A Political Economy of American Hegemony
A Political Economy of American Hegemony
In A Political Economy of American Hegemony, Thomas Oatley explores how America's military buildups have produced postwar economic booms that have culminated in monetary and financial crises. The 2008 subprime crisis - as well as the housing bubble that produced it - was the most recent manifestation of this buildup, boom, and bust cycle, developing as a consequence of the decision to deficit-finance the wars in Afghanistan and Iraq. Earlier instances of financial crises were generated by deficit-financed buildups in the 1980s and the late 1960s. The buildup, boom, and bust pattern results from the way political institutions and financial power shape America's response to military challenges: political institutions transform increased military spending into budget deficits, and financial power enables the United States to finance these deficits by borrowing cheaply from the rest of the world. Oatley examines how this cycle has had a powerful impact on American and global economic and financial performance.
- Attributes America's postwar financial crises to macroeconomic imbalances caused by military buildups rather than to financial complexity and regulatory laxity
- Offers a perspective on American hegemony that melds its global security obligations, its domestic political and economic dimensions, and its global financial consequences
- Argues that contemporary policy discussion exaggerates the need to scale back America's overseas obligations
Product details
February 2015Hardback
9781107090644
209 pages
235 × 158 × 15 mm
0.42kg
36 b/w illus. 11 tables
Available
Table of Contents
- 1. The political economy of imbalance
- 2. National security shocks and military buildups
- 3. Warfare, welfare, and the size of the American state
- 4. Buildups and booms
- 5. Deflecting the costs of adjustment
- 6. The financial consequences of America's postwar booms
- 7. The political economy of American hegemony.
