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The dollar and the global disequilibria

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  • Luiz Gonzaga Belluzzo

Abstract

The global expansion of capitalism under American hegemony in the second half of the 20th century has changed the international division of labor and center-periphery scheme proposed under British hegemony. Under the new international division of labor, the United States is forced to generate an ever growing deficit in their trade account in order to accommodate the “mercantilist’ expansion of Asian countries, produced by the trans-nationalization of big capital, under American aegis. This form of global economic articulation is at the root of the rupture of the Bretton Woods system and the growing financial liberalization imposed by the hegemonic power over other countries since the 80s. JEL Classification: E6; F02; F4.

Suggested Citation

  • Luiz Gonzaga Belluzzo, 2005. "The dollar and the global disequilibria," Brazilian Journal of Political Economy, Center of Political Economy, vol. 25(3), pages 224-232.
    • Handle: RePEc:ekm:repojs:v:25:y:2005:i:3:p:224-232:id:640
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    Keywords

    International Division of Labor; International Monetary System; balance of Payments;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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