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[ox-en] Species Differentia? WAS Re: Neither pro nor anti but trans!

Hi Stefan

Stefan Merten wrote:

I'd say capitalism had had it's culmination point in the 1970's and
since that time it is on a decline.

AFAIK there has been 7 cycles of accumulation / destruction of the money-artifact. Can you expand on your comment ?

Does the *1970's* bit concern the breaking of the Bretton Woods agreement and the position taken by the petro-dollar into the M-M' equation ?


Richard Nixon and Henry Kissinger took over from Lyndon Johnson and produced another redefinition of U.S. policy. They seized the long-neglected opportunity to exploit the Chinese-Soviet split, strategically and economically, and re-opened the door to the People's Republic of China. Detente replaced the Cold War as the guiding strategy for U.S.-Soviet relations. Foreign policy was rooted in realpolitik, a less ideological, more pragmatic calculus of strategic, economic and political interests. Under the Nixon Doctrine, the U.S. attempted to delegate some of its responsibility as "global policeman" to regional deputies: Vietnamization under Thieu, Iran as gendarme of the Persian Gulf under the Shah.

It was economic policy, not foreign policy, that was Nixon's undoing among the Establishment. Inter-capitalist rivalry had heightened in the sixties as the West European and Japanese economies recovered while the U.S. economy weakened under the weight of guns and butter. In 1971 the U.S. ran a then-unaccustomed trade deficit, paying more for imports than it earned from exports. Monetary stability was threatened by a by-product of worldwide military and economic endeavors-a growing buildup of dollars outside the U.S.

Rather than negotiate necessary reforms in the international economic system, Nixon attempted to reassert U.S. primacy with a series of protectionist measures remembered as the "Nixon shocks" (e.g. import restrictions on Japanese textiles). International bankers and corporate executives were outraged when Nixon suspended the convertability of dollars into gold, breaking the Bretton Woods agreements.


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