https://orcid.org/0000-0003-0203-176X
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Abstract
The multipolar financial world is here. The architects are not Russia or China, but the hapless strategic leadership of the United States, informed by mainstream economics. The United States can survive it—whereas Europe may not—but only with major political and economic changes at home. These include definancialization and demilitarization, but first and foremost, a willingness to realize that the world has changed and that global hegemony based on neoliberal principles has failed.
Acknowledgements
With thanks to the editors of this IJPE issue and two anonymous referees, this essay extends and adapts a paper entitled, “Bretton Woods: Are We Nearing the End of the End?” prepared in the summer of 2021 for a special issue of Ola Financiera, a journal edited by the late Eugenia Correa Vázquez, an economist of global reach and understanding, outstanding exponent of the Post Keynesian tradition and tireless champion of economic justice. I dedicate this revision to her memory. The author thanks also the Institute for New Economic Thinking, which published a version of this paper on May 5, 2022. The paper received no financial support and there is no financial conflict of interest.
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James K. Galbraith
James K. Galbraith holds the Lloyd M. Bentsen Jr, chair in Government/Business Relations at the Lyndon B. Johnson School of Public Affairs at The University of Texas at Austin. He drafted the first legislative plan to rescue New York City in 1975, served as Executive Director of the Joint Economic Committee of the United States Congress, 1981–1982, and as Chief Technical Adviser for Macroeconomic Reform to the State Planning Commission of the People’s Republic of China from 1993 to 1997. He is a foreign member of the Accademia Nazionale dei Lincei and of the Russian Academy of Sciences.