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Thesis Was Almostt Done, and Helped to Correct Them UvA-DARE (Digital Academic Repository) Essays on globalization: a journey to a possibly new stage of capitalism Went, R.C.P.M. Publication date 2001 Document Version Final published version Link to publication Citation for published version (APA): Went, R. C. P. M. (2001). Essays on globalization: a journey to a possibly new stage of capitalism. UvA. General rights It is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), other than for strictly personal, individual use, unless the work is under an open content license (like Creative Commons). Disclaimer/Complaints regulations If you believe that digital publication of certain material infringes any of your rights or (privacy) interests, please let the Library know, stating your reasons. In case of a legitimate complaint, the Library will make the material inaccessible and/or remove it from the website. Please Ask the Library: https://uba.uva.nl/en/contact, or a letter to: Library of the University of Amsterdam, Secretariat, Singel 425, 1012 WP Amsterdam, The Netherlands. You will be contacted as soon as possible. UvA-DARE is a service provided by the library of the University of Amsterdam (https://dare.uva.nl) Download date:04 Oct 2021 AA JOURNEY ÏO^ APOSlf^ ^ NEWW MËETCNTIUSII ESSAYSS ON GLOBALIZATION AA JOURNEY TO A POSSIBLY NEWW STAGE OF CAPITALISM Coverr design: Richard Bastiaans ©© 2001, copyright Robert Went, Amsterdam Uitgavee in eigen beheer ESSAYSS ON GLOBALIZATION AA JOURNEY TO A POSSIBLY NEWW STAGE OF CAPITALISM PROEFSCHRIFT T terr verkrijging van de graad van doctor aann de Universiteit van Amsterdam opp gezag van de Rector Magnificus Prof.. Dr. J J. Franse tenn overstaan van een door het college voor promotie ingestelde commissie,, in het openbaar te verdedigen in de Aula der Universiteit opp woensdag 19 december 2001, te 12.00 uur doorr Robertus Cornells Pius Maria Went geborenn te Den Haag Promotor:: Prof. dr. M. Blaug Co-promotor:: Dr. G.A.T.M. Reuten Overigee leden der promotiecommissie: Prof.. dr. H. Jager Prof.. dr. M.S. Morgan Prof.. dr. L. Noordegraaf Prof.. dr. K. van der Pijl Prof.. dr. R.J.M, van Tulder Faculteitt der Economische Wetenschappen en Econometrie Theree seems to be a widespread perception that the global economy now standss on the brink, but the brink of what remains the question. Bankk for International Settlements, 70th Annual Report (2000) Contents s CONTENTSS I PREFACEE III ACKNOWLEDGEMENTSS VII OVERVIEWW 1 11 APPROXIMATING GLOBALIZATION 3 1.11 ECONOMISTS ON GLOBALIZATION 4 1.22 PARTIAL CONSENSUS, NEW QUESTIONS 7 CONCLUSIONN 13 22 THE GENESIS AND CONTEMPORARY COMEBACK OFF THE THEORY OF FREE TRADE 15 2.11 THE FIRST VICTORY OF FREE TRADE 16 2.22 HEROIC ASSUMPTIONS AND LIMITATIONS 22 2.33 NOT A HARMONIOUS WORLD REPUBLIC: TWO CRITIQUES 30 2.44 RESURGENT DOUBTS ABOUT FREE TRADE IN THE GLOBALIZED ERA 42 SUMMARYY AND CONCLUSION 56 33 THE COMBINATION OF FREE TRADE AND FREE CAPITAL FLOWS:: THEORTES OF IMPERIALISM 59 3.11 ONCE AGAIN THE COMBINATION 60 3.22 CLASSICAL IMPERIALISM 66 3.33 A RETURN TO CLASSICAL IMPERIALISM? 72 SUMMARYY AND CONCLUSION 82 44 THE CIRCUIT OF SOCIAL CAPITAL 83 4.11 THREE CIRCUITS OF CAPITAL 83 4.22 THE ASYMMETRICAL INTERNATIONALIZATION OF THE CIRCUITS 87 SUMMARYY AND CONCLUSION 90 55 CAPITALISM AND STAGES OF ACCUMULATION 93 5.11 HOW TO ANALYZE CAPITALISM? 94 5.22 KONDRATBEV CYCLES: IS TECHNOLOGY DRIVING HISTORY? 98 5.33 LONG SWINGS: THREE NON-DETERMINISTIC APPROACHES 104 5.44 A THEORY OF STAGES OF ACCUMULATION 111 SUMMARYY AND CONCLUSION 116 66 MAKING SENSE OF THE RISE AND DEMISE OF CAPITALISM'SS GOLDEN AGE 119 6.11 THE TROUBLE WITH HISTORICAL EXPLANATIONS 119 6.22 ANALYZING THE POST-SECOND WORLD WAR LONG BOOM 122 6.33 THE NEED FOR FURTHER CLARIFICATION 131 SUMMARYY AND CONCLUSION 133 77 GLOBALIZATION: A NEW STAGE OF CAPITALISM 135 7.11 TRANSITION: THE RESTRUCTURING OF GLOBAL CAPITALISM 136 7.22 AN UNPRECEDENTED INTERNATIONALIZATION OF CAPITAL 146 7.33 ONE-DIMENSIONAL INTERNATIONALIZATION OF INSTITUTIONS AND STATE FUNCTIONSS 155 SUMMARYY AND CONCLUSION 164 SUMMARYY 167 REFERENCESS 175 INDEXX OF NAMES 209 SAMENVATTINGG (SUMMARY IN DUTCH) .215 5 Preface e Sincee the mid-1990s both academic interest and social movements have fuelledd and crossfertilized my fascination for the development and consequencess of economic globalization. I find this a fruitful combination, sincee scientific puzzles about the driving forces behind and dynamics of globalizationn are equally relevant to the question how a different world can bee envisaged. This dual source of inspiration has also allowed me to write andd lecture for and discuss with varied audiences, and test and debate ideas andd hypotheses with both academics and people involved in social movements.. Although I am of course solely responsible for the final result andd for any mistakes, this work thus owes a great deal to many colleagues, comrades,, friends and adversaries from various walks of life. Lecturess and discussions at numerous sessions of the International Institute forr Research and Education (URE) in Amsterdam gave me an invaluable opportunityy to exchange perspectives on globalization with social movementt activists from every part of the world. The annual conferences off the European Association for Evolutionary and Political Economy (EAEPE)) in Lisbon (1998), Prague (1999) and Berlin (2000) were a chance too present to heterodox economists papers that have found their way into thiss book. The weekly meetings of the Amsterdam Research Group in Historyy and Methodology of Economics were always agreeable and stimulating,, and I have learned a great deal in exchanges there with Marcel Boumans,, Hsiang-Ke Chao, Joshua Cohen, Carla van El, Ewald Engelen, Edithh Kuiper, Harro Maas, Mary Morgan, Geert Reuten, Peter Rodenburg andd Jack Vroman, who participated in (a number of) these sessions while I wass present. Finally, the annual meetings of the network of European Economistss for an Alternative Economic Policy in Europe have been a sourcee of inspiration, since they bring together colleagues with a similar interestt in policy-relevant analyses of the development of the world economyy and Europe's place in it. Thee many talks, lectures, panel discussions and workshops on globalization thatt I have given since 1996 - at universities and other educational IVV ESSAYS ON GLOBALIZATION institutions,, for different social movements, for ATT AC (Association for Taxationn of Financial Transactions in the Interests of the Citizen) in the Netherlandss and Belgium, or for trade union groups - forced me to (re)formulatee ideas and concepts more clearly and concretely. Participants' reactionss and comments during these activities often gave me food for furtherr thought. Theree are some meetings that I will never forget because they were special. Thee debate with Alfred Kleinknecht and Wim Boerboom, organized by the tradee union magazine Solidariteit (Solidarity) in 1996, was not only an educationall and pleasant confrontation between three views on globalization,, but also taught me that you always have to bring your overheadd sheets, since Wim even brought a portable projector. The economists'' seminars at the Ernest Mandel Study Centre were an occasion forr exceptionally stimulating exchanges with like-minded economists from severall other countries. My presentations at shop steward trainings of the Transportt Union FNV were memorable because discussions with the participantss went in so many directions that I never managed to finish even halff of the three-hour presentation that I had prepared for the three hours scheduled.. And the alternative conference for a different Europe that was heldd in Amsterdam during the June 1997 EU summit, where I participated inn two panel discussions, was memorable not only because of the many peoplee from all over Europe who were present, but also because of the creativee atmosphere which gave us the feeling - at least for a few days - thatt change was in the air. Myy thanks to Klaus Drager, Peter Drucker (also for his careful correction off my English), Rob Gerretsen, Michel Husson, Joost Kircz, Alfred Kleinknecht,, Francisco Lou9a, Terry McDonough, Angelo Reati, Tony Smith,, referees of the Journal of Economic Issues, and referees of Science andand Society, who commented on one or more drafts of chapters and/or suggestedd complementary literature. Mostt of all, I am grateful to my supervisors Mark Blaug and Geert Reuten. Markk put his finger on some deficiencies when I thought that the thesis was almostt done, and helped to correct them. Geert kept reading and correcting myy new drafts and rewritten versions again and again, indefatigably, sometimess replying with e-mails that were sent at an hour when my alarm clockk was about to wake me up to go to work. Over the years Geert and I PREFACEE V havee also done some teaching and writing together, which I hope will continue. II was encouraged by the interest shown in this project by my parents; by myy parents-in-law Martha, and Rien who is unfortunately no longer here to seee the result; by my brothers and sisters and their partners; by colleagues att the Faculty of Economics and Econometrics of the University of Amsterdam,, and at The Netherlands Court of Audit (Algemene Rekenkamer);; and by many friends and acquaintances whom I will not try too list for fear of forgetting someone. Finallyy for her infinite support and for being there, my thanks of course to Elsa,, who is always willing to ping-pong ideas back and forth and laugh aboutt ourselves and the rest of the world. I have discouraged you from readingg each of the many drafts that I have written and rewritten, advising youu to wait for the final product. Now that it's done I'm curious: do you likee it? Robertt Went Augustt 3, 2001.
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