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L'économie Politique De L'étalon Dollar UNIVERSITE GRENOBLE II UNIVERSITE DU QUEBEC PIERRE MENDES FRANCE A MONTREAL Faculté Économie, Stratégies, Entreprise Faculté de Science Politique et de Droit THESE Doctorat en Économie Internationale PhD en Science Politique L’ÉCONOMIE POLITIQUE DE L’ÉTALON DOLLAR Les États-Unis et le nouveau régime financier international Présentée et soutenue publiquement par Grégory VANEL Le 17 novembre 2005 Sous la cotutelle de : Bernard GERBIER / Christian DEBLOCK Membres du Jury Monsieur André CARTAPANIS Professeur de Sciences Économiques, Université d’Aix-Marseille II (Président du Jury) Monsieur Christian DEBLOCK Professeur de Sciences Économiques, Université du Québec à Montréal (Codirecteur) Monsieur Bernard ÉLIE Professeur de Sciences Économiques, Université du Québec à Montréal Monsieur Bernard GERBIER Professeur de Sciences Économiques, Université Grenoble II (Codirecteur) Monsieur Dominique PLIHON Professeur de Sciences Économiques, Université Paris XIII (Rapporteur) Monsieur Geoffrey R.D. UNDERHILL Professor of International Governance, Universiteit Van Amsterdam (Rapporteur) L’Université Pierre Mendès France et l’Université du Québec à Montréal n’entendent donner aucune approbation ou improbation aux opinions particulières du candidat : ces opinions doivent être considérées comme propres à leur auteur. 2 REMERCIEMENTS Les remerciements sont comme des fleurs fraîchement coupées : chacun sait qu’elles sècheront vite, mais en recevoir fait toujours plaisir. Les miens seront brefs, mais j’ose espérer qu’ils sauront rester le plus longtemps possible dans le cœur de leurs destinataires. Tout d’abord, je tiens à remercier les professeurs Bernard GERBIER et Christian DEBLOCK. Leurs encouragements et leur clairvoyance m’ont été d’un grand secours, surtout dans les nombreux moments de doute et de remise en question jonchant ce parcours, oh combien tumultueux, de la cotutelle. Je tiens aussi à remercier les autres membres du jury, le professeur André CARTAPANIS, le professeur Bernard ÉLIE, le professeur Dominique PLIHON, et le professeur Geoffrey UNDERHILL, de m’avoir fait l’honneur d’accepter de lire et de participer à la soutenance de cette thèse. Même si le travail du doctorant reste personnel, il ne pourrait cependant s’effectuer correctement sans celui, minutieux et passionné, des équipes de recherche. Qu’il me soit permis de remercier en premier lieu et le plus chaleureusement possible les petites fourmis du Laboratoire d’Économie de la Production et de l’Intégration Internationale (LEPII), et plus particulièrement celles des départements EPE et EPIID (Danielle, Danièle, Céline, Éric) qui, malgré les difficultés, tiennent la baraque. Je tiens aussi à remercier tous les membres de ces deux départements, chercheurs ou enseignants-chercheurs, qui, par leur écoute et leurs remarques, m’ont permis d’avancer. Je réserve les mêmes remerciements aux membres du Centre Études Internationales et Mondialisation (CÉIM), et plus particulièrement à ceux du GRIC, qui m’ont accueilli à bras ouverts durant l’année passée à Montréal. Les liens que nous avons tissés au fil des semaines et, désormais, au fil des années, vont bien au-delà du domaine professionnel. Je tiens de même à remercier Marie-Claude BUFFIERE, Néolina VYLCOU et Loredana TRUONG, qui m’ont soulagé de bien des problèmes administratifs liés à la cotutelle, aux multiples lettres envoyées, reçues et probablement perdues, et aux incompréhensions de part et d’autre. Qu’elles sachent, par ces quelques lignes, que leur travail a été accompli avec une rare efficacité. Ce doctorat en cotutelle n’aurait pu être mené à bien sans le soutien financier du Ministère de l’Éducation Nationale et de la Région Rhône Alpes. Je leur garderai une reconnaissance éternelle pour ce qu’ils m’ont permis de vivre. J’ai bénéficié d’une écoute attentive et critique de Bernard ÉLIE et Philippe FORTIN lors de la soutenance de la proposition de thèse en 2003, ainsi que de fructueuses discussions, longues ou moins longues, avec Mehdi ABBAS, Pierre BERTHAUD, Dorval BRUNELLE, Patrick CRIQUI, Michel DAMIAN, Joseph HALEVI, 3 Catherine LOCATELLI, Alex MACLEOD, Philippe LE PRESTRE, Michèle RIOUX, et bien d’autres encore. Mes camarades doctorants et néanmoins amis du LEPII, par leurs critiques et remarques toujours très incisives, m’ont aussi beaucoup apporté. Je pense en particulier à Achraf, Christophe, David, Julien, Nicolas et Pierre-Olivier. Qu’ils sachent que je saurai leur rendre la monnaie de leurs pièces. De même, tous mes amis rencontrés au cours de mes voyages en Europe ou au Canada trouveront ici leur place. Je pense en particulier à Aurore, Stéphanie, Kristell, Nathalie, Jean-Charles, Matthieu, Adeline, Véronique, Seybou, Brigitte, Marie- France, Rachel et Louis-Fred, Anik et Raphaël, Evelyne, Chantal et Stephanie. Je pense aussi à mes amis d’enfance, Aurélie, Sylvia, Sylvain, Jérôme, Judicaël et Yann, qui comme moi, étaient loin de se douter qu’un jour je pourrais leur rendre hommage de la sorte. Je réserve une mention particulière à Elsa et Miguel, Lélet, JP et Jérôme, Yann et Céline, et bien sûr Céline. Le meilleur venant pour la fin, que Rémi Bachand, Éric Jasmin, Marc André Gagnon et Grégory Haranczyk sachent que sans eux mon existence serait parfois bien fade. Je remercie tout particulièrement Marc André et Greg pour la relecture du document final. Bien évidemment, j’ai bénéficié du soutien affectueux et sans faille de mes parents, de ma sœur et de mes neveux, ainsi que de mes famille et belle famille. Je tiens à les en remercier à travers ces quelques lignes. Enfin, je voudrais remercier quelqu’un qui me supporte (dans les deux sens du terme) depuis le début de cette aventure. Isa, ce que je te dois est incommensurable. Bourgoin Jallieu, le 2 juillet 2005. 4 À toi, Isabelle, ma meilleure moitié. 5 Ne jamais séparer les idées que l’on ose émettre du sourire qui les détache du monde. Anatole FRANCE Le pessimisme de la connaissance n'empêche pas l'optimisme de la volonté. Antonio GRAMSCI - Oui, le contrôle de la pression. C’est un investissement de capital. Un très bon investissement. Vous savez à quoi correspond ce capital ? Vous croyez que c’est quelque chose que vous possédez, n’est-ce pas ? Vous pensez qu’il s’agit d’usines, de machines, de buildings, de terre ou de choses que vous pouvez vendre, ou d’actions, d’argent, de banques et de corporations. Vous croyez que c’est quelque chose que vous possédez parce que vous l’avez toujours possédé. Vous possédiez tout ce sol. […] Vous pratiquez le capitalisme du futur et vous ne le savez pas. Vous n’investissez pas dans un dispensaire pour les enfants de Harlem. Vous investissez dans les âmes… Les âmes… […] Je suis votre courtier prudent pour le Jugement Dernier. Harlem, le Bronx et Brooklyn… tout çà va exploser, mon ami, et ce jour-là, vous serez extrêmement reconnaissant envers votre prudent courtier… qui peut contrôler la pression. Oh oui ! Ce jour-là, ceux qui possèdent le capital, comme ils seront heureux d’échanger ce qu’ils possèdent, comme ils seront heureux de pouvoir échanger même leurs droits de naissance, juste pour pouvoir contrôler cette pression sauvage et affamée. Tom WOLFE, Le Bûcher des Vanités 6 SOMMAIRE INTRODUCTION GENERALE ......................................................................................................................... 1 PREMIERE PARTIE - LE POUVOIR STRUCTUREL DES ÉTATS-UNIS ET L’EMERGENCE DE L’ETALON DOLLAR........................................................................................................................................ 21 CHAPITRE 1 – LE DEVELOPPEMENT DE LA FINANCE DE MARCHE AUX ÉTATS-UNIS............ 24 CHAPITRE 2 – LE ROLE DIRECTEUR DES ÉTATS-UNIS DANS LA LIBERALISATION DU COMPTE DE CAPITAL.................................................................................................................................... 77 CHAPITRE 3 – LA REPOLARISATION DU SYSTEME FINANCIER INTERNATIONAL................. 126 SECONDE PARTIE - LA REPRODUCTIBILITE DE L’ETALON DOLLAR : LE ROLE DE L’INSTABILITE FINANCIERE .................................................................................................................... 160 CHAPITRE 4 – LE RETOUR D’UNE INSTABILITE FINANCIERE D’ORIGINE AMERICAINE .... 163 CHAPITRE 5 – L’AMBIVALENCE DES REACTIONS INSTITUTIONNELLES FACE A L’INSTABILITE FINANCIERE ................................................................................................................................................... 208 CHAPITRE 6 – PERMANENCE DE DESEQUILIBRES ET ENDETTEMENT DES ÉTATS-UNIS: LE SEIGNEURIAGE AMERICAIN EN QUESTION ........................................................................................ 244 CONCLUSION GENERALE .......................................................................................................................... 298 BIBLIOGRAPHIE............................................................................................................................................ 305 ANNEXES ......................................................................................................................................................... 369 INDEX THEMATIQUE................................................................................................................................... 388 INDEX DES NOMS PROPRES ...................................................................................................................... 394 LISTE DES ACRONYMES............................................................................................................................
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