A Political Economy of American Hegemony

Buildups, Booms, and Busts

Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Conditions, Business & Finance
Cover of the book A Political Economy of American Hegemony by Thomas Oatley, Cambridge University Press
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Author: Thomas Oatley ISBN: 9781316235331
Publisher: Cambridge University Press Publication: February 16, 2015
Imprint: Cambridge University Press Language: English
Author: Thomas Oatley
ISBN: 9781316235331
Publisher: Cambridge University Press
Publication: February 16, 2015
Imprint: Cambridge University Press
Language: English

In A Political Economy of American Hegemony, Thomas Oatley explores how America's military buildups have produced postwar economic booms that have culminated in monetary and financial crises. The 2008 subprime crisis - as well as the housing bubble that produced it - was the most recent manifestation of this buildup, boom, and bust cycle, developing as a consequence of the decision to deficit-finance the wars in Afghanistan and Iraq. Earlier instances of financial crises were generated by deficit-financed buildups in the 1980s and the late 1960s. The buildup, boom, and bust pattern results from the way political institutions and financial power shape America's response to military challenges: political institutions transform increased military spending into budget deficits, and financial power enables the United States to finance these deficits by borrowing cheaply from the rest of the world. Oatley examines how this cycle has had a powerful impact on American and global economic and financial performance.

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In A Political Economy of American Hegemony, Thomas Oatley explores how America's military buildups have produced postwar economic booms that have culminated in monetary and financial crises. The 2008 subprime crisis - as well as the housing bubble that produced it - was the most recent manifestation of this buildup, boom, and bust cycle, developing as a consequence of the decision to deficit-finance the wars in Afghanistan and Iraq. Earlier instances of financial crises were generated by deficit-financed buildups in the 1980s and the late 1960s. The buildup, boom, and bust pattern results from the way political institutions and financial power shape America's response to military challenges: political institutions transform increased military spending into budget deficits, and financial power enables the United States to finance these deficits by borrowing cheaply from the rest of the world. Oatley examines how this cycle has had a powerful impact on American and global economic and financial performance.

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