Details

Autor(en) / Beteiligte

• Dumenil, Gerard
• Levy, Dominique

Titel

The economics of US imperialism at the turn of the 21st century

Ist Teil von

• Review of international political economy : RIPE, 2004-10, Vol.11 (4), p.657-676

Ort / Verlag

London: Taylor & Francis

Erscheinungsjahr

2004

Quelle

Worldwide Political Science Abstracts

Beschreibungen/Notizen

• At the turn of the 21st century, US imperialism appears very strong. The paper focuses on economic mechanisms. Both direct investment abroad and portfolio investment contribute extensively to the remuneration of capital in the United States, under the form of interest, dividends and profits of transnational corporations retained abroad. The rates of return on these investments are high, in particular when compared to the returns of foreigners when they invest in the United States. The major contradiction results from the growing external trade imbalance. The outflow of dollars to the rest of the world is invested back in the country by foreigners. Their stock of assets on the United States is now the double of the stock of assets of this country on the rest of the world; the flow of income paid to foreigners is equal to that received from the rest of the world. These deficits are due to the tremendous wave of consumption by the richest fraction of the population, which followed the restoration of the income and wealth of these classes in neoliberalism. This path is unsustainable in the long run. A new phase is, therefore, on the agenda: a new configuration of neoliberalism or beyond neoliberalism?