The Demise of Pax Americana

Bill Lucarelli
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Bill Lucarelli: University of Western Sydney

Chapter 5 in Monopoly Capitalism in Crisis, 2004, pp 89-114 from Palgrave Macmillan

Abstract: Abstract By the early 1970s, the “golden era” of postwar prosperity and growth in the advanced capitalist countries had come to an end. Since the mid-1970s most OECD countries have experienced alternating phases of growth and stagnation, punctuated by the outbreak of episodes of severe and debilitating financial instability. In many ways, it appeared that the capitalist world economy had entered into another long era of laissez-faire and globalization, reminiscent of the period preceding the First World War. Globalization set in motion destabilizing forces, as capital was no longer constrained by their respective national markets.

Keywords: Central Bank; European Economic Community; Current Account Deficit; International Liquidity; Reagan Administration (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51170-5_6

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DOI: 10.1057/9780230511705_6

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