The US budget deficit has been stabilizing global capitalism

Evidence

The budget deficit of the United States has, I think, been very important to the stabilization of capitalism these last few years, and if that proves unsustainable, then the path of capitalist accumulation world-wide will be rocky indeed. — David Harvey, The Condition of Postmodernity, 1222

Categorization

• XREF: Directly relevant to comparative periodization: Harvey roots the US deficit in flexible accumulation’s under-consumption tendencies. — connects to: Keynesian deficit spending continued to drive 1980s global growth — David Harvey, The Condition of Postmodernity: An…, 1040; A prosperous commercial age coexisted with chronic state fiscal crisis — Bernard Lewis, From Babel to Dragomans: Interpreting…, 359

Broader Connections

• A prosperous commercial age coexisted with chronic state fiscal crisis #complicates (0.75) — Bernard Lewis, From Babel to Dragomans, 359