In 1996 the pre-eminent political economist Susan Strange published her final book, The Retreat of the State. Strange had dedicated most of her career to studying the ability of the state to tame the power of international finance. The nexus between state and firm had empowered the United States for more than a century; Washington reconstructed the world order after 1945, resurrecting its former enemies, Tokyo and Berlin, to be behemoths once again. For Strange, the battle was lost in the late twentieth century: the state, she asserts, was headlong in a ‘strategic retreat’, captured by the tsunami of global capital.
Rémy Davison reviews 'Crashed: How a decade of financial crises changed the world' by Adam Tooze
Crashed: How a decade of financial crises changed the world
by Adam Tooze
Allen Lane, $69.99 hb, 720 pp, 9781846140365
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Rémy Davison is Jean Monnet Chair in Politics and Economics at Monash University. He gained his Ph.D. at the University of Melbourne. He is the author of Foreign Policies of the Great and Emerging Powers (2008), The Political Economy of Single Market Europe (2011) and co-author of The New Global Politics of the Asia-Pacific: Conflict and Cooperation in the Asian Century (2018). He covered the Eurozone crisis for The Conversation throughout 2011–15. He regularly advises governments on trade, security, industry and monetary policy issues. His forthcoming book is The Political Economy of the Eurozone Crises.
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