentral Europe 6, 113, 123, 125, 126, 127, 136 (transition to a market economy 130); financialisation 176, 180, 186, 197; global capitalism 115, 119, 125; global neoliberalism 6, 51–52, 150, 153, 155, 157–60, 163, 167, 168, 208; globalisation 134, 135, 155, 176, 180, 186, 189, 197; Marxism retreat 14; monetary issues 196–97; neoliberal capitalism 3, 114, 160, 162; neoliberal hegemony 193, 194, 198 (class hegemony 7, 190); post-war boom 186–87; state 160, 162 (market/ state relation 187–88); UK 58, 125; UK/European integration 108, 111, 113, 119; USA 58, 114, 125; working class 189, 191; see also capitalism; liberalism New International Economic Order 3, 45, 156, 164, 168, 189, 206, 208; see also Third World Index Downloaded by [University of Sussex Library] at 08:58 08 June 2016 New Labour 67, 203–4; UK/European integration 108, 116, 119 NGO (non-governmental organisation) 69, 168, 209 NIC (newly industrialised country) 45, 46, 49, 51, 58, 141; see also industry North Sea oil 35, 94–95, 97, 98, 105, 195 OECD (Organisation for Economic Co-operation and Development) 32, 113, 188, 198–99; Multilateral Agreement on Investment 4, 64, 67, 209 Ohmae, Kenichi 57, 69 OPEC (Organization of the Petroleum Exporting Countries) 2, 52, 156, 208 ownership: foreign ownership 104, 128–29, 131; ownership of the means of production 39, 43, 149; private ownership 43, 127, 149; public ownership 9, 43, 44, 92, 167, 175, 187 Palloix, Christian 39 Parboni, Riccardo 33 Perraton, John 59, 60, 69 Phelps, Nicholas 99–100 Phillips, Almarin W 156, 171 Picciotto, Sol 24, 64, 109, 110 pluralism 156, 162 Poland 52, 123, 128, 201 Polányi, Karl 63, 65, 131, 154, 155, 202 political economy 13; comparative political economy 10, 162; developmental state 6, 153, 158, 163, 170; historical political economy 12; international political economy 9, 10, 57, 111, 169; labour 65; liberalism 3, 154–55, 158; Marxist political economy 146–50, 188 political sociology 156, 166, 209–11 Pollard, Sidney 37, 90 Pople, A 31–32 post-war boom 124–25, 140, 177; causes of the end of 33 (neoliberalism 186–87); disintegration of the UK economy 33–41; internationalisation 33; Keynes, John Maynard 31, 32, 125 Poulantzas, Nicos 25, 47, 146, 204; Miliband-Poulantzas debate 110, 160–61 practical protectionism 5, 10, 73–90, 159, 200; advocacy of capital controls 5, 83–87; bank rate management 78, 241 81–82; free trade 74–76, 77–79, 80, 82–83, 87; full employment 73, 78, 79, 89, 171; General Theory 5, 73, 74, 75, 76–79, 80, 81, 88, 89; Gold Standard 5, 74, 79–81, 82; implications for British policy-makers today 74, 87–89; mercantilism 77–78; national self-sufficiency 5, 74–76, 77, 90; practical protectionism 73, 79, 85, 87, 90; tariff protection 5, 74, 82–83; unemployment 79, 80–83, 87, 89, 90; see also Keynes, John Maynard Preobrazhensky, Eugenii A 146, 151 privatisation 45, 129, 131, 136, 141, 147, 163, 197, 209; 2008 world crisis 177, 180, 182, 183, 188, 190, 191; UK 91, 92, 105, 113, 130 production 23, 39–44; capitalist production 39, 47, 110, 125, 148, 149, 176, 204; MNC 47; ownership of the means of production 39, 43, 149; semiperiphery 140, 142, 144, 145, 146, 148–49; UK 39–41 (overseas production 34–35, 98–99); see also industry progressive nationalism 5, 10, 56–69, 160; critique of 56–57, 61, 68; empirical arguments on globalisation 59–61 (globalisation as merely regionalisation 60, 67); ‘globalisation sceptics’ 56, 57, 58–59, 60, 63, 65; globalisation thesis and its critics 57–59; labour 65–68 (omission of 57, 63, 65, 68; transnational labour 5, 66–68); progressive internationalism 56, 65, 68; state 5, 57, 58, 59, 60–65, 68–69; transnational economic integration 59–60, 63; transnational political integration 57, 58 proletariat see working class protectionism 51; East-Central Europe 136; see also practical protectionism public institution 25, 33, 54, 129 public sector 34, 43, 179, 191, 195, 207; public sector debt 193 R&D (research and development), 92, 99, 100, 143 Reagan, Ronald 3, 52, 114, 125, 163, 177, 182, 195, 196 recession: 1970s 2, 33, 43, 88, 165, 208; 1980s 95, 163, 208; 1990s 194; 2008 world crisis 175, 176, 177, 198, 201, 212; double-dip recession 190, 201 Downloaded by [University of Sussex Library] at 08:58 08 June 2016 242 Index Reddaway, William Brian 41, 92, 98 reformism 6, 46, 112, 156, 169 regulatory reform 190–91, 199 Reich, Robert 57, 202 Rosenberg, Justin 159 Rosenberg, Nathan 40 Rostow, Walt Whitman 140 Rowthorn, Robert 24, 31, 34, 36, 97, 107, 109 Rueschemeyer, Dietrich 134 Ruigrok, Winfried 56, 66, 69 Rupert, Mark 156 Saull, Richard 166 Schneider, Ben Ross 103, 171 Schumpeter, Joseph A 137, 155 semiperiphery 6, 11, 139–51; class struggle 145, 148; concept 141, 142–45, 146, 150, 151; dependency 139–40; dependent development 142, 143–44, 150; developmental state 141, 150; division of labour 142, 145, 146–47; economics/politics distinction 145–46, 149–50; global capitalism 140, 145–50; Marxist political economy 146–50; modernisation 139–40; NICs 141; production 140, 142, 144, 145, 146, 148–49; underdevelopment 139, 140, 141; world-systems theory 6, 139, 140–41, 144–49 (core/periphery concepts 141, 142–45, 151; criticism 139, 148–51) Shepherd, David 98 Shutt, John 118 Singh, Ajit 98 Skidelsky, Robert 202 Skocpol, Theda 134 Smith, Adam 140 Smith, D.A 143–44, 146 Snowden, Philip 81, 119 social democracy 8, 14, 67, 123, 125, 134, 162, 192, 194; European integration 112, 117, 119; Keynesianism/social democracy fusion 31; ‘national’ perspective on capitalism 22 social market capitalism 157, 160, 162, 164, 168, 169; European integration 6, 114, 116, 119 socialism 8, 149; concept 11; crisis of socialism 178; European socialism 118; global capitalism 11; globalisation 134; market socialism 51–52, 114; municipal socialism 43; national economy, a proper object for socialist strategy 20–21, 41–42, 44; retreat of 125; socialist analysis informing socialist practice 14–15; socialist internationalism 107, 137–38 South Africa 53, 134, 143, 150, 151, 154 South Korea 51, 59, 126, 131, 135, 141, 150; democracy 134, 209–10; developmental state 6, 152, 153, 154, 167, 170, 208–9 Spence, Martin 93–94 stagflation 2, 194, 195, 208 stagnation 33, 56, 124, 126, 136, 167 Stalin, Joseph 8, 108, 124, 171 state see nation-state Stiglitz, Joseph 168, 202 Strange, Gerard 116–17 structuralism 131, 133, 141 Sunkel, Osvaldo 64 Sweden 53, 162, 192 Sweezy, Paul M 109, 146, 181 Taiwan 59; developmental state 6, 152, 153, 154, 167, 170, 208–9 Thatcher, Margaret 3, 10, 38, 39, 54, 95, 106, 108, 113, 163, 177, 182, 195; 1983 re-election 9, 113; deindustrialisation 91, 93, 104; Thatcherism 27, 91, 125, 130, 187, 194–96; trade union 91, 104, 195 third way 113, 123, 204 Third World 1, 2, 33, 51, 124, 125, 126, 189; debt crisis 10, 45, 163, 166, 177, 196, 206, 208; developmental state 164, 166, 167, 189; ‘lost decade’ 3, 140, 208; see also global South; New International Economic Order Thompson, Grahame F 12, 56, 60, 64, 65, 66, 69, 102, 184 Thrift, Nigel 65 Tomlinson, Jim 28, 30, 32 trade 2, 4; free trade 74 (Keynes, John Maynard 74–76, 77–79, 80, 82–83, 87; US hegemony 87); trade imbalance 185, 186, 200; UK 31 (Imperial Preference 31, 84; relative decline 5, 93–96) trade union 42, 65, 108, 113, 178, 189, 194, 195; 2008 world crisis 191; MNC 19, 65; Thatcher, Margaret 91, 104, 195; UK/European integration 108, 116, 119 Transatlantic Trade and Investment Partnership Index Downloaded by [University of Sussex Library] at 08:58 08 June 2016 Treasury view 37, 38, 81, 82, 102 TUC (Trades Union Congress-UK) 43, 113–14, 117 Turkey 4, 210 Turok, Ivan 99 UK (United Kingdom): 1947 crisis 32; ‘Anglo-Saxon model’ of capitalism 103–4, 114, 116, 129, 130, 135, 157, 163; Britain and the world economy 5–6, 73–119; Coalition government 203–4; debt 31; Emergency Budget 203; global capitalism 93; hegemony 25; imperialism 93; inflation 33, 42, 95, 194–95, 196; MNC 38–39, 40–41, 88–89, 105; monetary issues 94, 95, 194–95 (exchange controls 36, 86, 95, 101, 102; pound, devaluation 94; pound, high value 33, 35, 36, 37, 79, 89, 101); neoliberalism 58, 125; privatisation 91, 92, 105, 113, 130; trade 5, 31, 84, 93–96; unemployment 41, 42–43, 114; see also entries below for UK; the City; Conservative Party; internationalisation of British economy; Keynes, John Maynard; Labour Party; national economy; Thatcher, Margaret UK/European integration 6, 10, 108–19; British withdrawal from EU 113; class politics of Britain and the EU 115–19; Conservative Party 6, 117, 119; European capitalism 108, 112–15; European socialism 118; global capitalism 111, 115, 118–19; Labour Party 6, 112–13, 114, 116, 119; Marxist theory and European integration 6, 108–12 (Amsterdam School 111; neo-Gramscianism 6, 111, 117, 118; Open Marxism 6, 108–11); nationalism 117; neoliberalism 108, 111, 113, 119; New Labour 108, 116, 119; opposition to EEC membership 108, 112–13, 117; reformism 6, 112, 119; social democracy 112, 117, 119; social market capitalism 6, 114, 116, 119; trade union 108, 116, 119; varieties of capitalism 114–15, 116 UK, relative decline 5, 10, 36, 91–107, 194; balance of payments 31, 33, 91, 92, 93, 94; capital flows 5, 92, 93–96, 105; causes 91, 92, 104; the City 5–6, 92, 93, 95, 101–4, 105; 243 deindustrialisation 5, 91–92, 93, 97–100, 104–7, 194; FDI (inward FDI 99–100; overseas investment 92–93, 96, 98–99, 104, 107); IMF 32, 94–95, 195; slow economic growth 91, 194; stagflation 2, 194–95; trade 5, 93–96; see also the City; industry in UK UN (United Nations) 54, 107, 164, 168 underdevelopment 9, 132, 139, 141, 165, 208; East-Central Europe 124, 133; semiperiphery 139, 140, 141; structuralism 131 unemployment 3, 37, 171; 2008 world crisis 4, 176, 177, 198, 199; Keynes, John Maynard 79, 80–83, 87, 89, 90; normal capitalism 170; UK 41, 42–43, 114; see also employment USA (United States of America) 3; 1933 Glass-Steagall Act 181, 212; Bush, George 114; fiscal austerity 52; hegemony 2, 21, 31, 109, 125, 126, 164, 192, 208 (Bretton Woods institutions 33–34, 45, 87); IMF 49–50; imperialism 24, 93–94, 109; industry 40; internationalism 32; MNC 49; monetarism 195–96; monetary issues 3, 185–86, 195–96; neoliberalism 58, 114, 125; overseas expansion 38; sub-prime mortgage crisis 175, 179, 182, 183, 198, 199; US Federal Reserve 3, 55, 208; Vietnam war 2–3, 8, 156; see also Reagan, Ronald USSR (Union of Soviet Socialist Republics) 11, 124, 164; collapse of 3, 51–52, 126, 166, 196; world capitalism and the Soviet system 123, 124–26 Vajda, Mihaly 27 Van Tulder, Rob 56, 66, 69 Veneroso, Frank 59 Volcker, Paul 3, 52, 55, 195–96, 208 Von Braunmuhl, Claudia 26, 47 Wade, Robert 56, 59, 152, 153, 166, 168 Wallerstein, Immanuel 48, 142, 151, 165–66 Warren, Bill 19, 20, 47 Washington Consensus 3, 59, 152, 179, 187, 189, 196, 197, 199, 208; normal capitalism 170 Downloaded by [University of Sussex Library] at 08:58 08 June 2016 244 Index Weiss, Linda 56, 58–59, 65, 68, 69, 153 Wells, John R 97, 107 Whittington, Richard 118 Wilkin, Peter 144 Williamson, John 90 working class 11, 13, 14, 27, 46, 94, 146, 188–89, 204; 2008 world crisis 190, 191, 205; neoliberalism 189, 191; reserve army of labour 3, 46, 94, 134; worker as passive object of globalisation 66; working class as middle class in its outlook and aspirations 13, 205; see also class; labour World Bank 61, 113, 196; 2008 world crisis 179, 211–12; developmental state 152, 157, 166, 167; The East Asian Miracle 166; International Bank for Reconstruction and Development 86; see also Bretton Woods institutions world-systems theory 6, 139, 140–41, 144–49, 151; see also semiperiphery WTO (World Trade Organization) 61, 113; Doha Round 4, 168, 210 Young, S 99, 107 Zysman, John 56, 58, 60, 65 ... Publication Data Radice, H K (Hugo K.) Global capitalism : selected essays / Hugo Radice pages cm – (Ripe series in global political economy) Summary: "The essays in this volume range a variety... usual’ The essays The essays included here are arranged in four themes: globalisation; Britain and the world economy; global capitalism and development; and the recent crisis Part I: globalisation... Library] at 08:58 08 June 2016 Global Capitalism The essays in this volume range across a variety of topics and approaches to investigate the changing nature of global capitalism as a social order