The Crisis of US Monetary Hegemony and Global Economic Adjustment

Over the past decade the world economy has been characterized by escalating global current account imbalances between the United States and East Asian states. This paper argues that US structural power in the global monetary system allowed the consolidation of a finance-led growth regime in the US based on massive capital inflows, asset inflation and consumption growth while inducing East Asian emerging market economies to establish export-led growth regimes. The global credit crisis has clearly uncovered the boundaries of US monetary hegemony, imposing severe adjustment throughout the global political economy. I analyse the political economy of global economic adjustment and argue that the crisis of US monetary hegemony is based domestically on the crisis of the finance-led growth regime and globally on the shortage of global demand. On the basis of an analysis of the impact of the crisis on the models of capitalism of the US, the Eurozone, and China, this paper shows that global demand deficiency will persist in the short to medium term.

Durante la última década, la economía mundial se ha caracterizado por el aumento de los desequilibrios de cuentas corrientes globales entre los Estados Unidos y los estados del Asia oriental. Este artículo sostiene que el poder estructural estadounidense en el sistema monetario global permitió la consolidación de un régimen de crecimiento impulsado por las finanzas en Estados Unidos, en base a las entradas masivas de capital, inflación de los activos y crecimiento de consumo, mientras inducían a las economías de mercado emergente de Asia oriental, a establecer regímenes de crecimiento impulsado por las exportaciones. La crisis de crédito global ha puesto claramente al descubierto los límites de la hegemonía monetaria estadounidense, imponiendo un ajuste severo a través de la economía política global. Analizo la economía política del ajuste económico global y sostengo que la crisis de la hegemonía monetaria estadounidense está basada – domésticamente – en la crisis del crecimiento del régimen impulsado por las finanzas y – globalmente – en la escasez de la demanda global. En base a un análisis del impacto de la crisis en los modelos del capitalismo de los Estados Unidos, la Eurozona y la China, este artículo muestra que la insuficiencia en la demanda global persistirá en el corto y mediano plazo.

过去的十年,世界经济的一个特征一直是不断升高的美国与东亚国家之间的全球经常账户不平衡。本文认为美国在全球货币体系中的结构性权力使得美国基于大规模资本流动、资产膨胀、消费增长的金融业领导的增长机制得到巩固,同时诱使东亚新兴市场经济建立出口领导的增长机制。全球信贷危机已经清楚地揭示了美国金融霸权的范围,这一霸权通过全球政治经济强加严酷的调整。笔者分析全球经济调整的政治经济学,并且认为美国货币霸权的危机在国内是因为金融业领导的增长机制的危机,而在全球（国际）则是因为全球需求的短缺。基于危机对美国、欧元区和中国的资本主义模式的冲击的分析,本文认为,全球需求不足将在近中期持续。

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В прошлое десятилетие мировая экономика была охарактеризована эскалацией глобального дисбаланса текущего счета между государствами Восточной Азии и Соединенными Штатами. В данной статье утверждается, что американские власти, в структуре мировой валютной системы, позволили консолидацию финансово-экономического режима роста в США на основе массивного притока капитала, инфляции активов и роста потребления, вызывая в Восточной Азии, с формирующейся рыночной экономикой, создание экспортно-ориентированного режима роста. Глобальный кредитный кризис ясно показал границы американской валютной гегемонии, вводящей жесткое регулирование во всей глобальной политической экономике. Мы анализируем политическую экономию глобального экономического регулирования и утверждаю, что кризис американской валютной гегемонии базируется внутри страны, на кризисе, ведомом финансированием режима роста и, в глобальном масштабе, на дефиците глобального спроса. На основе анализа влияния кризиса на модели капитализма в США, Еврозоне и Китае, эта работа показывает, что глобальный дефицит спроса будет сохраняться в краткосрочной и среднесрочной перспективе.     

Differentiating the time-geography of recreational running

ABSTRACT

This paper proposes a relational time-geography approach to differentiate the geographies of recreational activities, whose place cannot be pinned down to a single specific infrastructure or area and therefore risks being marginalised in planning. Running is used as a case study. Based on diary-interviews, we have identified three different exercises/places used alternately by the respondents: the forest run; ‘the most boring route in the world’; and the tourist run. We argue that the time-geography of runners could be conceptualised as a rhythm of place dependencies, where different places afford complementary qualities. By allowing for a negotiation of the spatio-temporal constraints of everyday life, these different places (and their affordances) are of crucial importance for motivation and exercise.     

Taking Control or Losing Control? Activist Narratives of Provocation and Collective Violence

This article examines the complex relationship between political agency, responsibility, and collective violence in connection with political protest. Contemporary Danish and Swedish left-wing activist narratives of police provocations at political protest events are analysed to clarify how provocation and its relation to the outbreak of violence are retrospectively constructed in radical milieus. Three ‘provocation plots’ are identified that, respectively, present (1) the interaction as purely a matter of attack and defence, (2) provocation as a cause of anger leading to retaliation, and (3) provocation as a trigger bringing about a redefinition of the situation that then offers an opportunity for violence. Subsequent negotiations among political activists regarding the position of moral high ground revolved around the issue of whether responding to the provocation in each of these cases meant taking or losing control of the situation. Internet discussion forums are highlighted as important arenas for debates among members of protest coalitions and in broader social movement milieus in which the interpretation of protest events and their implications for future protest tactics is negotiated. In the cases considered, storytelling after violent events was used to make sense of, and evaluate, often quite chaotic and ambiguous processes of violent confrontation, suggesting itself as a key to understanding the micro-dynamics of how social movement repertoires of action are maintained and developed.     

Flexibility configurations: Empirical analysis of volume and product mix flexibility

In this paper we address flexibility and investigate the relationship between volume and product mix flexibility. One view of flexibility is that of being a capability in itself; another view is that of flexibility as an enabler, providing the manufacturing system with properties on which other competitive capabilities are built. In this research, the latter view of flexibility is used, where flexibility acts as a second order competitive criterion. The aim is to differentiate between two dimensions of flexibility important to the manufacturing value chain, i.e., volume and product mix flexibility, and to investigate how different flexibility configurations are related to various manufacturing practices. A clustering research approach is used to identify groups of companies based on flexibility configurations. The groups are then analyzed with respect to characteristics and impact on operational performance. For the empirical investigation, we use empirical data from the high performance manufacturing (HPM) study, including three industries and seven countries—a total of 211 plants. We find that flexibility configurations based on high or low levels of volume and mix flexibility combinations show significant differences both in terms of operational performance, and in terms of emphasis put into different flexibility source factors.