Capitalism, not globalism : Capital mobility, central bank independence, and the political control of the economy

While much has been made of recent changes in the international economy, the mechanisms by which politicians control the economy have not fundamentally changed in the postwar period. In Capitalism, Not Globalism, William Roberts Clark challenges both traditional and revisionist globalization theorists with his assertion that increased financial integration has led to neither a widening nor a narrowing of partisan differences in macroeconomic policies and outcomes. Clark shows that the absence of partisan differences is a long-standing feature of democratic capitalist societies, arising from policymakers' attempts to use the economy to guarantee their political survival.