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The Onset of “Eurosclerosis”

In: Monopoly Capitalism in Crisis

Author

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  • Bill Lucarelli

    (University of Western Sydney)

Abstract

The end of the long boom coincided with the demise of the postwar Bretton Woods system of fixed exchange rates. With the onset of the dollar crisis in 1968–73, the international financial markets were thrown into turmoil. The relatively stable hegemonic system of Pax Americana was gradually replaced by an oligopolistic system of competing centers of capitalist accumulation based in the US, Europe and later from Japan/East Asia. The struggle over markets, investment outlets and access to strategic raw materials between the three major capitalist blocs has characterized the entire era of stagnation from the mid-1970s to the present.

Suggested Citation

  • Bill Lucarelli, 2004. "The Onset of “Eurosclerosis”," Palgrave Macmillan Books, in: Monopoly Capitalism in Crisis, chapter 6, pages 115-133, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-51170-5_7
    DOI: 10.1057/9780230511705_7
    as

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