Transnational Capital and Class Fractions: The Amsterdam School Perspective Reconsidered (RIPE Series in Global Political Economy)

Emerging in the late 1970s, the Amsterdam School’s (AS) most distinctive contribution to international political economy was the systematic incorporation of the Marxian concept of capital fractions into the study of international politics. Contending that politics in advanced capitalist countries takes place in a fundamentally transnationalized space in which the distinction between ‘domestic’ and ‘international’ has blurred, it shows how in this space, politics is structured by competing comprehensive concepts of control. Presenting a concise and instructive introduction to the origins, development and significance of this distinct approach, this book provides a unique overview of the School’s contemporary significance for the field. Offering a new generation of critical scholars the opportunity to become acquainted at first hand with some of the contributions that have shaped the work of the AS, the contributions present critical commentaries, discussing the merits and shortcomings of the AS from a variety of perspectives, and undertake a (self-) critical evaluation of the current place and value of the AS framework in the broader landscape of approaches to the study of contemporary capitalism. Written for scholars and students alike, it will be of interest to those working in international political economy, international relations and political science, political sociology, European studies and branches of academic economics such as regulation theory and institutional economics. Cover 1 Half Title 2 Title Page 4 Copyright Page 5 Dedication 6 Table of Contents 8 List of illustrations 11 Notes on contributors 12 Foreword by Gerd Junne 20 Original sources and acknowledgements 22 List of abbreviations 23 Introduction – political economy, capital fractions, transnational class formation: revisiting the Amsterdam School 26 Why this book? 26 The place of the Amsterdam School 27 Does the Amsterdam School qualify as a school? 29 The intellectual specificity of the Amsterdam School 29 What would make the AS into a true theoretical school? 30 Structure of this book 33 Notes 37 Appendix 38 References 40 PART I: The Amsterdam School: key contributions 44 1. The Dutch bourgeoisie between the two world wars (1979) 46 Introduction 46 Structural changes in Dutch capitalism 47 Capital fractions and fractions of the bourgeoisie 53 Competition and fractional struggle in the Dutch bourgeoisie in the interwar period 57 Conclusion 79 Notes 80 References 80 2. Class formation at the international level: reflections on the political economy of Atlantic Unity (1979) 83 Americanism and Fordism 88 Internationalization of capital and internationalization of the bourgeoisie 91 Concluding remarks 98 Note 101 Notes 101 References 102 3. Finance capital and the crisis in Britain (1980) 104 Introduction 104 Fractions of capital, finance capital, and financial groups 106 Transition between the wars 109 Restructuring by the state: the post-war Labour government 112 From global power to rejected EEC member 114 Wilson’s attempt to cure Britain 117 ... and Heath’s failure to finish the job 118 British finance capital now 120 Notes 122 References 123 4. The international corporate elite (1984) 125 The organization of the supervising and executive function in different countries 125 Selection of the international corporate elite 129 Network characteristics of the international corporate elite 129 Types of interlocking directorates 134 Summary 138 Postscript 139 Notes 141 References 142 5. Transnational class agency and European governance: the case of the European Round Table of Industrialists (2000) 144 Transnationalization, capitalist class strategy and European governance 145 The ERT: an elite platform for Europe’s transnational capitalist class 147 The political agency of the ERT 152 The ERT’s evolving strategic project and the relaunching of Europe 152 From Europe ’92 to Maastricht 154 The ERT’s neoliberal offensive: shaping the discourse of European socioeconomic governance 158 The new competitiveness discourse 159 Conclusion 162 Notes 164 Acknowledgements 169 6. Asymmetrical regulation and multidimensional governance in the European Union (2004) 170 Multidimensional governance in the European Union 172 New constitutionalism and the European Court of Justice 174 Private–public partnerships: the European Commission and European business 175 The new populism 176 Constitutionalizing social policy: the new populism at work 180 Concluding remarks 185 Postscript 187 Notes 188 References 189 PART II: Critical commentaries 192 7. Class fractions and hegemonic concepts of control 194 Important influences 194 A distinctive Amsterdam School? 195 Engaging beyond the Amsterdam School 197 References 198 8. Losing control? The Amsterdam School travels east 200 Transnational capital, international organizations and passive revolutions 200 Beyond hegemony: challenges to transnational neoliberalism 202 Note 203 References 203 9. The Amsterdam School as a potential source of inspiration for Chinese scholars 205 The reception of the AS in China 206 China’s global role and new research agendas 207 References 209 10. Reconsidering the ‘dangerous liaisons’ between China and neoliberalism and its impact in Latin America and Caribbean countries 210 References 214 11. Saying goodbye? Tracing my itinerary from Amsterdam to Beijing 216 Three critical exchanges 216 Three strands of research 217 References 220 12. Reflections on the Amsterdam School and the transnational capitalist class 222 References 225 13. Alternative perspectives on European integration 227 References 231 14. Nationalist populism within the Lockean heartland 232 Introduction: Locke versus Hobbes 232 Capitalist contradictions and the nature of social conflicts 233 A new political cleavage in the world of developed capitalism 235 References 236 15. Out of Amsterdam! Beyond the boundaries of (transnational) capitalist class formation 237 Comprehensive concepts of control: going beyond theory 237 From the Amsterdam Project to the Amsterdam School myth 239 Broadening the Amsterdam Project ontology and overcoming leftwing conservatism 239 Towards an emancipatory Amsterdam Project 240 References 241 16. The Amsterdam School: gender as a blind spot 242 Feminist theory and the concept of intersectionality 242 Feminist IPE/IR and globalization 243 Post-colonial and transnational feminism 243 The Amsterdam School: transnational class formation and the Lockean heartland 244 Final thoughts 246 References 247 17. The Amsterdam School, critical realism and the study of ‘deep structures’ 248 Notes 251 References 252 18. Confronting global governance after the historical turn in International Relations 253 Note 256 References 257 19. Network analysis and the Amsterdam School: an unfulfilled promise? 258 The role of network analysis in the Amsterdam School oeuvre 258 Why the Amsterdam School should embrace rigorous network analysis 259 Theory trumps empirical analysis? 260 It is never too late for a second chance 261 References 262 PART III: The Amsterdam School and the political economy of contemporary capitalism 264 20. A transnational class analysis of the current crisis 266 Class formation in the geopolitical economy 267 Fraction perspectives and politics 269 From corporate liberalism to neoliberalism 270 From systemic to predatory neoliberalism and crisis 272 The epochal shift within neoliberalism after 1991 274 Perpetuating the crisis under the auspices of money-dealing capital 276 Authoritarian oligarchic rivalry 281 References 284 21. Putting the Amsterdam School in its place 288 Introduction 288 The Amsterdam School and other regulation schools 290 European integration 291 The Amsterdam project in international political economy and transnational historical materialism 293 Neoliberalism 295 Philosophical and theoretical considerations 297 Distinctive features of the Amsterdam School 299 With and beyond the Amsterdam School 305 Three areas for further conceptual deepening 307 Conclusions 310 Notes 311 References 313 Index 318 The Dutch bourgeoisie between the two world wars / Ries Bode -- Class formation at the international level / Kees Van Der Pijl -- Finance capital and the crisis in Britain / Henk Overbeek -- The international corporate elite / Meindert Fennema -- Transnational class agency and European governance : the case of the European Round Table of Industrialists / Bastiaan Van Apeldoorn -- Asymmetrical regulation and multidimensional governance in the European Union / Otto Holman -- Class fractions and hegemonic concepts of control / Andreas Bieler and Adam Morton -- Losing control? : the Amsterdam School travels east / Dorothee Bohle -- The Amsterdam School and its implications for Chinese scholars / Bai Yunzhen -- Reconsidering the "dangerous liaisons" between China and neoliberalism and its impact in Latina America and Caribbean countries / Leonardo Ramos and Javier Vadell -- Saying goodbye? : tracing my itinerary from Amsterdam to Beijing / Naná De Graaff -- Reflections on the Amsterdam School and the transnational capitalist class / William K. Carroll -- Theories of imperialism : rivalries and unity / Alan Cafruny and Magnus Ryner -- Nationalist populism within the Lockean heartland / Hans-Jürgen Bieling -- Out of Amsterdam! : beyond the boundaries of (transnational) capitalist class formation / Laura Horn and Angela Wigger -- The Amsterdam School : gender as a blind spot? / Marianne H. Marchand -- The Amsterdam School, critical realism and the study of "deep structures" / Hubert Buch-Hansen and Juan Ignacio Staricco -- Confronting global governance after the historical turn in IR / Samuel Knafo -- Network analysis and the Amsterdam School : an unfulfilled promise? / Eelke M. Heemskerk -- A transnational analysis of the current crisis / Kees Van Der Pijl -- Putting the Amsterdam School in its place / Bob Jessop Emerging in the late 1970s, the Amsterdam School's (AS) most distinctive contribution to international political economy was the systematic incorporation of the Marxian concept of capital fractions into the study of international politics. Contending that politics in advanced capitalist countries takes place in a fundamentally transnationalized space in which the distinction between d̀omestic' and ìnternational' has blurred, it shows how in this space, politics is structured by competing comprehensive concepts of control. Presenting a concise and instructive introduction to the origins, development and significance of this distinct approach, this book provides a unique overview of the School's contemporary significance for the field. Offering a new generation of critical scholars the opportunity to become acquainted at first hand with some of the contributions that have shaped the work of the AS, the contributions present critical commentaries, discussing the merits and shortcomings of the AS from a variety of perspectives, and undertake a (self-) critical evaluation of the current place and value of the AS framework in the broader landscape of approaches to the study of contemporary capitalism. Written for scholars and students alike, it will be of interest to those working in international political economy, international relations and political science, political sociology, European studies and branches of academic economics such as regulation theory and institutional economics Presenting a concise and instructive introduction to the origins, development and significance of the Amsterdam School's distinct approach, this book provides a unique overview of the School's contemporary significance for the field of International Political Economy.