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Capitalism, Not Globalism - Capital Mobility, Central Bank Independence, and the Political Control of the Economy (Paperback, New edition)
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Capitalism, Not Globalism - Capital Mobility, Central Bank Independence, and the Political Control of the Economy (Paperback, New edition)
Series: Michigan Studies in International Political Economy
Expected to ship within 12 - 17 working days
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An original, empirically supported explanation of the domestic
consequences of recent changes in the global economy While much has
been made of recent changes in the international economy, the
mechanisms by which politicians control the economy have not
fundamentally changed in the postwar period. In Capitalism, Not
Globalism, William Roberts Clark challenges both traditional and
revisionist globalization theorists with his assertion that
increased financial integration has led to neither a widening nor a
narrowing of partisan differences in macroeconomic policies and
outcomes. Clark shows that the absence of partisan differences is a
long-standing feature of democratic capitalist societies, arising
from policymakers' attempts to use the economy to guarantee their
political survival. Structural changes such as increased capital
mobility and central bank independence do not necessarily diminish
politicians' ability to control the economy, but they do shape the
range of available strategies. In a world of highly mobile capital,
politicians use monetary policy to create macroeconomic expansions
prior to elections only if the exchange rate is flexible and the
central bank is subservient. But they use fiscal policy to induce
favorable business cycles when the exchange rate is fixed or the
central bank is independent. By considering how capital mobility,
the exchange rate regime, and central bank independence limit the
range of incentives available to policymakers, Clark shows that
macroeconomic policies and outcomes are tied to the electoral
calendar rather than to the prevailing ideology.
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