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| capital rules the construction of global finance: Capital Rules Rawi Abdelal, 2009-09-30 The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s—trading foreign stocks and bonds, borrowing in foreign currencies—had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, “managed” globalization. This contest over the character of globalization continues today. |
| capital rules the construction of global finance: Capital Rules , 2019 |
| capital rules the construction of global finance: International Convergence of Capital Measurement and Capital Standards , 2004 |
| capital rules the construction of global finance: Capital Claims: Power and Global Finance Benjamin Braun, Kai Koddenbrock, 2022-12-23 Capital Claims: Power and Global Finance analyses how global financialized capitalism operates and reproduces itself, exploring the remarkable ability of the financial sector to maintain its dominance through even the most severe economic crises. The book defines international financialization as a process by which the number and value, the tradability, and the enforceability of cross-border financial claims increase and are successfully defended against competing social or political agendas. By focusing on financial claims, the volume develops a conceptual toolkit for the study of the political economy of global finance and the inequalities it sustains. The book brings together leading researchers whose work is geared towards opening the black box of cross-border finance. The authors suggest shifting the analytical focus from capital flows to capital claims – credit–debt relations between identifiable actors, embedded in social and political institutions, and infused with power and hierarchy. They show how financial actors wield leverage power, infrastructural power, and enforcement power, both vis-à-vis other private actors and vis-à-vis the state. This book will be of great interest to students, teachers, and researchers of international political economy, critical political economy, and international relations, as well as those in the fields of finance, capitalism studies, activism, policymaking, and advocacy. An Online Appendix for Chapter 11 is available at: www.routledge.com/9781032111193 |
| capital rules the construction of global finance: Can Financial Markets be Controlled? Howard Davies, 2015-03-06 The Global Financial Crisis overturned decades of received wisdomon how financial markets work, and how best to keep them in check.Since then a wave of reform and re-regulation has crashed overbanks and markets. Financial firms are regulated as neverbefore. But have these measures been successful, and do they go farenough? In this smart new polemic, former central banker andfinancial regulator, Howard Davies, responds with a resounding‘no’. The problems at the heart of the financial crisisremain. There is still no effective co-ordination of internationalmonetary policy. The financial sector is still too big and,far from protecting the economy and the tax payer, recentgovernment legislation is exposing both to even greater risk. To address these key challenges, Davies offers a radicalalternative manifesto of reforms to restore market discipline andcreate a safer economic future for us all. |
| capital rules the construction of global finance: Capital Rules Rawi Abdelal, 2008-01-01 The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s trading foreign stocks and bonds, borrowing in foreign currencies had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, managed globalization. This contest over the character of globalization continues today. |
| capital rules the construction of global finance: International Economic Law and Monetary Measures Annamaria Viterbo, 2012-01-01 The 20072010 global financial crisis re-opened the debate on the reform of the international monetary and financial system. This well-argued book demonstrates the strategic role of international economic law (IEL) in ensuring international monetary stability and global financial stability. After discussing the current allocation of powers among IEL institutions, Annamaria Viterbo focuses on monetary measures: exchange restrictions, capital controls and exchange rate manipulations. These three fundamental topics are then examined through the lens of a multi-layered methodology, adopting perspectives from international monetary law, trade law and investment law. The author evaluates how the horizontal sectors in which IEL is traditionally divided interact and how conflicts between norms are avoided or solved. Particular attention is also devoted to the outcomes of trade and investment disputes that deal with monetary measures. International Economic Law and Monetary Measures will appeal to international trade law and international financial law scholars as well as law and business students. Legal practitioners and officials working in the field of international economic law will find it a useful reference, as will legal counsel in banks and financial institutions, international investors and multinational corporations. |
| capital rules the construction of global finance: Money Power and Financial Capital in Emerging Markets Ilias Alami, 2019-12-09 This book provides a comprehensive investigation of the messy and crisis-ridden relationship between the operations of capitalist finance, global capital flows, and state power in emerging markets. The politics, drivers of emergence, and diversity of these myriad forms of state power are explored in light of the positionality of emerging markets within the network of space and power relations that characterises contemporary global finance. The book develops a multi-disciplinary perspective and combines insights from Marxist political economy, post-Keynesian economics, economic geography, and postcolonial and feminist International Political Economy. Alami comprehensively reviews the theories, histories, and geographies of cross-border finance management, and develops a conceptual framework which allows unpacking the complex entanglement of constraint and opportunities, of growing integration and tight discipline, that cross-border finance represents for emerging markets. Extensive fieldwork research provides an in-depth comparative critical interrogation of the policies and regulations deployed in Brazil and South Africa. This volume will be especially useful to those researching and working in the areas of international political economy, contemporary geographies of money and finance, and critical development studies. It should also prove of interest to policy makers, practitioners, and activists concerned with the relation between finance and development in emerging markets and beyond. |
| capital rules the construction of global finance: The Logic of Financial Nationalism Federico Lupo-Pasini, 2017-08-18 This book analyzes the dangers of financial nationalism in an interconnected global financial system, and discusses how international law might address them. |
| capital rules the construction of global finance: Handbook of the International Political Economy of Monetary Relations Thomas Oatley, W. Kindred Winecoff, 2014-06-27 This extensive Handbook provides an in-depth exploration of the political economy dynamics associated with the international monetary and financial systems. Leading experts offer a fresh take on research into the interaction between system structure, t |
| capital rules the construction of global finance: Global Political Economy John Ravenhill, 2011-01-13 Featuring carefully edited contributions from an impressive line-up of international scholars, Global Political Economy, Third Edition, is an authoritative introduction that combines coverage of history and theoretical approaches with contemporary issues and debates. The expert contributors offer a diverse range of perspectives and insights into the relevance of global political economy within international relations. Fully up-to-date, the third edition features substantially revised chapters that reflect the latest developments in global political economy, particularly the events and outcomes of the 2008 financial crisis. The text is enhanced by pedagogical features and a two-color design. A Companion Website offers resources for students (a flashcard glossary, a timeline, and links) and instructors (PowerPoint-based slides, case studies, and figures and tables from the book). |
| capital rules the construction of global finance: The Oxford Handbook of Comparative Institutional Analysis Glenn Morgan, John Campbell, Colin Crouch, Ove Kaj Pedersen, Richard Whitley, 2010-04-08 It is increasingly accepted that 'institutions matter' for economic organization and outcomes. The last decade has seen significant expansion in research examining how institutional contexts affect the nature and behaviour of firms, the operation of markets, and economic outcomes. Yet 'institutions' conceal a multitude of issues and perspectives. Much of this research has been comparative, and followed different models such as 'varieties of capitalism', 'national business systems', and 'social systems of production'. This Handbook explores these issues, perspectives, and models, with the leading scholars in the area contributing chapters to provide a central reference point for academics, scholars, and students. |
| capital rules the construction of global finance: Systemic Risk, Institutional Design, and the Regulation of Financial Markets Anita Anand, 2016 A collection of essays from an impressive group of scholars, this volume disseminates the type of regulation that can be devised and implemented to respond to systemic risk as well as how systemic risk can be regulated in both a domestic and international market. |
| capital rules the construction of global finance: Crashed Adam Tooze, 2018-08-07 WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems.--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences. |
| capital rules the construction of global finance: The Prospects of Common Concern of Humankind in International Law Thomas Cottier, Zaker Ahmad, 2021-05-13 Presents the emerging principle of Common Concern of Humankind as legal response and to serious collective action crises. |
| capital rules the construction of global finance: Handbook of BRICS and Emerging Economies PB Anand, Shailaja Fennell, Flavio Comim, 2020-12-16 Ever since Jim O'Neill at Goldman Sachs coined the term BRICS in 2001 there have been many different assessments of these major emerging economies, with some even proclaiming that the promise of the BRICS (comprising Brazil, Russia, India, China, and South Africa) is over. However, the so called 'arranged marriage' still seems to be working well, with the club having become a formal international forum, with summit declarations, ministerial meetings, and numerous BRICS-wide fora. Is this euphoria misplaced? Is there a BRICS model of economic and human development? Are inequalities increasing and is this the denouncement of the economic successes? Are geo-political tensions rising between these nations? During the post COVID-19 situation, the importance of bilateral and multilateral co-operation mechanisms and institutions is becoming clear. This book focuses on one such emerging co-operation mechanism of BRICS but also more widely on those five countries and other similar economies. As a global depression looms large, global economic recovery depends on the performance of not only its largest economies but also many other important and significant economies within the so called G20 group. Even prior to the COVID-19 outbreak multilateral institutions have been under considerable strain, as with the relationship between the United States of America and China, and risks to global economic recovery appear very real. This book brings together multi-disciplinary perspectives from over sixty scholars and it presents a comprehensive and deep dive into the BRICS and emerging economies and into an understanding the political, economic, and social contexts that can help in designing approaches for recovery and regaining the last momentum in the journey towards the Sustainable Development Goals. |
| capital rules the construction of global finance: Can Democracy Survive Global Capitalism? Robert Kuttner, 2018-04-10 “Democracy is no longer writing the rules for capitalism; instead it is the other way around. With his deep insight and wide learning, Kuttner is among our best guides for understanding how we reached this point and what’s at stake if we stay on our current path.”—Heather McGhee, president of Demos With a new Afterword In the past few decades, the wages of most workers have stagnated, even as productivity increased. Social supports have been cut, while corporations have achieved record profits. What is going on? According to Robert Kuttner, global capitalism is to blame. By limiting workers’ rights, liberating bankers, and allowing corporations to evade taxation, raw capitalism strikes at the very foundation of a healthy democracy. Capitalism should serve democracy and not the other way around. One result of this misunderstanding is the large number of disillusioned voters who supported the faux populism of Donald Trump. Charting a plan for bold action based on political precedent, Can Democracy Survive Global Capitalism? is essential reading for anyone eager to reverse the decline of democracy in the West. |
| capital rules the construction of global finance: The Legal History of the European Banking Union Pedro Gustavo Teixeira, 2020-12-24 How was the Banking Union, the most advanced legal and institutional integration in the single market, created? How does European law impact European integration? To answer these questions, this book provides a sweeping account of the evolution of European law. It identifies five integration periods of the single financial market, intertwined with the development of global finance, from its origins, through its expansion and crisis, to the Banking Union. Each period is defined by innovations to deepen integration, such as the single passport for financial services, soft governance and comitology, agencies, or a single rulebook. Providing a far-reaching explanation of the legal and institutional rationality of the European Banking Union, this book demonstrates that the Banking Union is not an accident of history or simply the product of the existential crisis of the Monetary Union. It has deep roots in the evolutionary process of European law and its drive towards supranational integration. |
| capital rules the construction of global finance: Financial Deregulation Alexis Drach, Youssef Cassis, 2021 This edited volume is the first archival based historical investigation on the liberalization measures taken in various countries in the financial sector in the decades following the Bretton Woods system, from a comparative and a global perspective. |
| capital rules the construction of global finance: Political Economy Christian May, Daniel Mertens, Andreas Nölke, Michael Schedelik, 2024-05-21 This textbook offers a comprehensive introduction to Political Economy. It combines comparative, international and historical perspectives into a holistic framework of analysis. Drawing on the work of Karl Polanyi, the book shows how capitalist economies differ around the globe and how they are embedded in the international economic order. Through a critical-institutionalist lens, it helps to account for the evolution of contemporary capitalism and addresses current topics at the intersection of political science and economics. Students and instructors can draw on supplementary material, such as Power Point slides with all figures and tables as well as the Springer Nature Flashcards app with exercises. |
| capital rules the construction of global finance: Governing Global Finance Anthony Elson, 2011-03-28 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. |
| capital rules the construction of global finance: Handbook of Global Economic Governance Manuela Moschella, Catherine Weaver, 2013-12-17 Since the summer of 2007, the world scenario has been dominated by the US sub-prime mortgage crisis and its repercussions on global financial markets and economic growth. As banks around the world wrote down their losses and governments intervened to rescue domestic financial institutions, financial distress severely hit the real economy leading to what has been widely defined as the worst recession since the 1930s. Under these conditions, along with the immediate concern for stemming the effects of the crisis, policy-makers around the world have been debating the long-term measures that have to be adopted in order to reduce the likelihood of future crises and to ensure stable economic growth. Although this debate has not yet produced significant transformations, it indicates a renewed concern about the institutional architecture that is meant to govern the global economic and financial system. This book tackles the issue of what the governance of the global economic and financial system looks like and what the prospects for its reform are. Specifically, the book will address the following three main themes: Governance: What is governance in the international economic system? What forms does it take? How did it come about? How can we study it?; Functions of governance: What are the functions of global economic governance? Who performs them? What are the rules and mechanisms that make global governance possible? Problems and prospects of governance: What are the problems in global economic governance? Is there a trade-off between legitimacy and efficiency? What are the prospects for reform of global economic governance in the aftermath of the global financial crisis? This book will: _ Provide a thorough analysis of the issues at stake in designing international rules and institutions able to govern the global economy; _ Illustrate and analyze virtually all the main institutions, rules, and arrangements that make up global economic governance, inscribing them within the function these institutions, rules, and arrangements are meant to perform; _ Discuss the problems that affect today’s global economic governance and assess alternative proposals to reform the international financial architecture. |
| capital rules the construction of global finance: States and the Masters of Capital Quentin Bruneau, 2022-12-13 Today, states’ ability to borrow private capital depends on stringent evaluations of their creditworthiness. While many presume that this has long been the case, Quentin Bruneau argues that it is a surprisingly recent phenomenon—the outcome of a pivotal shift in the social composition of financial markets. Investigating the financiers involved in lending capital to sovereigns over the past two centuries, Bruneau identifies profound changes in their identities, goals, and forms of knowledge. He shows how an old world made up of merchant banking families pursuing both profit and status gradually gave way to a new one dominated by large companies, such as joint stock banks and credit rating agencies, exclusively pursuing profit. Lacking the web of personal ties to sovereigns across the world that their established rivals possessed, these financial institutions began relying on a different form of knowledge created to describe and compare states through quantifiable data: statistics. Over the course of this epochal shift, which only came to an end a few decades ago, financial markets thus reconceptualized states. Instead of a set of individuals to be known in person, they became numbers on a page. Raising new questions about the history of sovereign lending, this book illuminates the nature of the relationship between states and financial markets today—and suggests that it may be on the cusp of another major transformation. |
| capital rules the construction of global finance: Transatlantic Financial Regulation Peter O'Shea, 2021-08-13 This book examines cooperation between the US and the EU on financial regulatory reform, notably at the outset and the first three years of the global financial crisis. It discusses the development of US-EU cooperation on financial regulation over the last few decades at several levels, including at heads of state level, markets regulator level and at international level, and progresses with a detailed examination of cooperation at the outset of the financial crisis. It looks at the nature of and motivation for intense US-EU cooperation on coordinating a response to the crisis and presents a compelling argument that a defacto alliance was formed, which served to benefit respective US and EU interests domestically and in the international financial system. Providing a new perspective on financial regulatory reform after the last financial crisis and the relationship of regulatory outcomes to international financial governance, this volume will be of use to researchers interested in transatlantic relations, financial regulation, international relations, global governance, and the European Union, as well as professionals and policymakers working in foreign relations, financial markets, or banking policy. |
| capital rules the construction of global finance: European Banks and the Rise of International Finance Carlo Edoardo Altamura, 2016-08-12 The banking and financial sector has expanded dramatically in the last forty years, and the consequences of this accelerated growth have been felt by people around the world. European Banks and the Rise of International Finance examines the historical origins of the financialised world we live in by analysing the transformations in world finance which occurred in the decade from the first oil crisis of 1973, until the debt crisis of 1982. This a crucial and formative decade for understanding the modern financial landscape, but it is still mostly unexplored in economic and financial history. The availability of new archival evidence has allowed for the re-examination of issues such as the progressive privatisation of international financial flows to Less Developed Countries, especially in Latin America and South-East Asia, and its impact on the expansion of the European banking sector, and for the development of an invaluable financial and political history. This book is well suited for those interested in monetary economics and economic history, as well as those studying international political economy, banking history and Financial history. |
| capital rules the construction of global finance: Experiments in Financial Democracy Aldo Musacchio, 2009-09-14 A detailed historical description of the evolution of corporate governance and stock markets in Brazil in the late nineteenth and twentieth centuries. |
| capital rules the construction of global finance: The Making of Global Capitalism Sam Gindin, Leo Panitch, 2012-10-09 The all-encompassing embrace of world capitalism at the beginning of the twenty-first century was generally attributed to the superiority of competitive markets. Globalization had appeared to be the natural outcome of this unstoppable process. But today, with global markets roiling and increasingly reliant on state intervention to stay afloat, it has become clear that markets and states aren’t straightforwardly opposing forces. In this groundbreaking work, Leo Panitch and Sam Gindin demonstrate the intimate relationship between modern capitalism and the American state, including its role as an “informal empire” promoting free trade and capital movements. Through a powerful historical survey, they show how the US has superintended the restructuring of other states in favor of competitive markets and coordinated the management of increasingly frequent financial crises. The Making of Global Capitalism, through its highly original analysis of the first great economic crisis of the twenty-first century, identifies the centrality of the social conflicts that occur within states rather than between them. These emerging fault lines hold out the possibility of new political movements transforming nation states and transcending global markets. |
| capital rules the construction of global finance: The Oxford Handbook of Banking and Financial History Youssef Cassis, Richard S. Grossman, Catherine Ruth Schenk, 2016 The financial crisis of 2008 aroused widespread interest in banking and financial history. Contributions to this volume analyse banking and financial history in a long-term comparative perspective. Lessons drawn from these analyses may well help future generations of policy makers avoid a repeat of the financial turbulence that erupted in 2008. |
| capital rules the construction of global finance: American Power after the Financial Crisis Jonathan Kirshner, 2014-09-08 The global financial crisis of 2007–2008 was both an economic catastrophe and a watershed event in world politics. In American Power after the Financial Crisis, Jonathan Kirshner explains how the crisis altered the international balance of power, affecting the patterns and pulse of world politics. The crisis, Kirshner argues, brought about an end to what he identifies as the second postwar American order because it undermined the legitimacy of the economic ideas that underpinned that order—especially those that encouraged and even insisted upon uninhibited financial deregulation. The crisis also accelerated two existing trends: the relative erosion of the power and political influence of the United States and the increased political influence of other states, most notably, but not exclusively, China.Looking ahead, Kirshner anticipates a New Heterogeneity in thinking about how best to manage domestic and international money and finance. These divergences—such as varying assessments of and reactions to newly visible vulnerabilities in the American economy and changing attitudes about the long-term appeal of the dollar—will offer a bold challenge to the United States and its essentially unchanged disposition toward financial policy and regulation. This New Heterogeneity will contribute to greater discord among nations about how best to manage the global economy. A provocative look at how the 2007–2008 economic collapse diminished U.S. dominance in world politics, American Power after the Financial Crisis suggests that the most significant and lasting impact of the crisis and the Great Recession will be the inability of the United States to enforce its political and economic priorities on an increasingly recalcitrant world. |
| capital rules the construction of global finance: Handbook of International Relations Walter Carlsnaes, Thomas Risse, Beth A Simmons, 2012-09-18 The original Handbook of International Relations was the first authoritative and comprehensive survey of the field of international relations. In this eagerly-awaited new edition, the Editors have once again drawn together a team of the world′s leading scholars of international relations to provide a state-of-the-art review and indispensable guide to the field, ensuring its position as the pre-eminent volume of its kind. The Second Edition has been expanded to 33 chapters and fully revised, with new chapters on the following contemporary topics: - Normative Theory in IR - Critical Theories and Poststructuralism - Efforts at Theoretical Synthesis in IR: Possibilities and Limits - International Law and International Relations - Transnational Diffusion: Norms, Ideas and Policies - Comparative Regionalism - Nationalism and Ethnicity - Geopolitics in the 21st Century - Terrorism and International Relations - Religion and International Politics - International Migration A truly international undertaking, this Handbook reviews the many historical, philosophical, analytical and normative roots to the discipline and covers the key contemporary topics of research and debate today. The Handbook of International Relations remains an essential benchmark publication for all advanced undergraduates, graduate students and academics in politics and international relations. |
| capital rules the construction of global finance: Democratizing the Corporation Isabelle Ferreras, Tom Malleson, Joel Rogers, 2024-03-19 Although contemporary Western societies refer to themselves as democratic, the bulk of the population spend much of their lives in workplaces that have more in common with tyranny. Gigantic corporations such as Amazon, Meta, Exxon, and Walmart are among the richest and most powerful institutions in the world yet accountable to no one but their shareholders. The undemocratic nature of conventional firms generates profound problems across society, hurting more than just the workplace and contributing to environmental destruction and spiraling inequality. Against this backdrop, Isabelle Ferreras proposes a radical but realistic plan to democratize the private firm. She suggests that all large firms should be bicamerally governed, with a chamber of worker representatives sharing equal governance power with the standard board representing owners. In response to this proposal, twelve leading experts on corporate behavior from multiple disciplines consider its attractiveness, viability, and achievability as a real utopian proposal to strengthen democracy in our time. |
| capital rules the construction of global finance: The Global Economic Order Elli Louka, 2020-04-24 Exploring in depth the institutions that underpin the global economy, this study provides invaluable insights into why a minimum economic order has endured for so long and why states are unwilling to establish a maximum order, a global safety net for all. The author investigates how debt – a critical component of states’ economic infrastructure – leads to debilitating crises, and how these crises undermine the economic autonomy and political independence of states. |
| capital rules the construction of global finance: China’s Financial Opening Yu Wai Vic Li, 2018-03-13 The twenty-first century has not only seen China become one of the world’s largest trading nations, but also its gradual integration into the global financial system. Chinese-sponsored project financing schemes, such as the Belt-and-Road Initiative and the Asian Infrastructure Investment Bank, and the expanding international footprint of the renminbi, have raised the specter of Beijing shaping established market rules and practices with its financial firepower. These dramatic developments beyond the Great Wall of Money have overshadowed the equally remarkable opening of China’s domestic capital markets. These include initiatives that make cross-border equity trade and investment easier; attempts to internationalize exclusively domestic-oriented equity markets; and creation of the first offshore renminbi hub in Hong Kong, paving the way for the big bang of renminbi use worldwide. Li interrogates the domestic political dynamics underlying the dizzying switches between liberalization and restriction. This book argues that the interplay between the pro-opening coalitions and dissenting parties has been central to the policymaking process. Financial opening has not only been driven by central bureaucratic actors, but also by financial industry interests and the local authorities of financial centers acting in concert as coalitions. The local and financial constituents have shaped policy agendas and priorities, and defined and framed liberalizing initiatives in ways that appealed to bureaucratic entities. They also sought wider political support by capitalizing on connections with top decision-making elites. To allay opposition and maintain political and technical consensus, the coalition constituents have offered concessions to dissenting parties over implementation specifics. This, however, has not always succeeded. Dissenting parties who recognized adverse distributional and policy risk implications inherent in the opening initiatives might decline concessionary offers, leading to policy tendencies other than opening. As one of the very first political economy contributions to studies of China’s financial opening from the 2000s, this book will appeal to researchers of international political economy, East Asia and China specialists, and financial practitioners and policymakers wanting to make sense of the country’s liberalizing logic. |
| capital rules the construction of global finance: The Cambridge History of Modern European Thought: Volume 2, The Twentieth Century Warren Breckman, Peter E. Gordon, 2019-08-29 An authoritative and comprehensive survey of the major themes, thinkers, and movements in modern European intellectual history. |
| capital rules the construction of global finance: The State–Capital Nexus in the Global Crisis Bastiaan van Apeldoorn, Naná de Graaff, Henk W. Overbeek, 2017-07-05 In the wake of the outbreak of the global crisis in 2008, many observers expected the state to assume command over a faltering neoliberal finance-led model of capitalism. We now know that this expectation was by and large mistaken. There is indeed an ongoing re-calibration of the state-capital relations, but in many instances the state has become more actively and more deeply involved in extending the reach of markets rather than in constraining markets in the interests of an equitable response to the crisis. This volume offers both theoretical perspectives and empirical studies by a selection of leading Critical International Political Economy scholars on the question how and to what extent we are witnessing a return of the state and a transition towards a new phase of global capitalism. The chapters cover a wide array of topics: from the rise of China and other emerging economies of the Global South, the role of state-owned enterprises such as Sovereign Wealth Funds and National Oil Companies and global environmental politics, to the role of labour in Europe and US grand strategy / foreign policy making in the post-Cold War period. This book was published as a special issue of Globalizations. |
| capital rules the construction of global finance: Constructing the International Economy Rawi Abdelal, Mark Blyth, Craig Parsons, 2015-10-27 Focusing empirically on how political and economic forces are always mediated and interpreted by agents, both in individual countries and in the international sphere, Constructing the International Economy sets out what such constructions and what various forms of constructivism mean, both as ways of understanding the world and as sets of varying methods for achieving that understanding. It rejects the assumption that material interests either linearly or simply determine economic outcomes and demands that analysts consider, as a plausible hypothesis, that economies might vary substantially for nonmaterial reasons that affect both institutions and agents' interests. Constructing the International Economy portrays the diversity of models and approaches that exist among constructivists writing on the international political economy. The authors outline and relate several different arguments for why scholars might attend to social construction, inviting the widest possible array of scholars to engage with such approaches. They examine points of terminological or theoretical confusion that create unnecessary barriers to engagement between constructivists and nonconstructivist work and among different types of constructivism. This book provides a tool kit that both constructivists and their critics can use to debate how much and when social construction matters in this deeply important realm. Contributors: Rawi Abdelal, Harvard Business School; Jacqueline Best, University of Ottawa; Mark Blyth, Brown University; Mlada Bukovansky, Smith College; Jeffrey M. Chwieroth, London School of Economics; Francesco Duina, Bates College; Charlotte Epstein, University of Sydney; Yoshiko M. Herrera, University of Wisconsin–Madison; Paul Langley, Northumbria University; Craig Parsons, University of Oregon; Catherine Weaver, University of Texas at Austin; Wesley W. Widmaier, Saint Joseph's University; Cornelia Woll, CERI-Sciences Po Paris |
| capital rules the construction of global finance: Handbook of the International Political Economy of Governance Anthony Payne, Nicola Phillips, 2014-04-25 Since the 1990s many of the assumptions that anchored the study of governance in international political economy (IPE) have been shaken loose. Reflecting on the intriguing and important processes of change that have occurred, and are occurring, Profess |
| capital rules the construction of global finance: Emerging Powers and the World Trading System Gregory Shaffer, 2021-07-22 This book explains the rise of China, India, and Brazil in the international trading system, and the implications for trade law. |
| capital rules the construction of global finance: Special Responsibilities Mlada Bukovansky, Ian Clark, Robyn Eckersley, Richard Price, Christian Reus-Smit, Nicholas J. Wheeler, 2012-05-17 This is the first study of how major global problems have been managed through the international distribution of special responsibilities. |
| capital rules the construction of global finance: Performing Capital R. Aitken, 2007-10-01 This books reviews forms of capital 'popular finance' and argues that it is important, as a site at which capital is visible not as a macro-structural reality but as a category itself, which needs to be made and performed in the spaces where is does not already exist. 'Culture' is used to intervene into everyday spaces to develop capital there. |
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Sign in to access all of your Capital One accounts. View account balances, pay bills, transfer money and more.
Call Capital One Customer Service | Capital One Help Center
Contact Capital One by phone for general customer service and support as well as support for credit cards, checking and savings, loans and investments.
Compare Checking and Savings Accounts Online | Capital One
Compare Capital One checking and savings accounts to find the right fit for your needs, featuring no fees and convenient mobile access.
Capital One Branch, ATM & Café Location Finder
Use the Capital One Location Finder to find nearby Capital One locations, as well as online solutions to help you accomplish common banking tasks.
Capital One | Credit Cards, Checking, Savings & Auto Loans
Get the support of our helpful digital tools like the Capital One Mobile app, virtual cards, proactive alerts and more.
Online Banking and Mobile Banking Apps | Capital One
Bank your way with Capital One's online bank accounts and mobile banking app. Set up bill pay, make deposits and manage your money anytime, almost anywhere.
No-Fee Bank Accounts | Checking & Savings | Capital One
Find the right bank account for you and manage your money your way. No fees, no minimums, just banking made easy with Capital One.
Ways to Bank | Flexible Banking with Capital One
Capital One checking customers can get money from 70,000+ fee-free Capital One, MoneyPass® and Allpoint® ATMs. You can also bank digitally online, through the Capital One Mobile app or …
Credit Cards - Capital One
Capital One Credit Card Application. Find the Right Card for You—Apply for a Card Today.
Online Checking Account | No-Fee 360 Checking | Capital One
Meet your financial goals with a fee-free 360 Checking account from Capital One. Featuring no minimum balance, FDIC insurance, and a top-rated mobile app.
Capital One Sign In: Log in to access your account(s)
Sign in to access all of your Capital One accounts. View account balances, pay bills, transfer money and more.
Call Capital One Customer Service | Capital One Help Center
Contact Capital One by phone for general customer service and support as well as support for credit cards, checking and savings, loans and investments.
Compare Checking and Savings Accounts Online | Capital One
Compare Capital One checking and savings accounts to find the right fit for your needs, featuring no fees and convenient mobile access.
Capital One Branch, ATM & Café Location Finder
Use the Capital One Location Finder to find nearby Capital One locations, as well as online solutions to help you accomplish common banking tasks.
