Helen Thompson
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Crises and non-crises
Financial liberalisation and the end of the Cold War
in Might, right, prosperity and consent
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This chapter explores the early consequences of the demise of Bretton Woods and American financial liberalisation, reporting the repercussions of the United States' economic and military power. West German firms quickly exploited the new markets and investment opportunities in Eastern Europe and the Soviet Union. The events of 1979 led the Carter administration to another change in dollar policy, with huge consequences. The consequences of the second oil-price shock, and the foreign and economic policies of the Reagan administration, were more beneficial for the British and Italian modern democratic nation-states. The United States' final victory in the Balkans demonstrated much about US dominance of the post-Cold War world. India shares serious economic problems with other post-colonial countries. The international trading order that has developed since the end of Bretton Woods retains the capacity to generate significant political problems for the states of post-colonial developing countries.

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Might, right, prosperity and consent

Representative democracy and the international economy 1919–2001

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