The Integrated Circus: The New Right and the Restructuring of Global Markets

335 Pages·1991·18.754 MB·English

by  M. Patricia Marchak

The Integrated Circus
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The Integrated
Circus
The New Right and the
Restructuring of Global
Markets
M. PATRICIA MARCHAK
McGill-Queen's University Press
Montreal & Kingston • London • Buffalo
McGill-Queen's University Press 1991
ISBN 0-7735-0845-7
Legal deposit third quarter 1991
Bibliotheque Rationale du Quebec
Printed in Canada on acid-free paper
This book has been published with the help of a
grant from the Social Science Federation of Canada,
using funds provided by the Social Sciences and Hu-
manities Research Council of Canada.
Canadian Cataloguing in Publication Data
Marchak, M. Patricia, 1936-
The Integrated circus: the New Right and the restruc-
turing of global markets
Includes bibliographical references and index.
ISBN 0-7735-0845-7
i. Free enterprise. 2. Conservatism. I. Title.
HM2H.M37 1991 33o.i2r2 C91-090O99-X
This book was typeset by Typo Litho composition inc.
in 10/12 Palatino.
Contents
Contents v
Tables viii
Acknowledgments ix
Preface xi
1 Introduction 3
PART ONE FREE MARKETS
2 The Invisible Hand: The Legacy of Smith,
Locke, and Their Critics 27
3 Pax Americana, 1945-1965 50
4 The Coca-Cola Stall, 1965-1985 71
5 The New Right Agenda 93
PART TWO THE NEW INTERNATIONAL
ORDER
6 The Ginza Strip 119
7 The Travelling Show 139
8 High-Wire Acts 157
9 The European Troupe 174
10 In the Penny Arcade 196
vi Contents
PART THREE BEYOND THE MARKET
11 Economic Reality 217
12 The Environmental Dimension 236
13 Conclusion 253
Notes 269
Bibliography 289
Index 309
Tables
1 World semiconductor production by home
country of producing firms (Millions of
us dollars) 78
2 Stock of foreign direct investment in ser-
vices (Value and percentage) 83
3 Twenty largest transnational banks, 1978
and 1985 (Ranked by assets) 131
4 State ownership of industries, 1980
(OECD countries) 175
5 GNP in constant dollars and GNP
per capita 177
6 Economic performance of developing and
industrial countries, 1965-86 (Average
annual percentage change) 197
7 Growth of GDP per capita, 1965-86
(Annual percentage change) 198
8 Latin American debt, capital flight, World
Bank loans, and IMF credits, by country,
1986 (Billions of us dollars) 213
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Acknowledgments
My dear partner, Bill Marchak, made many meals and managed to
exude good humour as I puzzled my way through this project. I
thank him for that kindly companionship.
Kelly Littlewood, my secretary, was not obliged to type this
manuscript, but without her talent in keeping the department run-
ning it would have been a much tougher undertaking.
I would also like to thank the University of British Columbia and
the Social Science and Humanities Research Council of Canada for
making it possible for me to take a year off from my teaching duties
in 1984. Both organizations extended trust, since my project was
then ill-defined, and I spent much of the time travelling. The travels
had other spin-offs, some now published, but more particularly they
enabled me to see the global economy from other perspectives. While
most of the data cited in this book are from documentary sources,
my understanding of them derives more from the journeys of that
and the following years in Asia and Latin America.
Finally, my thanks to two anonymous reviewers who were gen-
erous in their assessments, to Kathy Johnson for her superb copy-
editing, and to my publisher for taking on a book that is most un-
likely to serve as a money-making text.