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Hegemony and Seigniorage: The Planned Spontaneity of the US Current Account Deficit

Ivanova, Maria N. 2010. Hegemony and Seigniorage: The Planned Spontaneity of the US Current Account Deficit. International Journal of Political Economy, 39(1), pp. 93-130. ISSN 0891-1916 [Article]

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Abstract or Description

This article argues that the U.S. current account deficit emerged in the course of the structural transformation of the U.S. economy as the Fordist production regime underwent a profitability crisis, eroded, and was supplanted by the emerging dominance of the financial sector. This domestic transformation has been aided and abetted by the position of the U.S. dollar as key international currency which confers upon its owner the right of seigniorage whose spoils broadly defined to include not only seigniorage income and the benefits derived from the large-scale recycling of American debt, but also the ability to profit from exchange-rate manipulation of the dollar, have given further impetus to the erosion of the U.S. productive economy.

Item Type:

Article

Identification Number (DOI):

https://doi.org/10.2753/IJP0891-1916390104

Departments, Centres and Research Units:

Politics

Dates:

DateEvent
2010Published

Item ID:

9197

Date Deposited:

25 Oct 2013 08:36

Last Modified:

21 Jul 2018 16:47

Peer Reviewed:

Yes, this version has been peer-reviewed.

URI:

http://research.gold.ac.uk/id/eprint/9197

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