The Integrated Circus: The New Right and the Restructuring of Global Markets PDF
Preview The Integrated Circus: The New Right and the Restructuring of Global Markets
The Integrated Circus This page intentionally left blank The Integrated Circus The New Right and the Restructuring of Global Markets M. PATRICIA MARCHAK McGill-Queen's University Press Montreal & Kingston • London • Buffalo McGill-Queen's University Press 1991 ISBN 0-7735-0845-7 Legal deposit third quarter 1991 Bibliotheque Rationale du Quebec Printed in Canada on acid-free paper This book has been published with the help of a grant from the Social Science Federation of Canada, using funds provided by the Social Sciences and Hu- manities Research Council of Canada. Canadian Cataloguing in Publication Data Marchak, M. Patricia, 1936- The Integrated circus: the New Right and the restruc- turing of global markets Includes bibliographical references and index. ISBN 0-7735-0845-7 i. Free enterprise. 2. Conservatism. I. Title. HM2H.M37 1991 33o.i2r2 C91-090O99-X This book was typeset by Typo Litho composition inc. in 10/12 Palatino. Contents Contents v Tables viii Acknowledgments ix Preface xi 1 Introduction 3 PART ONE FREE MARKETS 2 The Invisible Hand: The Legacy of Smith, Locke, and Their Critics 27 3 Pax Americana, 1945-1965 50 4 The Coca-Cola Stall, 1965-1985 71 5 The New Right Agenda 93 PART TWO THE NEW INTERNATIONAL ORDER 6 The Ginza Strip 119 7 The Travelling Show 139 8 High-Wire Acts 157 9 The European Troupe 174 10 In the Penny Arcade 196 vi Contents PART THREE BEYOND THE MARKET 11 Economic Reality 217 12 The Environmental Dimension 236 13 Conclusion 253 Notes 269 Bibliography 289 Index 309 Tables 1 World semiconductor production by home country of producing firms (Millions of us dollars) 78 2 Stock of foreign direct investment in ser- vices (Value and percentage) 83 3 Twenty largest transnational banks, 1978 and 1985 (Ranked by assets) 131 4 State ownership of industries, 1980 (OECD countries) 175 5 GNP in constant dollars and GNP per capita 177 6 Economic performance of developing and industrial countries, 1965-86 (Average annual percentage change) 197 7 Growth of GDP per capita, 1965-86 (Annual percentage change) 198 8 Latin American debt, capital flight, World Bank loans, and IMF credits, by country, 1986 (Billions of us dollars) 213 This page intentionally left blank Acknowledgments My dear partner, Bill Marchak, made many meals and managed to exude good humour as I puzzled my way through this project. I thank him for that kindly companionship. Kelly Littlewood, my secretary, was not obliged to type this manuscript, but without her talent in keeping the department run- ning it would have been a much tougher undertaking. I would also like to thank the University of British Columbia and the Social Science and Humanities Research Council of Canada for making it possible for me to take a year off from my teaching duties in 1984. Both organizations extended trust, since my project was then ill-defined, and I spent much of the time travelling. The travels had other spin-offs, some now published, but more particularly they enabled me to see the global economy from other perspectives. While most of the data cited in this book are from documentary sources, my understanding of them derives more from the journeys of that and the following years in Asia and Latin America. Finally, my thanks to two anonymous reviewers who were gen- erous in their assessments, to Kathy Johnson for her superb copy- editing, and to my publisher for taking on a book that is most un- likely to serve as a money-making text.
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