The Crisis of the 1970s and the Reshaping of the International Order

AHA Session 320
Sunday, January 7, 2024: 11:00 AM-12:30 PM
Mission I (Parc 55, Fourth)
Chair:
Giuliana Chamedes, University of Wisconsin-Madison
Panel:
Fritz Bartel, Texas A&M University
Yakov Feygin, Berggruen Institute
Nils Gilman, Berggruen Institute
Sara Lorenzini, University of Trento

Session Abstract

We now live in a time of multiple crises: a regional war in Europe that threatens to become global and maybe nuclear, resources that are increasingly scarce and pricey, inflation rates on the rise, and an environmental catastrophe looming. In the 1970s, the situation was similar to today’s, with the preoccupation of delivering growth in a condition of scarce resources and ecological unbalances, placating dangerous social violence, domestic and international, and controlling multiple regional conflicts without forgetting the cold war. The crisis ended with transitioning to the neoliberal order and globalization, with the market as the solution. However, other ideas were sketched at the time. This panel deals with alternative views of a new global order as they were pictured in the 1970s and discusses their merits and faults. Fritz Bartel will explore how U.S. elites in government, the media, business, and academia strategically used the specter of a disastrous return to protectionism and to a climate remindful of the Great Depression to delegitimize alternatives across the Western world to the burgeoning neoliberal order. Yakov Feygin will deal with Soviet ideas on why growth was stalling, notwithstanding models predicting that it should not, and discuss introducing human capital theory into Soviet thinking about economic development. Sara Lorenzini will discuss the disappointments experienced by some western champions of the growth paradigm and how they campaigned for a new ethic in international relations envisaging new standards for North-South dialogue and featuring environmental concerns, with a more prominent role for international organizations and civil society. Finally, Nils Gilman will consider the plans for a new international order in various policy forums, from the G-77 and the NIEO to the G-7 and in central banks cooperation, and examine the consolidation of the neoliberal order amid various economic crises in the early-to-mid-1980s. The session will be organized as a roundtable discussion chaired by Giuliana Chamedes, who is currently working on the Welfare State and the challenge of decolonization. It will discuss what the lesson of the 1970s can teach us about ways to deal with multiple crises and the prospects for the emerging post-neoliberal order of our own time. Can we still get inspired by the roads not taken back then?
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