This review of Leo Panitch and Sam Gindin's The Making of Global Capitalism and David M. Kotz's The Rise and Fall of Neoliberal Capitalism (Harvard University Press, 2015) first appeared in the December 2015 issue of Perspectives on Politics.
The contemporary international economic order has many characteristics whose combination raises important analytical questions. The level of economic integration is extremely high — almost certainly higher even than in the first era of “globalization,” from the 1870s to 1914. The extraordinary integration of global markets for goods and capital coexists with a level of government involvement in national economies that is unprecedented in the modern era. The system was largely constructed along lines laid out by the United States in the aftermath of World War II — the first time an international economic order was put into place by design. Since the end of the Cold War, the United States has been the unchallenged leader of the world economy. However, there is an extraordinary degree of cooperation on economic matters among leading states, and supranational institutions play a far greater role in managing international economic affairs than at any time in history.
provide a masterful century-long history of US corporate activity and state economic strategy. Insofar as capitalist states are where class interests are codified, their spicy reading of dry officialdom’s milquetoast narratives is absolutely vital to our knowledge about power.
Furthermore, Bond emphasizes the resoluteness of thier political commitment to Marxian principles that critique liberal reformism whilst defending "socialist aspirations."
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