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Capitalism is national & transnational, but what about the money?

Summary:
This is my short response, originally posted here, to William I. Robinson's post here and Fred Magdoff's note in the comment section of that post:While I generally agree with Robinson's and Magdoff's analyses, what is absent, specifically with respect to Robinson's discussion, is a concrete assessment of the acute variables that measure the degree to which national States have the capacity to engage in power-maximizing behavior and, thus, pursue certain responses, i.e. imperialism, to the competitive nature of the capitalist world economy. Certain material capabilities of national States generate the space to be 'constituted', whereby they embody a structural authority to shape the framework of global economic relations. This structural authority is tied to the qualification to

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Capitalism is national & transnational, but what about the money?

This is my short response, originally posted here, to William I. Robinson's post here and Fred Magdoff's note in the comment section of that post:

While I generally agree with Robinson's and Magdoff's analyses, what is absent, specifically with respect to Robinson's discussion, is a concrete assessment of the acute variables that measure the degree to which national States have the capacity to engage in power-maximizing behavior and, thus, pursue certain responses, i.e. imperialism, to the competitive nature of the capitalist world economy. Certain material capabilities of national States generate the space to be 'constituted', whereby they embody a structural authority to shape the framework of global economic relations. This structural authority is tied to the qualification to establish and enforce a particular item, currency, as the unit of account in which global economic calculations are made, facilitating the functioning of financial markets and thus international trade.

References:

Fields, D. and M. Vernengo (2013), “Hegemonic currencies during the crisis: the dollar versus the euro in a Cartalist perspective.” Review of International Political Economy, 20(4), pp. 740–59.

Fields, D. (2015). “Dollar Hegemony.” Pp. 145-147 in The Encyclopedia of Central Banking, Northampton, MA: Edward Elgar Publishing

Ingham, G. (2004), The Nature of Money, Cambridge: Polity Press.

Vernengo, M. & D. Fields (2016), “DisORIENT: Money, Technological Development and the Rise of the West.” Review of Radical Political Economics, 48(4), pp. 562–568

Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

One comment

  1. Thanks for the re-post! 🙂 Cheers!

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