German Grand Strategy and the European Left
This chapter examines the development of a grand economic strategy pursued by the German state from the mid-1970s onward. Its primary objective was to shore up the domestic compact between capital and labor internationally, which required maintaining stable prices and open markets for its exports. To German policymakers, this meant that Germany could not afford to turn inward, or to expend its resources on lofty visions of solidarity. Instead, Germany mobilized its monetary and financial power in order to counter the threats of protectionism and imported inflation posed by leftist crisis responses. The chapter details how German officials, through European exchange-rate cooperation and financial interventions coordinated with the US, sought to commit its European partners to an anti-inflationary program that would complement their own. The result, the chapter explains, was to frustrate progressive resolutions of the crisis and move the world closer toward the neoliberal counter-revolution.
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