Over the last 20 years — and especially over the last decade — the international expansion of money and commodities and the international relocation of production have grown tremendously. As a result, there now exists a real contradiction in accumulation: Although global in orientation, it remains structured by the nation state. Conventional economic literature generally explains the international economy as exogenous to the national economy. Though the former does influence the latter, national economy and policy remain discrete. Conversely, there is a developing literature on globalism that explores the tendency for international capital to eradicate national differences, even to overpower nation states. However, neither interpretation adequately considers the contradictions for national policy that have accompanied the internationalization of capital. In this volume, Dick Bryan examines the influence of the international economy upon domestic accumulation, describing the process as the expression of the contradiction between the international scope of accumulation and the national scope of its regulation. Developing a theoretical framework for understanding the contradiction within Marxist political economy, he addresses the theory of value on an international scale, as well as theories of global restructuring and crisis. These issues are then applied to those domestic policies — such as monetary policy and balance of payments — that interrelate with the international economy. The author argues that the conventional theories informing these approaches have consistently failed to recognize the contradictions in international accumulation. National economic management has, as a result, reverted to explicit class politics, attempting to solve domestic economic problems by targeting the living standards of labor
Table of Contents
Introduction -- What Is the Internationalisation of Capital? -- National Economies and International Capital: The Economists' Bind -- Internationalisation, Crisis and Restructuring -- The Internationalisation of Capital and Marxian Value Theory -- The Nation State and the Contradictions of International Capital Movement -- Internationalisation and the Contradictions of National Monetary Policy -- Balance of Payments as Nationalist Accounting -- The United States Balance of Payments in the Mid 1980s: The National Burden of Global Change -- Balance of Payments and Nationalist Policy -- What Needs to Be Reclaimed?
Dick Bryan is a Senior Lecturer in Economics at the University of Sydney.