Skip to main content Accessibility help
×
Home
Hostname: page-component-768dbb666b-7lw58 Total loading time: 0.563 Render date: 2023-02-07T06:13:55.379Z Has data issue: true Feature Flags: { "useRatesEcommerce": false } hasContentIssue true

10 - International bank capital and the new liberalism

Published online by Cambridge University Press:  04 February 2010

Kees van der Pijl
Affiliation:
University of Amsterdam
Mark S. Mizruchi
Affiliation:
Columbia University, New York
Michael Schwartz
Affiliation:
State University of New York, Stony Brook
Get access

Summary

Introduction

This chapter deals with recent structural changes in the North Atlantic business system established in the period of American hegemony over Europe. In the era running from the closing stages of World War II to the early seventies, US political leadership, in meeting the global challenge of anticapitalist forces, interacting with its economic primacy, worked to galvanize the states of North America and Western Europe into a single military-political bloc within which the American pattern of capital accumulation, developed in the New Deal and World War II, was extrapolated to the Atlantic level.

This process, which eventually eroded the initial American advantage over its Western European client states in terms of labor productivity, level of concentration and centralization of capital, and financial strength, can be analyzed for our purposes in terms of (1) the development of productive capital in the different component regions and in different industrial sectors; (2) the relation between productive and money capital as expressed in the power balance between industrial and financial firms; and (3) the overall structure of the profit distribution process, comprising several other distributive categories besides the main profit-takers mentioned under (2).

It is our contention that, whereas during the period of American hegemony and the Atlantic extrapolation of the mode of capital accumulation pioneered by the USA, these patterns were still primarily national (with a semblance of internationalism due to overwhelming US superiority), from the seventies on the acceleration of the internationalization of capital and the erosion of the US advantage have combined to create a truly international system, which is no longer an extension of a dominant national economy.

Type
Chapter
Information
Intercorporate Relations
The Structural Analysis of Business
, pp. 298 - 319
Publisher: Cambridge University Press
Print publication year: 1988

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×