Governing Financialization
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Governing Financialization
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Author : Jack Copley
language : en
Publisher: Oxford University Press
Release Date : 2022
Governing Financialization written by Jack Copley and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Political Science categories.
Capitalism has become 'financialized'. Since the 1970s, the swelling of financial markets and asset price bubbles has occurred alongside weaker underlying economic growth. Yet financialization was not a spontaneous market development - it was deeply political. States fuelled this process through policies of financial liberalization, and the British state lies at the heart of the story. Britain's radical financial liberalizations in the 1970s and 1980s were instrumental in creating a financialized global economic order in which the City of London emerged as a central hub. But why did the British state propel financialization? The conventional wisdom points to the lobbying power of financial elites and the strength of neoliberal ideology. However, Governing Financialization offers an alternative explanation through an in-depth exploration of declassified state archives. By examining key financial liberalizations in the 1970s and 1980s - including the notorious 'Big Bang' - this book argues that these policies were not part of an intentional scheme to create a new finance-led economic model. Instead, they were designed to address immediate governing dilemmas related to the grinding 'stagflation' crisis and its aftershocks. In this era, British governments found themselves trapped between global competitive pressures to enforce painful domestic adjustment and national political pressures to maintain existing living standards. Financial liberalization was pursued in a trial-and-error manner to navigate this dilemma. By unleashing financial markets, the state hoped to either postpone the worst effects of the crisis, or enact tough economic restructuring in an arm's-length fashion. Financialization was an accidental outcome, not an intentional result.
Governing Financialization
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Author : Jack Copley
language : en
Publisher:
Release Date : 2021
Governing Financialization written by Jack Copley and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Electronic books categories.
Since the 1970s, the swelling of financial markets and asset price bubbles has occurred alongside weaker underlying economic growth. Yet financialization was not a spontaneous market development - it was deeply political. States fuelled this process through policies of financial liberalization, and the British state lies at the heart of the story. Britain's radical financial liberalizations in the 1970s and 1980s were instrumental in creating a financialized global economic order in which the City of London emerged as a central hub. But why did the British state propel financialization? The conventional wisdom points to the lobbying power of financial elites and the strength of neoliberal ideology. However, 'Governing Financialization' offers an alternative explanation through an in-depth exploration of declassified state archives.
Governing Finance In Europe
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Author : Adrienne Héritier
language : en
Publisher: Edward Elgar Publishing
Release Date : 2020-08-28
Governing Finance In Europe written by Adrienne Héritier and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-28 with Political Science categories.
How do regulatory structures evolve in EU financial governance? Incorporating insights from a variety of disciplines, Governing Finance in Europe provides a comprehensive framework to investigate the dynamics leading to centralisation, decentralisation and fragmentation in EU financial regulation.
Governing Finance
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Author : Andrew Walter
language : en
Publisher: Cornell University Press
Release Date : 2011-03-15
Governing Finance written by Andrew Walter and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-15 with Business & Economics categories.
The international financial community blamed the Asian crisis of 1997–1998 on deep failures of domestic financial governance. To avoid similar crises in the future, this community adopted and promoted a set of international "best practice" standards of financial governance. The G7 asked specialized public and private sector bodies to set international standards, and tasked the International Monetary Fund and the World Bank with their global dissemination. Non-Western countries were thereby encouraged to emulate Western practices in banking and securities supervision, corporate governance, financial disclosure, and policy transparency. In Governing Finance, Andrew Walter explains why Indonesia, Malaysia, South Korea, and Thailand—key targets and test cases of this international standards project—were placed under intense pressure to transform their domestic financial governance. Walter finds that the depth of the economic crisis, and more enduring aspects of Asian capitalism, such as family ownership of firms, made substantive compliance with international standards very costly for the private sector and politically difficult for governments to achieve. In spite of international compliance pressure, the result was varying degrees of cosmetic or "mock" compliance. In a book containing lessons for any agency or country attempting to implement lasting change in financial governance, Walter emphasizes the limits of global regulatory convergence in the absence of support from domestic politicians, institutions, and firms.
Governing Capital
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Author : Sylvia Maxfield
language : en
Publisher: Cornell University Press
Release Date : 2019-05-15
Governing Capital written by Sylvia Maxfield and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-15 with Political Science categories.
How does international financial integration affect development in newly industrializing countries? Sylvia Maxfield offers a challenging interpretation of the Mexican political economy in light of this complex question. In an increasingly internationalized world, she argues, capital-controlling economic policies can have benefits that, especially for the newly industrializing Latin American countries addressed here, outweigh the efficiency costs of government intervention.
Governing The Global Economy
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Author : Ethan B. Kapstein
language : en
Publisher: Harvard University Press
Release Date : 1994
Governing The Global Economy written by Ethan B. Kapstein and has been published by Harvard University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
This text examines the actions that governments have taken to cope with the economic and political consequences associated with the globalization of international finance. Topics covered include the Third World debt crisis and the collapse of the Bank of Credit and Commerce International, BCCI.
The Governance Of Financialization In Latin America And East Asia
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Author : Max Nagel
language : en
Publisher: Taylor & Francis
Release Date : 2023-10-20
The Governance Of Financialization In Latin America And East Asia written by Max Nagel and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-20 with Political Science categories.
The Governance of Financialization in Latin America and East Asia analyses how states in these areas have adopted different monetary, financial, and foreign exchange policies to govern financialization, which have induced varying levels of state control over financial markets. The book analyzes the puzzling observation of policy divergence by investigating how countries have reacted differently to major financial crises since the 1970s. It shows how Argentina and Japan selected a governance approach to financialization that followed Western prescriptions by propelling unregulated financialization; but also how Chile and South Korea, by contrast, crafted policies to reduce the negative effects of financialization on economic development and financial stability. The book identifies variegated expertise in central banks, ministries of finance, expert commissions, and research institutions that has informed policymaking across Argentina, Chile, Japan, and South Korea since the 1970s. It then demonstrates how governments have used experts to achieve diverse political objectives and explains how governments can use experts to enhance state agency to counter globalization pressures. This book will appeal to scholars of International Political Economy, comparative politics, economics, sociology, development studies, and Latin American and East Asian history. It will also be of interest to economists and policymakers who want to safeguard financial stability and promote economic growth.
Governing Global Finance
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Author : Anthony Elson
language : en
Publisher: Springer
Release Date : 2011-03-28
Governing Global Finance written by Anthony Elson and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-03-28 with Business & Economics categories.
This book deals with the recent problems arising from the growth of financial globalization (i.e. the growing integration of capital markets across national borders), as reflected in the current global financial crisis, and the need to improve what has come to be known as the international financial architecture.
Governing Failure
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Author : Jacqueline Best
language : en
Publisher: Cambridge University Press
Release Date : 2014-01-09
Governing Failure written by Jacqueline Best and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-09 with Political Science categories.
Jacqueline Best argues that the 1990s changes in IMF, World Bank and donor policies, towards what some have called the 'Post-Washington Consensus,' were driven by an erosion of expert authority and an increasing preoccupation with policy failure. Failures such as the Asian financial crisis and the decades of despair in sub-Saharan Africa led these institutions to develop governance strategies designed to avoid failure: fostering country ownership, developing global standards, managing risk and vulnerability and measuring results. In contrast to the structural adjustment era when policymakers were confident in their solutions, this is an era of provisional governance, in which key actors are aware of the possibility of failure even as they seek to inoculate themselves against it. Best considers the implications of this shift, asking if it is a positive change and whether it is sustainable. This title is available as Open Access on Cambridge Books Online and via Knowledge Unlatched.
3 In 1 Governing A Global Financial Centre
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Author : Woo Jun Jie
language : en
Publisher: World Scientific
Release Date : 2017-06-21
3 In 1 Governing A Global Financial Centre written by Woo Jun Jie and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-21 with Political Science categories.
3-in-1: Governing a Global Financial Centre provides a comprehensive understanding of Singapore's past development and future success as a global financial centre. It focuses on three transformational processes that have determined the city-state's financial sector development and governance — globalisation, financialisation, and centralisation — and their impacts across three areas: the economy, governance, and technology. More importantly, this book takes a multidimensional approach by considering the inter-related and interdependent nature of these three transformational processes. Just like the 3-in-1 coffee mix that is such an ubiquitous feature of everyday life in Singapore, the individual ingredients of Singapore's success as a global financial centre do not act alone, but as an integrated whole that manifests itself in one final product: the global financial centre.