The Cold War and the international political economy in the 1970s

Abstract

This article reviews the scholarly literature on the international political economy (IPE) in the 1970s and considers the connections between the Cold War and the transformations of the liberal (or capitalist) international political economy. It presents the 1970s as a transitional decade that brought the ascent of globalisation and financial deregulation, the reorientation of advanced capitalist economies towards services and post-industrial production, and the end of the extensive growth patterns of the 1950s and 1960s. While the liberal IPE underwent dramatic changes during the 1970s, the Communist bloc experienced diminished rates of growth but not the kinds of dramatic economic restructuring that occurred in the West. These developments in the 1970s prefigured the Cold War's resolution in the 1980s. Situated in comparative context, the transformations of the liberal world economy during the 1970s exposed – and in some ways exacerbated – the relative backwardness of the Soviet Union's command economy, with decisive consequences for the legitimacy of the Communist regime. International economic change, in this view, precipitated the ideological and geopolitical developments that would bring the Cold War to its end.

Notes

 1 The Cambridge History of the Cold War, in three field-defining volumes, includes just three essays on economic themes. See Melvyn Leffler and Odd Arne Westad, eds., The Cambridge History of the Cold War, 3 vols. (New York: Cambridge University Press, 2010). There are exceptions, including Odd Arne Westad's The Global Cold War (New York: Cambridge, 2005), which makes the conflict between economic systems a central theme.

 2 For an introduction to the genre, see Benjamin Cohen, International Political Economy: An Intellectual History (Princeton, New Jersey: Princeton University Press, 2008).

 3 Connoting membership of the Organisation for Economic Cooperation and Development. A list of member countries is available from the OECD at < http://www.oecd.or/general/listofoecdmembercountries-ratificationoftheconventionontheoecd.htm>.

 4 A note on terminology may be in order. I use ‘liberal’, ‘market’, and ‘capitalist’ to describe the economic systems of the West: ‘liberal’ and ‘market’ when referring to exchange, and ‘capitalist’ when referring to production. I use the term ‘communist’ to identify political regimes but ‘socialist’ or ‘non-market’ to describe their economic arrangements, in deference to the fact that the USSR and other communist regimes called their economic systems ‘socialist’, the achievement of ‘communism’, according to the Marxist dogma, being a task for the future.

 5 For a useful elucidation of the distinction between extensive and intensive growth, see Barry Eichengreen, The European Economy Since 1945: Coordinated Capitalism and Beyond (Princeton: Princeton University Press, 2008).

 6 Derived from Angus Maddison, ‘Statistics on World Population, GDP, and Per Capita GDP, 1-2008AD.’ Available online at < http://www.ggdc.net/MADDISON/oriindex.htm>.

 7 For the debate on convergence, see John Kenneth Galbraith, The New Industrial State (Boston: Houghton Mifflin, 1967); Marion Levy, Jr., Modernization and the Structure of Societies: A Setting for International Affairs (Princeton, NJ: Princeton University Press, 1966); and Ian Weinberg, ‘The Problem of the Convergence of Industrial Societies: A Critical Look at the State of a Theory’, Comparative Studies in Society and History 11, no. 1 (1969): 1–15. For a review of convergence theory from the Soviet perspective, see Donald R. Kelley, ‘The Soviet Debate on the Convergence of the American & Soviet Systems’, Polity 6, no. 2 (1973): 174–196.

 8 For a useful analysis of American material advantages, see Donald White, ‘The Nature of World Power in American History: An Evaluation at the End of World War II.’ Diplomatic History 11, no. 3 (1987): 181–202.

 9 William Appleman Williams, The Tragedy of American Diplomacy (New York: 1972).

10 Thomas McCormick, America's Half-Century: United States Foreign Policy in the Cold War and After (Baltimore, Md.: 1995); and Franz Schurmann, The Logic of World Power: An Inquiry Into the Origins, Currents, and Contradictions of World Politics (New York: Pantheon, 1974).

11 Ronald Steel, Pax Americana (New York: Viking, 1967).

12 Elizabeth Borgwardt, A New Deal for the World: America's Vision for Human Rights (Cambridge, MA: Harvard University Press, 2005). G. John Ikenberry, After Victory: Institutions, Strategic Restraint, and the Rebuilding of Order After Major Wars (Princeton, NJ: 2001); Robert Latham, The Liberal Moment: Modernity, Security, and the Making of Postwar International Order (New York: 1997); Geir Lundestad, ‘Empire by Invitation? The United States and Western Europe, 1945–1952’, SHAFR Newsletter 15, (Sept. 1984): 1–21; and Charles S. Maier, Among Empires: American Ascendancy and Its Predecessors (Cambridge, MA: Harvard University Press, 2006).

13 John Maynard Keynes, The General Theory of Employment, Interest, and Money (San Diego, CA: Harcourt, 1964); and Karl Polanyi, The Great Transformation: The Political and Economic Origins of Our Time (Boston, MA: Beacon Press, 2001).

14 Barry Eichengreen, Golden Fetters: The Gold Standard and the Great Depression (New York: Oxford University Press 1992). Also see Peter Temin, Lessons From the Great Depression (Cambridge, MA: MIT Press, 1989); and Barry Eichengreen, and Peter Temin, ‘The Gold Standard and the Great Depression’, Contemporary European History 9, no. 2 (2000): 183–207.

15 John G. Ruggie, ‘International Regimes, Transactions, and Change: Embedded Liberalism in the Postwar Economic Order’, International Organization 36, no. 2 (1982): 379–415. The IPE literature today largely follows Ruggie's (and Polayni's) view of the postwar settlement. See, for example, Jeffry A. Frieden, Global Capitalism: Its Fall and Rise in the Twentieth Century (New York: W.W. Norton, 2006), chaps. 9–12.

16 Alfred Eckes, A Search for Solvency: Bretton Woods and the International Monetary System, 1941–1971 (Austin: University of Texas Press 1975).

17 Francis J. Gavin, Gold, Dollars, and Power: The Politics of International Monetary Relations, 1958–1971 (Chapel Hill: University of North Carolina Press, 2004).

18 Harold James, International Monetary Cooperation Since Bretton Woods (Washington, DC: New York: 1996).

19 For a sense of the debate, see David Andrews, ed. Orderly Change: International Monetary Relations Since Bretton Woods (Ithaca, NY: Cornell University Press, 2008); Michael Bordo and Barry Eichengreen, eds. A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform (Chicago: University of Chicago Press, 1993).

20 For accounts of this history, see Gavin, Gold, Dollars, and Power, chap. 8; James, International Monetary Cooperation; Allen Matusow, Nixon's Economy: Booms, Busts, Dollars, and Votes (Lawrence: University of Kansas Press, 1998), 117–81; Susan Strange, International Monetary Relations (New York: Oxford University Press, 1976). Documentation of Nixon's decision to end gold-dollar convertibility is scarce, but the first-hand accounts include H. Robert Haldeman, The Haldeman Diaries: Inside the Nixon White House (New York: G.P. Putnam, 1994); William Safire, Before the Fall: An Inside View of the Pre-Watergate Whitehouse (New York: Bellentine Books, 1977); and Paul Volcker and Toyoo Gyohten, Changing Fortunes: The World's Money and the Threat to American Leadership (New York: Times Books, 1992), chap. 3.

21 Especially useful is the relevant volume of the Foreign Relations of the United States series. See US Department of State, Foreign Relations of the United States 1969–1976, Vol. III (Washington DC: United States GPO, 1999).

22 Fred Block, The Origins of International Economic Disorder: A Study of United States International Monetary Policy From World War II to the Present (Berkeley: University of California Press, 1977).

23 Fred Block, The Origins of International Economic Disorder: A Study of United States International Monetary Policy From World War II to the Present (Berkeley: University of California Press, 1977), 163.

24 Angus Maddison, ‘Statistics on World Population, GDP, and Per Capita GDP’.

25 Charles Kindleberger, The World in Depression, 1929–1939 (Berkeley: University of California Press, 1973).

26 Kindleberger, The World in Depression, 288–305.

27 William L. Silber, Volcker: The Triumph of Persistence (New York: Bloomsbury Press, 2012).

28 Joanne Gowa, Closing the Gold Window: Domestic Politics and the End of Bretton Woods (Ithaca, NY: Cornell University Press, 1983); and John S. Odell, U.S. International Monetary Policy: Markets, Power, and Ideas As Sources of Change (Princeton, NJ: Princeton University Press, 1982).

29 Scholars besides Gowa have emphasised the tensions between nationalist and internationalist purposes in US foreign economic policy. On this theme, see C. Fred Bergsten, The Dilemmas of the Dollar: The Economics and Politics of United States International Monetary Policy (New York: NYU Press, 1975); and David P. Calleo, The Imperious Economy (Cambridge, MA: Harvard University Press, 1982).

30 Maurice Obstfeld, Jay Shambaugh, and Alan M. Taylor, ‘The Trilemma in History: Tradeoffs Among Exchange Rates, Monetary Policies, and Capital Mobility’, Review of Economics and Statistics 87, no. 3 (2005): 423–438. The classic statement is Robert Mundell, ‘Capital Mobility and Stabilization Policy Under Fixed and Flexible Exchange Rates’, The Canadian Journal of Economics and Political Science 29, no. 4 (1963): 475–485.

31 Robert Leeson, Ideology and the International Economy the Decline and Fall of Bretton Woods (New York: Palgrave Macmillan, 2003).

32 William Gray, ‘Floating the System: Germany, the United States, and the Breakdown of Bretton Woods, 1969–1973’, Diplomatic History 31, no. 2 (2007).

33 On the transformations of finance in the 1970s, see Jeffry A. Frieden, Banking on the World: The Politics of American International Finance (New York: Harper & Row, 1987); Martin Mayer, The Bankers: The Next Generation (New York: Penguin, 1997); Michael Moffitt, The World's Money: International Banking, From Bretton Woods to the Brink of Insolvency (New York: Simon and Schuster, 1984); and Philip Zweig, Wriston: Walter Wriston, Citibank, and the Rise and Fall of American Financial Supremacy (New York: Crown, 1995).

34 ‘Arab Oil Has Gone Up 470$ In a Year,’ NYT, 97.

35 In 1973, GDP for the OECD countries increased by 6.32% from the previous year. Since then, their fastest annual growth was 4.87% in 1984, coming off the sharp recession of the early 1980s, and annual GDP growth has averaged just 2.54%. See OECD Stat, available at < http://stats.OECD.org>.

36 See, for example, US Department of State, Foreign Relations of the United States: 1969–1976, Vol. 31, Energy Crisis, 1969–1974 (Washington, DC: US GPO, 2011); and Foreign and Commonwealth Office, Series III, Vol. IV, The Year of Europe: America, Europe, and the Energy Crisis (London: Routledge, 2006).

37 Daniel Yergin, The Prize: The Epic Quest for Oil, Money, and Power (New York: 1993); Fiona Venn, The Oil Crisis (London: 2002). Also see Venn's broader history of international oil politics: Oil Diplomacy in the Twentieth Century (New York: Macmillan, 1986).

38 John Blair, The Control of Oil (New York: Vintage Books, 1978).

39 See Dankwart Rustow and John Mugno, OPEC: Success and Prospects (New York: NYU Press, 1976); Ian Seymour, OPEC: Instrument of Change (New York: Macmillan, 1980); and Pierre Terzian, OPEC: The Inside Story (Avon, United Kingdom: Zed Books). Also is the 6-volume book of primary sources, drawn from the British National Archives: A.L.P. Burdett, OPEC: Origins and Strategy, 6 vols. (Cambridge: Cambridge University Press).

40 Henry Kissinger, Years of Upheaval (Boston: Little Brown, 1982), chap. 19.

41 James Akins, ‘The Oil Crisis: This Time the Wolf Is Here’, Foreign Affairs 51, no. 3 (1973): 462–490.

42 Andrew Scott Cooper, The Oil Kings: How the U.S., Iran, and Saudi Arabia Changed the Balance of Power in the Middle East (New York: 2011).

43 George Philip, The Political Economy of International Oil (Edinburgh: Edinburgh University Press, 1994).

44 Robert Lieber, The Oil Decade: Conflict and Cooperation in the West (New York, NY: Praeger, 1983); and Raymond Vernon, The Oil Crisis in Perspective (New York: W.W. Norton, 1976).

45 International Monetary Cooperation.

46 For contemporary efforts to grapple with inflation as a complex social, political, and psychological – as well as economic – phenomenon, see Fred Hirsch and John H Goldthorpe, eds., The Political Economy of Inflation (Cambridge, MA: Harvard University Press, 1978); and Leon Lindberg, Charles S Maier, and Brian Barry, eds., The Politics of Inflation and Economic Stagnation: Theoretical Approaches and International Case Studies (Washington, DC: Brookings Institution, 1985). In retrospect, the Great Inflation of the 1970s has become a parable, warning against fiscal laxity and monetary indiscipline. For example, Robert J. Samuelson, The Great Inflation and Its Aftermath: The Past and Future of American Affluence (New York: Random House, 2008).

47 Ethan Kapstein, Governing the Global Economy (Cambridge, MA: Harvard University Press, 1994); and David Spiro, The Hidden Hand of American Hegemony: Petrodollar Recycling and International Markets (Ithaca, NY: Cornell University Press, 1999).

48 Simon Bromley, American Hegemony and World Oil: The Industry, the State System, and the World Economy (University Park: Pennsylvania State University Press, 1991).

49 Geoffrey Barraclough, ‘Wealth and Power: The Politics of Food and Oil’, The New York Review of Books, 7 August 1975.

50 United Nations, ‘Charter of Economic Rights and Duties of States’, 12 December 1974. A/RES/29/3281.

51 Stephen Krasner, Structural Conflict: The Third World Against Global Liberalism (Berkeley: University of California Press, 1985).

52 Michael Hudson, Global Fracture: The New International Economic Order, reprint, (London: Pluto, 2005).

53 These included the Club of Rome, the Trilateral Commission, and the Brandt Commission. See Jan Tinbergen, Reshaping the International Order: A Report to the Club of Rome (London: Hutchinson & Co., 1977); Richard Gardner, Saburo Okita, and B.J. Udink, A Turning Point in North-South Economic Relations (New York: Trilateral Commission); and Willy Brandt and Abdlatif Y al-Hamad. North-South: A Programme for Survival (London: Pan Books, 1980). For an analysis of the North-South dialogue that the NIEO proposal initiated, see Robert Rothstein, Global Bargaining: UNCTAD and the Quest for a New International Economic Order 1979.

54 Mahbub ul Haq, The Poverty Curtain: Choices for the Third World (New York: Columbia University Press, 1976).

55 Emphasising the political aspects, the historian Mark Mazower sees US opposition as a primary cause of the NIEO's failure. See Governing the World: The History of an Idea (New York: Penguin, 2012), esp. 311–7. Robert Olson, a US diplomat, gives a more positive gloss in US Foreign Policy and the New International Economic Order: Negotiating Global Problems, 1974–1981 (Boulder, CO: Westview, 1981). Historians should consult the official documents of the NIEO, compiled in Mourad Ahmia, ed. The Group of 77 at the United Nations, 4 vols., (New York: Oxford University Press, 2006). Introductions to the contemporary literature include Robert Cox, ‘Ideologies and the New International Economic Order’, International Organization 33, no. 2 (1979); and Tawfique Nawaz, The New International Economic Order: A Bibliography (Westport, CT: 1980).

56 For example, Helmut Schmidt, ‘The Struggle for the World Product’, Foreign Affairs 52, no. 3 (1974): 437–451. On Schmidt, see Johannes von Karczewski, ‘Weltwirtschaft Ist Unser Schicksal’: Helmut Schmidt Und Die Schaffung Der Weltwirtschaftsgipfel (Bonn: J.H.W. Dietz, 2008); Matthias Waechter, Helmut Schmidt Und Valéry Giscard D'Estaing: Auf Der Suche Nach Stabilität in Der Krise Der 70er Jahre (Bremen: Edition Temmen, 2011). There is less scholarship on Henry Kissinger's reaction to the West's economic disarray in the mid-1970s, despite his attentiveness to the theme in Years of Renewal (New York, Simon & Schuster, 1999).

57 James, International Monetary Cooperation, 228–259.

58 Alfred Eckes and Thomas W. Zeiler, Globalization and the American Century (New York: Cambridge University Press, 2003), esp. chaps. 7–8.

59 James, International Monetary Cooperation.

60 Susan Strange, Casino Capitalism (Oxford: Basil Blackwell, 1986).

61 Eric Helleiner, States and the Reemergence of Global Finance: From Bretton Woods to the 1990s (Ithaca, NY: Cornell University Press, 1994); and Kapstein, Governing the Global Economy.

62 Michael Webb, The Political Economy of Policy Coordination: International Adjustment Since 1945 (Ithaca, NY: Cornell University Press, 1995).

63 Rawi Abdelal, Capital Rules: The Construction of Global Finance (Cambridge, MA: Harvard University Press, 2007).

64 IMF, International Monetary Reform: Documents of the Committee of Twenty (Washington, DC: IMF, 1974); and Margaret De Vries, The International Monetary Fund, 1972–1978: Cooperation on Trial, 3 vols. (Washington DC: IMF, 1985).

65 John Williamson, The Failure of World Monetary Reform, 1971–74 (New York: NYU Press, 1977).

66 US Department of State, Foreign Relations of the United States: 1969–1976, Vol. 28, Foreign Economic Policy, 1973–1976 (Washington, DC: US GPO).

67 Robert Putnam and Nicholas Bayne, Hanging Together: Cooperation and Conflict in the Seven-Power Summits (Cambridge, MA: Harvard University Press, 1987); and Webb, Policy Coordination. Also see George de Menil and Anthony Solomon, Economic Summitry (New York: Council on Foreign Relations, 1983).

68 The heroic interpretation is modeled in Samuelson, The Great Inflation; and Silber, Volcker. For a more nuanced account, see W. Carl Biven, Jimmy Carter's Economy: Policy in An Age of Limits (Chapel Hill, NC: University of North Carolina Press, 2002).

69 Strange, Casino Capitalism, 55–9.

70 Robert Gilpin, U.S. Power and the Multinational Corporation: The Political Economy of Foreign Direct Investment (New York: 1975). For Gilpin's broader historical reflections on hegemony, see Robert Gilpin, and Jean M Gilpin, The Political Economy of International Relations (Princeton, NJ: Princeton University Press, 1987).

71 Robert Keohane, After Hegemony: Cooperation and Discord in the World Political Economy (Princeton: Princeton University Press, 1984). For an enthusiastic, recent endorsement of global governance, see Anne-Marie Slaughter, A New World Order (Princeton, NJ: Princeton University Press, 2005).

72 Paul Kennedy, The Rise and Fall of the Great Powers: Economic Change and Military Conflict From 1500 to 2000 (New York: Random House, 1987). For a retrospective on the Kennedy debate, see Michael Cox, ‘Whatever Happened to American Decline? International Relations and the New United States Hegemony’, New Political Economy 6, no. 3 (2001): 311–340.

73 Donald White, The American Century: The Rise and Decline of the United States As a World Power (New Haven, CT: Yale University Press, 1996).

74 Robert Brenner, The Economics of Global Turbulence: The Advanced Capitalist Economies From Long Boom to Long Downturn, 1945–2005 (New York: Verso, 2006).

75 Giovanni Arrighi, The Long Twentieth Century: Money, Power, and the Origins of Our Times (New York: Verso, 1994).

76 Casino Capitalism, 66–72; and Susan Strange, ‘The Persistent Myth of Lost Hegemony’, International Organization 41, no. 4 (1987): 551–74.

77 Henry Nau, The Myth of America's Decline: Leading the World Economy Into the 1990s (New York: Oxford University Press, 1992).

78 David Harvey, A Brief History of Neoliberalism (New York: Oxford University Press, 2005). More satisfying, at least for this reader, is Harvey's The New Imperialism (New York: Oxford University Press, 2003), which emphasises the conflict between ‘territorial’ and ‘capitalist’ modes of power.

79 Stephen Gill, American Hegemony and the Trilateral Commission (New York: Cambridge University Press, 1990).

80 They should also consult Michael Hardt and Antonio Negri, Empire (Cambridge, MA: 2001), a grand indictment of late twentieth century, post-territorial global capitalism that hardly mentions the United States.

81 On the relationship of technology to international economic change, see W. Michael Blumenthal, ‘The World Economy and Technological Change’, Foreign Affairs 66 (1987): 529–50; Manuel Castells, The Rise of the Network Society (Malden, MA: Blackwell, 2000); and Eugene Skolnikoff, The Elusive Transformation Science, Technology, and the Evolution of International Politics (Princeton, NJ: Princeton University Press, 1994), esp. 93–174.

82 The total value of world exports increased from $1,780 billion (2010 dollars) in 1970 to $5,390 billion in 1980. See UNCTADStat, available online at < http://www.unctad.org>. The size of the international banking increased from 6.3% of world GDP in 1972 to 16.2% in 1980. See UNCTAD, World Investment Report (New York: United Nations, 1994), 118.

83 Richard Cooper, The Economics of Interdependence: Economic Policy in the Atlantic Community (New York: Council on Foreign Relations, 1968).

84 Richard J. Barnet and Ronald E. Müller, Global Reach: The Power of the Multinational Corporations (New York: Simon & Schuster, 1974); and Raymond Vernon, Sovereignty at Bay (New York: Basic Books, 1971).

85 Robert Keohane and Joseph Nye, Power and Interdependence: World Politics in Transition (Boston, MA: Little, Brown, 1977). This book builds upon an earlier volume that Keohane and Nye edited, the contents of which are the fruits of a conference convened to consider the effects of thickening interdependence. See Robert Keohane and Joseph Nye, Transnational Relations and World Politics (Cambridge, MA: Harvard University Press, 1972).

86 The Trilateral Commission's Task Force Reports, the primary vehicle for the commission's intellectual work, are available at: < http://www.trilateral.org>. By the end of the 1970s, the commission had produced some 20 reports, on topics ranging from monetary relations, to East-West trade, to democracy and global governance. On the dilemmas that interdependence posed for public policy, also see: Miriam Camps, The Management of Interdependence: A Preliminary View (New York: Council on Foreign Relations, 1974).

87 See, for example, Eckes and Zeiler, Globalization; and Jurgen Osterhammel and Niels Petersson, Globalization: A Short History (Princeton, NJ: Princeton University Press, 2005). Focused on the political, social, and cultural dimensions but nonetheless instructive for students of economic globalisation is Akira Iriye, Global Community: The Role of International Organizations in the Making of the Contemporary World (Berkeley: University of California Press, 2002).

88 Adam McKeown, ‘Periodizing Globalization’, History Workshop Journal 63, no. 1: 219–229.

89 Castells, Network Society, esp. 38–76.

90 Thomas Borstelmann, The 1970s: A New Global History From Civil Rights to Economic Inequality (Princeton, NJ: Princeton University Press, 2012), 138–41; Philippe Chassaigne, Les Années 1970: fin d'un monde et origine de notre modernité (Paris: A. Colin, 2008), 184–211; and Niall Ferguson, ‘Crisis, What Crisis? The 1970s and the Shock of the Global’ in The Shock of the Global, 1–21. For a broader view, see Alfred D. Chandler, Inventing the Electronic Century: The Epic Story of the Consumer Electronics and Computer Industries (Cambridge, MA: Harvard University Press, 2005).

91 Daniel Bell, The Coming of Post-Industrial Society: A Venture in Social Forecasting (New York: Basic Books, 1973).

92 Castells, Network Society.

93 Compare Samuel Huntington, Michel Crozier, and Joji Watanuki, The Crisis of Democracy: A Report on the Governability of Democracies to the Trilateral Commission (New York: NYU University Press, 1975); and Karl Kaiser, ‘Transnational Relations As a Threat to the Democratic Process’, International Organization 25, no. 3 (1971): 706–720.

94 Zbigniew Brzezinski, Between Two Ages: America's Role in the Technetronic Era (New York: Penguin, 1970).

95 Judith Stein, Pivotal Decade: How the United States Traded Factories for Finance in the Seventies (New Haven, CT: Yale University Press, 2011).

96 Jefferson Cowie, Stayin' Alive: The 1970s and the Last Days of the Working Class (New York: 2010).

97 Nelson Lichtenstein, The Retail Revolution: How Wal-Mart Created a Brave New World of Business (New York: Picador, 2010); and Bethany Moreton, To Serve God and Wal-Mart: The Making of Christian Free Enterprise (Cambridge, MA: Harvard University Press, 2009).

98 Shane Hamilton, Trucking Country: The Road to America's Wal-Mart Economy (Princeton, NJ: Princeton University Press, 2008).

99 Kim Phillips-Fein, Invisible Hands: The Businessmen's Crusade Against the New Deal (New York: Norton, 2010).

100 Charles S. Maier, ‘Crisis of Capitalism’, in The Shock of the Global: The 1970s in Perspective, eds. Niall Ferguson et al., (Cambridge, MA: Harvard University Press, 2010).

101 On this, see Charles S. Maier, Among Empires: American Ascendancy and Its Predecessors (Cambridge, MA: Harvard University Press, 2006).

102 Angus Burgin, The Great Persuasion: Reinventing Free Markets Since the Depression (Cambridge, MA: Harvard University Press, 2012); and Daniel Stedman Jones, Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics (Princeton, NJ: 2012).

103 Philip Mirowski, and Dieter Plehwe. The Road From Mont Pèlerin: The Making of the Neoliberal Thought Collective (Cambridge, MA: Harvard University Press, 2009).

104 Mark Blyth, Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century (New York: Cambridge University Press, 2002); and Beth Simmons and Zachary Elkins, ‘The Globalization of Liberalization: Policy Diffusion in the International Political Economy’, American Political Science Review 98, no.1 (2004): 171–189.

105 Jeffrey Chwieroth, Capital Ideas: The IMF and the Rise of Financial Liberalization (Princeton, NJ: Princeton University Press, 2010).

106 Greta Krippner, Capitalizing on Crisis: The Political Origins of the Rise of Finance (Cambridge, MA: Harvard University Press, 2011).

107 Robert Reich, Supercapitalism: The Transformation of Business, Democracy, and Everyday Life (New York: A.A. Knopf, 2007).

108 Borstelmann, The 1970s; Chassaigne, Les années 1970s.

109 For example, Victor Zorza, ‘Monitoring the Crisis of the West’, Washington Post, 30 July 1974, A18.

110 For interpretations that prioritise non-economic factors, specifically the rise of an international human rights ideology, see Sarah Snyder, Human Rights Activism and the End of the Cold War: A Transnational History of the Helsinki Network (New York: Cambridge University Press, 2011); and Daniel Thomas, The Helsinki Effect: International Norms, Human Rights, and the Demise of Communism (Princeton, NJ: Princeton University Press, 2001).

111 Ludwig Von Mises, Socialism: An Economic and Sociological Analysis (Indianapolis: Liberty Classics, 1981); and János Kornai, The Socialist System: The Political Economy of Communism (Princeton, NJ: Princeton University Press, 1992).

112 Ernest R. May, American Cold War Strategy: Interpreting NSC 68 (Boston, MA: St. Martin's Press, 1993).

113 Marshall Goldman, The Soviet Economy: Myth and Reality (Englewood Cliffs, NJ: Prentice-Hall, 1968).

114 Marshall Goldman, USSR in Crisis: The Failure of An Economic System (New York: Norton, 1983); and Gorbachev's, Challenge: Economic Reform in the Age of High Technology (New York: Norton, 1987), 100.

115 Daniel Bell, Post-Industrial Society, 107–110.

116 The rise of Silicon Valley is an understated theme in the historiography on US capitalism in the 1970s. But see Bruce Cumings, Dominion from Sea to Sea: Pacific Ascendancy and American Power (New Haven: Yale University Press, 2009), chap. 14.

117 Joseph Alois Schumpeter, Capitalism, Socialism, and Democracy (New York: Harper, 2008).

118 David Reynolds, ‘Science, Technology, and the Cold War’, in The Cambridge History of the Cold War, eds. Melvyn Leffler and Odd Arne Westad (New York: Cambridge University Press, 2010), 378–99.

119 For example, Michael Dobbs, Down with Big Brother: The Fall of the Soviet Empire (London: Bloomsbury, 1997); and David Remnick, Lenin's Tomb: The Last Days of the Soviet Empire (New York: Vintage Books, 1994). On the ecological consequences of state socialism, see the perspicacious Marshall Goldman, The Spoils of Progress: Environmental Pollution in the Soviet Union (Cambridge, MA: M.I.T. Press, 1972); and Boris Kamarov, The Destruction of Nature in the Soviet Union (London: Pluto, 1980), an influential account from a dissident Soviet scientist, first published in samizdat. Perhaps the most comprehensive indictment remains Murray Feshbach and Alfred Friendly, Ecocide in the USSR: Health and Nature Under Siege (New York: Basic Books, 1992).

120 For example, Anatoly Chernyaev, My Six Years with Gorbachev (State College: Penn State University Press, 2000); and Mikhail Gorbachev, Memoirs (New York: Doubleday, 1996). For a more positive read on the Soviet Union's economic prospects from a notorious critic of perestroika, see Yegor Ligachev, Inside Gorbachev's Kremlin: The Memoirs of Yegor Ligachev (New York: Pantheon, 1993).

121 Daniel Chirot, ‘What Happened in Eastern Europe in 1989?’ Praxis International 10, no. 3–4 (1990).

122 Dick Combs, Inside the Soviet Alternate Universe: The Cold War's End and the Soviet Union's Fall Reappraised (College Station: Penn State University Press), 206.

123 Charles S. Maier, Dissolution: The Crisis of Communism and the End of East Germany (Princeton, NJ: Princeton University Press, 1997).

124 On the distinction between extensive and intensive growth, see Barry Eichengreen, The European Economy Since 1945: Coordinated Capitalism and Beyond (Princeton: Princeton University Press, 2008).

125 Philip Hanson, The Rise and Fall of the Soviet Economy: An Economic History of the USSR from 1945 (New York: Longman, 2003).

126 Ivan Berend, From the Soviet Bloc to the European Union: The Economic and Social Transformation of Central and Eastern Europe Since 1973 (New York: Cambridge University Press, 2009).

127 On US-led export controls, see Michael Mastanduno, Economic Containment: CoCom and the Politics of East-West Trade (Ithaca, NY: Cornell University Press, 1992).

128 Stephen Kotkin, Armageddon Averted: The Soviet Collapse, 1970–2000 (New York: Oxford University Press, 2001).

129 David Lockwood, The Destruction of the Soviet Union: A Study in Globalization (New York: St. Martin's Press, 2000).

130 For this narrative, see Chen Jian, ‘China and the Cold War After Mao’, in The Cambridge History of the Cold War, eds. Melvyn Leffler and Odd Arne Westad, 3, 181–200.

131 Ezra Vogel, Deng Xiaoping and the Transformation of China (Cambridge, MA: Harvard University Press, 2011). Other treatments that put policy choices at the fore include Harry Harding, China's Second Revolution: Reform After Mao (Washington, DC: Brookings Institution Press, 1987); and Susan Shirk, How China Opened Its Door: The Political Success of the PRC's Foreign Trade and Investment Reforms (Washington, DC: Brookings Institution Press, 1994).

132 Odd Arne Westad, ‘The Great Transformation: China in the 1970s’, in The Shock of the Global, eds. Niall Ferguson et al. (Cambridge, MA: Harvard University Press, 2010), 65–79.

133 Chen Jian, ‘China and the Cold War After Mao’, 181–200.

134 Giovanni Arrighi, ‘The World Economy and the Cold War’, in The Cambridge History of the Cold War, eds. Melvyn Leffler and Odd Arne Westad (New York: Cambridge University Press), 3: 23–44.

135 Also see Fred Halliday, The Making of the Second Cold War (London: Verso, 1986).

136 Maier, Among Empires, esp. chaps. 5–6.

137 For example, Philip S. Golub, Power, Profit and Prestige: A History of American Imperial Expansion (New York: Pluto Press, 2010).

138 See, for example, Bruce Cumings, ‘The Wicked Witch of the West Is Dead. Long Live the Wicked Witch of the East’, In The End of the Cold War, ed. Michael Hogan (New York: Cambridge University Press.).

139 Norman Stone, The Atlantic and Its Enemies: A Personal History of the Cold War (New York: Basic Books, 2010).

140 Jeffry Frieden and Menzie Chinn, Lost Decades: The Making of America's Debt Crisis and the Long Recovery (New York: W. W. Norton, 2011). Other interpretations that situate the roots of present turmoil in the crisis of the 1970s include: Arrighi, The Long Twentieth Century; Brenner, The Economics of Global Turbulence; Gérard Duménil and Dominique Lévy, The Crisis of Neoliberalism (Cambridge, MA: Harvard University Press, 2011); and Leo Panitch and Sam Gindin, The Making of Global Capitalism: The Political Economy of American Empire (New York: Verso, 2012), esp. chaps. 5–6.