Nixon shock

The Nixon Shock broke the old industrial–monetary order, the U.S. embraced finance and consumption over production, how this set the stage for China’s rise.

From “GM” to “Wall Street”: U.S. Financialization and China’s Rise

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The ideological shift from “What’s good for GM is good for America” to “What’s good for Wall Street is good for America” did not happen earlier because the structural and institutional conditions of the U.S. economy, politics, and global system were different. Industrial Economy Dominance Before the 1970s, the United States was fundamentally an industrial … Read more