Harm G. Schröter's Americanization of the European Economy: A compact survey of PDF

By Harm G. Schröter

One of many major beneficial properties of the realm financial system because the past due 19th century has been the turning out to be dominance of the yank financial system in either quantitative and qualitative phrases. elements of this improvement - e.g. clarification or the world-wide diffusion of Coca-Cola - were researched, yet mostly in isolation. Americanization of the ecu financial system offers a complete but compact survey of the expansion of yankee monetary effect in Europe because the Eighties. 3 exact yet cumulative waves of Americanization are pointed out. Americanization was once (and nonetheless is) a fancy technique of technological, political, and cultural move, and this evaluation explains why and the way the us and the yank version of business capitalism got here to be permitted because the dominant paradigm of political economic climate in present day Europe. Americanization of the ecu economic climate summarizes the continuing dialogue via enterprise historians, sociologists, and political scientists and makes it available to every kind of readers who're drawn to political and fiscal improvement.

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Extra resources for Americanization of the European Economy: A compact survey of American economic influence in Europe since the 1800s

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Freed from group-defined constraints, their food consumption did not matter. What mattered was the hope of a higher income. These deep and fundamental differences in the meaning of individualism underlay another cultural divide: Americans were much more prepared than Europeans to accept the power of the economy over personal lives. While Europeans understood the economy as a means to construct a good and just society, Americans considered the economy itself to be the best available society. Thus, whereas Europeans wanted to govern the economy, Americans wanted to be governed by the economy.

The Swiss owners considered its European operations superior by default; the company’s American operations were after all set up from Europe and constantly nourished by the European side. Specifically, the Thalwil headquarters sent capital, skilled workers, and machinery to the company plants in New York and Philadelphia. Swiss–made silk-waving machines, specially designed for AGUT, were more reliable than American-made ones. Swiss female workers could manage three looms at once, Americans only two.

During the 1930s the American economy became more European than ever before—or since. Broadly speaking, the Roosevelt administration acted along lines suggested by the British economist J. M. Keynes. Keynes established that a deep and prolonged business crisis could leave a country’s economy at such a low level of supply and demand that free market forces would lose their expansive potential and instead establish a low-level equilibrium. To circumvent this development Keynes proposed the subsequently famous policy off deficit spending, the antithesis of the balanced budget of Gladstonean liberalism.

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