The Jeremiad Over Journalism

Vietnam War and domestic as well as global economic problems turned out to make the American
example less attractive.
―Americanization dwindled away because Europeans had caught up with, or even overtaken,
their former teachers. Contributing to the ebb were the oil-price shocks of the 1970s as well as
American economic and political difficulties connected with the war in Vietnam. European
eyes turned from the US to Japan (…).‖ 264
However, from the 1980‘s the United States experienced a resurgence in terms of economic
influence and as van Elteren notes, through leadsership in transnational organizations such as the
International Monetary Fund, World Bank, and WTO the United States created a system which was
―positively skewed toward U.S. interests‖ and promoted an economic system based on neoliberal
ideals advocating transferring power from the government to the ―free market.‖ 265
3.2.1 Neoliberal Influence
The ideology of a free market approach as opposed to state-run industries was pushed by the United
States since the end of World War II, and even for those countries that did not look favorably upon
the economic framework established by the United States it was difficult to find a useful alternative
for development.
―Formally, foreign countries are sovereign states, free to reject neoliberal programs for
economic developments. But this becomes a problem when they fall into debt, for they are
highly dependent on U.S.-dominated loan conditions and interest rates. In fact, the U.S.
Treasury controls the IMF and World Bank, and if they do not honor a loan request, all the
other international lending organization will refuse a loan.‖ 266
264
Schröter, Americanization of the European Economy: A Compact Survey of American Economic Influence in Europe
since the 1880's. Page 206.
265
Elteren, Americanism and Americanization: A Critical History of Domestic and Global Influence. Page 39 and 191-
198.
266 Ibid. Page 196.
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