Global Fracture

The New International Economic Order

Michael Hudson

• Publisher: Pluto Press
• Year: 2005
• Print ISBN: 9780745323947
• eBook ISBN: 9781783719075
• Edition: 1
• Topic: Economics
• Subtopic: Economic Policy
• Index: Economics

This new and updated edition of Michael Hudson's classic political economy text explores how and why the US came to achieve world economic hegemony. Originally published as the sequel to Hudson's bestselling Super Imperialism, Global Fracture explores American economic strategy during a key period in world history. In 1973, many of the world's most indebted countries sought to free themselves of trade dependency and the debt trap by creating a New International Economic Order (NIEO). This aimed to improve the terms of trade for raw materials and build up agicultural and industrial self-sufficiency. Global Fracture shows how the US undermined this progressive initiative and instead pushed for financial dominance over the rest of the world. Today, the NIEO is a forgotten interlude, its optimism replaced by the financial austerity imposed by the IMF and the World Bank. Exploring how America achieved its economic aims, and tracing the implications this has had through subsequent decades, Michael Hudson covers various topics including trade embargoes, changing US attitudes to foreign aid, the rise of protectionism, government regulation of international investments, the impact on specific industries including the oil industry, the implications of the new economic order and the future of war.

Index

NOTE: The following abbreviations are used:
EEC	European Economic Community
Eur	Europe
IMF	International Monetary Fund
NIEO	New International Economic Order
OPEC	Organization of Petroleum-Exporting Countries
Th.W.	Third World countries
Tr-bill std.	Treasury-bill standard
WB	World Bank

Abu Dhabi, ref1, ref2; Development Bank, ref3

Afghanistan, ref1

AFL-CIO, ref1, ref2

Africa, ref1, ref2, ref3, ref4; in Mediterranean economic triangle, ref5, ref6, ref7, ref8; ref9, ref10, ref11, ref12; ref13; US military involvement in, ref14, ref15; effect of US-Soviet détente, ref16

African Development Bank (ADB), ref1

Agency for International Development (AID), ref1, ref2

Agricultural Adjustment Act, ref1

Agricultural Trade and Development Act (P.L. 480), ref1

Agriculture. See also United States, agricultural trade policy

EEC protectionism, ref1; foreign aid effect on, ref2; Sudan development, ref3; Th.W. deficiency in, ref4, ref5, ref6; Th.W. development of, ref7, ref8, ref9, ref10, ref11, ref12; US surplus and world dependence, ref13

Air routes and airlines, ref1, ref2

Algeria, ref1, ref2, ref3

Allende, Salvatore, ref1, ref2, ref3

Aluminum, ref1

American Selling Price (ASP), ref1

American Soybean Institute, ref1

Angola, ref1, ref2

Anti-dumping protection, ref1, ref2

Arab Agricultural Development Organization, ref1

Arab Bank for Economic Development in Africa, ref1

Arab Bank for Investment and Foreign Trade, ref1

Arab Fund for Economic and Social Development (AFESD), ref1, ref2

Arab Fund for Technical Assistance to Arab and African Countries, ref1

Arab Investment Company, ref1

Arab Petroleum Investment Company, ref1

Arab States Emergency Fund, ref1

Aramco, ref1

Argentina, ref1, ref2, ref3, ref4

Armco Steel Corp., ref1

Arms and munitions. See also Cold War; War

aircraft production, ref1, ref2, ref3, ref4; defense vs. offense cost, ref5, ref6; development in India, ref7; economic consequences, ref8, ref9, ref10; Eur/US competition, ref11; industry, ref12, ref13, ref14; nuclear, ref15; US protectionism, ref16, ref17; US sales to Mideast, ref18, ref19, ref20, ref21, ref22; world trade implications, ref23, ref24

Asia, ref1, ref2, ref3, ref4, ref5. See also Southeast As...

Table of contents

• Cover
• Title Page
• Copyright
• Contents
• Preface
• Introduction to the New Edition
• Introduction
• I. An American World
• II. Global Fracture
• III. The New International Economic Order
• Notes
• Index