[Marxism] 7 economists

Rakesh Bhandari bhandari at berkeley.edu
Mon Jul 14 10:51:07 MDT 2008


While I wrote something quite similar in 2001 for the International
Journal of Political Economy, I want to pose questions for Trevor Evans
who writes:

"In the early 70s that changed. And since the 1980s we have seen the US
pursuing a series of short-term moves — not a long-term strategy, because
it doesn't have one — to maintain its position in the world. Part of that
is the role of the dollar in the world economy, which enables the US to
run its repeated current-account deficits.
This has involved the US continually having to reassert the power it has
in financial markets, in economics, and of course militarily. It is going
to be increasingly difficult for it to do that."

What is the role of the dollar in the world economy? Is that role what
allows the the US to run a CAD? How big a CAD does this role of the dollar
allow the US to run? Why does this role of the dollar depend on the
reassertion of military force?

Wonder how Steve Palmer and others would reply to these questions. I
haven't kept current with the literature or quantitative estimates.








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