By David A. Westbrook
David A. Westbrook argues that we are living in "the urban of gold"--a worldwide, cosmopolitan polity the place politics are performed via markets, and the place international capital markets, now not states, became the dominant strength in our social existence.
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Additional info for City of Gold: An Apology for Global Capitalism in a Time of Discontent
Just as we may learn the wrong lessons from our individual experience, the received interpretation of historical events may be wrong. But the policy community nonetheless can only think, or act, or refuse to act, in terms of the history it believes it knows. 3 Men like John Maynard Keynes and Harry Dexter White, George C. 24 • City of Gold Marshall and Dean Acheson, Jean Monnet and Robert Schuman, members of the class of educated officials that great powers require for administrative purposes, are rarely revolutionaries.
What about automatic deductions from payroll accounts or automatic roll-overs in other accounts, that is, money that does not even pretend to embody itself in anything other than accounting conventions? Credit extended by banks in making loans is generally considered to be money, but what about credit extended by broker dealers who allow their customers to buy on margin? 8 So what is money? The Federal Reserve does not know, and admitted as much when it stopped using measures of money supply, such as M(1), M(2), and M(3), to set interest rates.
Although the competition between the metropolitan and communist views of history was wide ranging, the radicalization of government officials in the West—their willingness to weaken the independence of the nation states on which their own authority rested—may be simplified by thinking about the political character of one centrally important institution, property. For the Marxists, collectivization of the means of production, and the abolition of private economic interest generally, was intended to abolish the alienation of labor, thereby engendering human solidarity.
City of Gold: An Apology for Global Capitalism in a Time of Discontent by David A. Westbrook