Multi-polar capitalism: the end of the dollar standard
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cham
Palgrave Macmillan
[2022]
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xv, 314 Seiten |
| ISBN: | 9783030882464 |
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Record in the Search Index
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| adam_text | Contents 1 International Money in Motion 1.1 1.2 1.3 1.4 1.5 1.6 Money as Good, Money as Asset 1.1.1 Mainstream View of Money as Good 1.1.2 Keynesian View of Money as Asset 1.1.3 International Liquidity Preference 1.1.4 The Eurocurrencies Market Functions of International Money 1.2.1 International·Medium of Exchange 1.2.2 International Unit ofAccount 1.2.3 International Store of Value 1.2.4 International Means of Payment Currency Shares Per International-Money Function 1.3.1 The International Currency Pyramid 1.3.2 World-Money Market Shares (by Function) Why the US Dollar’s World-Money Status Has Endured 1.4.1 Preference for a Single World-Money Standard 1.4.2 America’s “Exorbitant Privileģē” 1.4.3 The “Dollar Trap” Characteristics of World-Money Issuers 1.5.1 Financial and Geopolitical Dimensions of Power 1.5.2 The aSoft Power” of Multilateralism The Triffin Dilemma Revisited 1 3 3 5 5 7 8 9 10 10 10 12 12 15 17 17 18 19 20 21 22 23 ix
X CONTENTS 1.6.1 1.6.2 1.6.3 References The 1960 Crisis America’s Trade Deficits and Asset Bubbles The Triffin Dilemma as Structural Flaw Long Waves and Accumulation Regimes 2.1 Long Waves 2.1.1 Nikolai Kondratiev’s Long Waves 2.1.2 The Marxist Argument 2.1.3 Joseph Schumpeter’s Technological Dimension 2.1.4 Hyman Minsky’s Financial Dimension 2.2 The French “Théorie de la Régulation” (RT) 2.2.1 Accumulation Regime 2.2.2 Mode of Regulation 2.2.3 PostWar Fordism 2.2.4 Types of Crises 2.3 The International Dimension 2.3.1 World-System Theory 2.3.2 The International Monetary System References A Short History of the Dollar Standard 3.1 3.2 3.3 3.4 The Era of Bretton Woods (1945-1971) 3.1.1 Turning the US Dollar into World Money 3.1.2 Fueling the Postwar Boom 3.1.3 Postwar Wave of Globalization The Stagflation Crisis 1969-1982 3.2.1 Cost-Push Inflation 3.2.2 The End of Bretton Woods 3.2.3 The Eurocurrency Market Revisited 3.2.4 Saving the US Dollar as World Money The Rise of Finance-Led Capitalism 3.3.1 The Reagan Revolution 3.3.2 The “Washington Consensus” as the Global Dimension of the Reagan Revolution 3.3.3 The TransJormation of Finance 3.3.4 Three Consecutive Asset Bubbles The Great Recession, a Systemic Crisis 3.4.1 Bursting of America’s Real Estate Bubble 3.4.2 The Collapse of Lehman Brothers 24 25 27 30 35 38 38 40 43 46 52 53 53 56 58 62 62 65 68 73 74 75 77 80 82 82 84 86 87 90 90 92 95 97 100 101 102
CONTENTS 3.4.3 The Great Recession of2008/09 The Federal Reserve’s Crisis Management 3.5.1 The Fed’s Section 13(3) Emergency Lending 3.5.2 The Fed’s FX Swap Lines 3.5.3 Quantitative Easing References 3.5 4 The New Deflation: From Great Recession to Global Pandemic 4.1 The Great Recession as Structural Crisis 4.1.1 The Re-regulation of Finance 4.1.2 Liquidity Traps and Savings Gluts 4.2 Currency Wars 4.2.1 A Distinct Pattern 4.2.2 The Eurozone Crisis 2009-2012 4.2.3 China’s Currency Challenge 4.3 Commodities and Currencies 4.3.1 The Commodity Super Cycle 4.3.2 An Lnverse Price Relation 4.3.3 Commodity Currencies and Carry Trade 4.4 A Dangerous Turn in US Trade Policy 4.4.1 Trump and America’s Trade Deficits 4.4.2 Trump’s Opposition to Regional Trade Deals 4.4.3 Trump’s Trade Wars 4.4.4 Financial Warfare 4.5 Additional De-globalization Trends 4.5.1 Slowdown of Trade 4.5.2 Squeezing Global Value Chains 4.5.3 Pullback of Cross-Border Investments 4.5.4 Regionalization References 5 The Great Interruption 5.1 5.2 5.3 “A Perfect Storm” Locking Down the World 5.2.1 Missing the Chance for Initial Containment 5.2.2 The World Shuts Down A Test of Governance and Leadership 5.3.1 Highly Varied Responses 5.3.2 Trump’s Mismanagement of the Pandemic ХІ 103 104 105 107 109 113 117 118 119 126 131 131 134 141 146 146 147 149 150 151 153 155 157 158 158 159 160 162 163 169 170 172 172 173 174 175 176
xii CONTENTS 5.4 The Balancing Acts of Virus Economics 5.4.1 Initial Containment Response 5.4.2 Mitigation and Public Health 5.4.3 Macro-Economic Stabilization 5.4.4 A Terrifying Moment in the US Treasuries Market 5.4.5 Central Banks as Market Makers of Last Resort 5.4.6 Operating in a Pandemic 5.5 Trend Accelerations, Shifts, and Ruptures 5.5.1 Health Care 5.5.2 The Digital Economy 5.5.3 Growing Inequality 5.6 The International Crisis Context 5.6.1 A Massive Shock to Cross-Border Activity 5.6.2 A Stress Test for the Dollar Standard 5.6.3 Poorer Countries Get Hit Harder 5.6.4 The Global Vaccination Challenge References 6 Transition and Triad 6.1 Post-Pandemic America 6.1.1 The American Rescue Plan 6.1.2 The Fed’s Hew Policy Framework 6.1.3 Biden’s “Build Back Better” Agenda 6.1.4 “Bidenomics” as Paradigm Shift 6.1.5 America’s “Flawed” Democracy in Crisis 6.1.6 A New “New Deal?” 6.2 The Rise of China as Challenger 6.2.1 China’s “Dual Circulation” Strategy 6.2.2 China’s Belt and Road Initiative 6.2.3 Debt and Currency 6.2.4 From RMB to CNT 6.3 Making the Eurozone Work 6.3.1 Post-Crisis Reforms and Recovery 6.3.2 The EU’s Management of the Pandemic 6.3.3 The EU’s Broader Quest for “Strategic Autonomy” References 179 180 181 182 183 185 186 188 188 190 194 198 198 200 202 205 209 215 216 217 219 221 224 227 230 232 233 238 240 243 248 248 258 263 265
CONTENTS 7 Cooperation vs. Competition in a World of Adversarial Power Centers 7.1 Triadic Configuration 7.2 Redefining Globalization 7.3 Zero-Carbon Transition as Vector of a New Accumulation Regime 7.4 The End of the Dollar Standard References Index xiii 271 272 278 283 290 297 299
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| adam_txt |
Contents 1 International Money in Motion 1.1 1.2 1.3 1.4 1.5 1.6 Money as Good, Money as Asset 1.1.1 Mainstream View of Money as Good 1.1.2 Keynesian View of Money as Asset 1.1.3 International Liquidity Preference 1.1.4 The Eurocurrencies Market Functions of International Money 1.2.1 International·Medium of Exchange 1.2.2 International Unit ofAccount 1.2.3 International Store of Value 1.2.4 International Means of Payment Currency Shares Per International-Money Function 1.3.1 The International Currency Pyramid 1.3.2 World-Money Market Shares (by Function) Why the US Dollar’s World-Money Status Has Endured 1.4.1 Preference for a Single World-Money Standard 1.4.2 America’s “Exorbitant Privileģē” 1.4.3 The “Dollar Trap” Characteristics of World-Money Issuers 1.5.1 Financial and Geopolitical Dimensions of Power 1.5.2 The aSoft Power” of Multilateralism The Triffin Dilemma Revisited 1 3 3 5 5 7 8 9 10 10 10 12 12 15 17 17 18 19 20 21 22 23 ix
X CONTENTS 1.6.1 1.6.2 1.6.3 References The 1960 Crisis America’s Trade Deficits and Asset Bubbles The Triffin Dilemma as Structural Flaw Long Waves and Accumulation Regimes 2.1 Long Waves 2.1.1 Nikolai'Kondratiev’s Long Waves 2.1.2 The Marxist Argument 2.1.3 Joseph Schumpeter’s Technological Dimension 2.1.4 Hyman Minsky’s Financial Dimension 2.2 The French “Théorie de la Régulation” (RT) 2.2.1 Accumulation Regime 2.2.2 Mode of Regulation 2.2.3 PostWar Fordism 2.2.4 Types of Crises 2.3 The International Dimension 2.3.1 World-System Theory 2.3.2 The International Monetary System References A Short History of the Dollar Standard 3.1 3.2 3.3 3.4 The Era of Bretton Woods (1945-1971) 3.1.1 Turning the US Dollar into World Money 3.1.2 Fueling the Postwar Boom 3.1.3 Postwar Wave of Globalization The Stagflation Crisis 1969-1982 3.2.1 Cost-Push Inflation 3.2.2 The End of Bretton Woods 3.2.3 The Eurocurrency Market Revisited 3.2.4 Saving the US Dollar as World Money The Rise of Finance-Led Capitalism 3.3.1 The Reagan Revolution 3.3.2 The “Washington Consensus” as the Global Dimension of the Reagan Revolution 3.3.3 The TransJormation of Finance 3.3.4 Three Consecutive Asset Bubbles The Great Recession, a Systemic Crisis 3.4.1 Bursting of America’s Real Estate Bubble 3.4.2 The Collapse of Lehman Brothers 24 25 27 30 35 38 38 40 43 46 52 53 53 56 58 62 62 65 68 73 74 75 77 80 82 82 84 86 87 90 90 92 95 97 100 101 102
CONTENTS 3.4.3 The Great Recession of2008/09 The Federal Reserve’s Crisis Management 3.5.1 The Fed’s Section 13(3) Emergency Lending 3.5.2 The Fed’s FX Swap Lines 3.5.3 Quantitative Easing References 3.5 4 The New Deflation: From Great Recession to Global Pandemic 4.1 The Great Recession as Structural Crisis 4.1.1 The Re-regulation of Finance 4.1.2 Liquidity Traps and Savings Gluts 4.2 Currency Wars 4.2.1 A Distinct Pattern 4.2.2 The Eurozone Crisis 2009-2012 4.2.3 China’s Currency Challenge 4.3 Commodities and Currencies 4.3.1 The Commodity Super Cycle 4.3.2 An Lnverse Price Relation 4.3.3 Commodity Currencies and Carry Trade 4.4 A Dangerous Turn in US Trade Policy 4.4.1 Trump and America’s Trade Deficits 4.4.2 Trump’s Opposition to Regional Trade Deals 4.4.3 Trump’s Trade Wars 4.4.4 Financial Warfare 4.5 Additional De-globalization Trends 4.5.1 Slowdown of Trade 4.5.2 Squeezing Global Value Chains 4.5.3 Pullback of Cross-Border Investments 4.5.4 Regionalization References 5 The Great Interruption 5.1 5.2 5.3 “A Perfect Storm” Locking Down the World 5.2.1 Missing the Chance for Initial Containment 5.2.2 The World Shuts Down A Test of Governance and Leadership 5.3.1 Highly Varied Responses 5.3.2 Trump’s Mismanagement of the Pandemic ХІ 103 104 105 107 109 113 117 118 119 126 131 131 134 141 146 146 147 149 150 151 153 155 157 158 158 159 160 162 163 169 170 172 172 173 174 175 176
xii CONTENTS 5.4 The Balancing Acts of Virus Economics 5.4.1 Initial Containment Response 5.4.2 Mitigation and Public Health 5.4.3 Macro-Economic Stabilization 5.4.4 A Terrifying Moment in the US Treasuries Market 5.4.5 Central Banks as Market Makers of Last Resort 5.4.6 Operating in a Pandemic 5.5 Trend Accelerations, Shifts, and Ruptures 5.5.1 Health Care 5.5.2 The Digital Economy 5.5.3 Growing Inequality 5.6 The International Crisis Context 5.6.1 A Massive Shock to Cross-Border Activity 5.6.2 A Stress Test for the Dollar Standard 5.6.3 Poorer Countries Get Hit Harder 5.6.4 The Global Vaccination Challenge References 6 Transition and Triad 6.1 Post-Pandemic America 6.1.1 The American Rescue Plan 6.1.2 The Fed’s Hew Policy Framework 6.1.3 Biden’s “Build Back Better” Agenda 6.1.4 “Bidenomics” as Paradigm Shift 6.1.5 America’s “Flawed” Democracy in Crisis 6.1.6 A New “New Deal?” 6.2 The Rise of China as Challenger 6.2.1 China’s “Dual Circulation” Strategy 6.2.2 China’s Belt and Road Initiative 6.2.3 Debt and Currency 6.2.4 From RMB to CNT 6.3 Making the Eurozone Work 6.3.1 Post-Crisis Reforms and Recovery 6.3.2 The EU’s Management of the Pandemic 6.3.3 The EU’s Broader Quest for “Strategic Autonomy” References 179 180 181 182 183 185 186 188 188 190 194 198 198 200 202 205 209 215 216 217 219 221 224 227 230 232 233 238 240 243 248 248 258 263 265
CONTENTS 7 Cooperation vs. Competition in a World of Adversarial Power Centers 7.1 Triadic Configuration 7.2 Redefining Globalization 7.3 Zero-Carbon Transition as Vector of a New Accumulation Regime 7.4 The End of the Dollar Standard References Index xiii 271 272 278 283 290 297 299 |
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| spelling | Guttmann, Robert 1951- Verfasser (DE-588)124200478 aut Multi-polar capitalism the end of the dollar standard Robert Guttmann Cham Palgrave Macmillan [2022] xv, 314 Seiten txt rdacontent n rdamedia nc rdacarrier Macroeconomics/Monetary Economics//Financial Economics International Economics International Finance Political Economy/Economic Systems Macroeconomics International economics International finance Economic policy Economics Erscheint auch als Online-Ausgabe 978-3-030-88247-1 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033075336&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Guttmann, Robert 1951- Multi-polar capitalism the end of the dollar standard Macroeconomics/Monetary Economics//Financial Economics International Economics International Finance Political Economy/Economic Systems Macroeconomics International economics International finance Economic policy Economics |
| title | Multi-polar capitalism the end of the dollar standard |
| title_auth | Multi-polar capitalism the end of the dollar standard |
| title_exact_search | Multi-polar capitalism the end of the dollar standard |
| title_exact_search_txtP | Multi-polar capitalism the end of the dollar standard |
| title_full | Multi-polar capitalism the end of the dollar standard Robert Guttmann |
| title_fullStr | Multi-polar capitalism the end of the dollar standard Robert Guttmann |
| title_full_unstemmed | Multi-polar capitalism the end of the dollar standard Robert Guttmann |
| title_short | Multi-polar capitalism |
| title_sort | multi polar capitalism the end of the dollar standard |
| title_sub | the end of the dollar standard |
| topic | Macroeconomics/Monetary Economics//Financial Economics International Economics International Finance Political Economy/Economic Systems Macroeconomics International economics International finance Economic policy Economics |
| topic_facet | Macroeconomics/Monetary Economics//Financial Economics International Economics International Finance Political Economy/Economic Systems Macroeconomics International economics International finance Economic policy Economics |
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