The Making of Global Capitalism

The Making of Global Capitalism:The Political Economy of American Empire

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“The most important leftist book of the year, and probably the decade.” —Charles Mudede, The Stranger

The all-encompassing embrace of world capitalism at the beginning of the twenty-first century was generally attributed to the superiority of competitive markets. Globalization had appeared to be the natural outcome of this unstoppable process. But today, with global markets roiling and increasingly reliant on state intervention to stay afloat, it has become clear that markets and states aren't straightforwardly opposing forces.

In this groundbreaking work, Leo Panitch and Sam Gindin demonstrate the intimate relationship between modern capitalism and the American state. The Making of Global Capitalism identifies the centrality of the social conflicts that occur within states rather than between them. These emerging fault lines hold out the possibility of new political movements that might transcend global markets.


  • Lucid and indispensable guides to the history and practice of American Empire.

    Naomi Klein, award-winning journalist and author of The Shock Doctrine
  • It’s the best left look at the U.S. empire I’ve seen. The picture of the U.S. as having the long-term dynamism and coherence of the global system ‘front of mind’, as the biz types say, makes far more sense than, say, the Chomskyism that pervades much of the left. They have few rivals and no betters in analyzing the relations between politics and economics, between globalization and American power, between theory and quotidian reality, and between crisis and political possibility.

    Doug Henwood, editor and publisher of Left Business Observer
  • Combining the ferocity of investigative reporters, sophisticated skills in interpreting the historical archive, and a profound grasp of theory, Leo Panitch and Sam Gindin provide an astonishingly illuminating account of the making of global capitalism through the organization of a global financial system under US hegemony since World War II. If we are, as it seems, destined to live under the dictatorship of the world’s central bankers then it is vital for everyone to know how this came about and what the current fault lines might be that hold out prospects for strong anti-capitalist struggles to emerge. A must read for everyone who is concerned about where the future of capitalism might lie.

    David Harvey, CUNY Graduate Center, author of A Brief History of Neoliberalism