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With an introduction by Benjamin J. Cohen
Author: Susan Strange

This book begins with a recapitulation of the main themes of Strange's earlier Casino Capitalism, stressing the major policy decisions and non-decisions that, in her opinion, had first allowed financial markets seemingly to outgrow governmental control. It adds a number of newer systemic developments that had emerged in the years after Casino Capitalism was published. Following this opening tour d'horizon, the book evaluates many of these developments in greater detail, covering the revolution in information technology interstate politics, contagion risks, global debt, money laundering and the roles of both national governments and multilateral agencies such as the International Monetary Fund and Bank for International Settlements. Great emphasis is placed on the relationship between the United States and Japan, the 'US-Japan axis', which is considered crucial to the effective management of financial crises. All the strings of Strange's discussion are pulled together where she turns her eyes to the future. Most financial research at the time seemed biased toward midlevel theory building, focusing primarily on key relationships within a broader structure whose characteristics were assumed, normally, to be given and stable. The book discusses hypotheses about the most important changes that have affected the global financial system and the international political economy. Key decisions, or non-decisions in the case of failures to act when positive action would have been possible, are also discussed.

Susan Strange

was not an option, at least, not bankruptcy in the sense that a failed business closes down, gets sold off to the best bidder or taken over lock, stock and barrel. The appearance of an immortal, sovereign state was to be preserved – not for its own sake, but for the greater security of the world system. So what’s new? What’s dangerous? I start with five hypotheses about the most important changes that have affected that global financial system – and thus the international political economy – in the past decade or so. As the next chapter will explain in more detail

in Mad Money
Abstract only
Harry Blutstein

coordinated policies to reform the global economy. The result, according to a 2014 study conducted by academics Bin Gu and Tong Liu, is a ‘tendency toward unilateralism and national divergence increases, forcing international financial regulatory efforts to retreat behind national borders, and resulting in a fragmentation of global financial markets’.25 The Institute of International Finance described this trend as financial ‘Balkanization’ warning that such actions ‘increase the fragility of the global financial system’.26 In 2009, The Economist further suggested

in The ascent of globalisation
Author: Harry Blutstein

The ascent of globalisation captures the sweeping drama of postwar globalisation through intimate portraits of twenty of its key architects. These profiles provide insights into what inspired these pioneers of globalisation — the beliefs they each imbibed in their youth, the formative experiences that shaped their ideas and their contributions to the global architecture. Engaging anecdotes and telling personal details, many of which have never been told, enliven each of the stories, as well as the behind-the-scenes dramas that accompanied the creation of institutions such as the World Bank, IMF, UN and World Trade Organization and the informal governance structures that are part of the postwar global architecture.

Their legacies are critically examined, both their successes and their disappointments: a global financial system that is fragile and unstable; an international trading system that is unfair; the unintended consequences of largely unregulated transnational capital; and dysfunction that plagues institutions like the European Union and the United Nations. The book ends by examining what implications the flawed architecture may have for the future of globalisation.

State, market, and the Party in China’s financial reform
Author: Julian Gruin

Over more than thirty years of reform and opening, the Chinese Communist Party has pursued the gradual marketization of China’s economy alongside the preservation of a resiliently authoritarian political system, defying long-standing predictions that ‘transition’ to a market economy would catalyse deeper political transformation. In an era of deepening synergy between authoritarian politics and finance capitalism, Communists constructing capitalism offers a novel and important perspective on this central dilemma of contemporary Chinese development. This book challenges existing state–market paradigms of political economy and reveals the Eurocentric assumptions of liberal scepticism towards Chinese authoritarian resilience. It works with an alternative conceptual vocabulary for analysing the political economy of financial development as both the management and exploitation of socio-economic uncertainty. Drawing upon extensive fieldwork and over sixty interviews with policymakers, bankers, and former party and state officials, the book delves into the role of China’s state-owned banking system since 1989. It shows how political control over capital has been central to China’s experience of capitalist development, enabling both rapid economic growth whilst preserving macroeconomic and political stability. Communists constructing capitalism will be of academic interest to scholars and graduate students in the fields of Chinese studies, social studies of finance, and international and comparative political economy. Beyond academia, it will be essential reading for anyone interested in the evolution of Chinese capitalism and its implications for an increasingly central issue in contemporary global politics: the financial foundations of illiberal capitalism.

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Susan Strange

trafficking’ to include money derived from any kind of criminal activity (Williams 1997: 14) and that the prohibition should extend to any laundering activity by non-banks as well as by banks. Yet Williams himself concludes that ‘the global financial system provides many more opportunities than law enforcement can ever hope to forestall or block … law enforcement is playing a game of catch-up which it is almost certainly destined to lose’ (Williams 1997: 1). Eric Helleiner, a Canadian political economist, has been more optimistic, putting his faith in the information

in Mad Money
America and Trump in the Asia Pacific
Ketan Patel and Christian Hansmeyer

trade to open new markets, ensured that sea, road and airways remain open and attempted to deal with “rogue” nations. This has not been an altruistic endeavour; in doing so, Washington has reinforced its position in the global financial system. Withdrawal from these governing institutions, not to mention US threats to defund some of them for political reasons, 13 risks weakening a system that has managed international development funding for decades and placed America in the driving seat of rule-setting and provided it with an important source of soft power globally

in The United States in the Indo-Pacific
Susan Strange

, be tempted to use nuclear weapons against the South? There were also unresolved conflicts between Japan and Russia over the Kurile Islands, and with China over the Spratlys. There were also other signs that an unravelling of the long-standing implicit bargain was under way, with possible adverse consequences for the global financial system. And those signs lay in the complex economic relations between the two countries. Quite by coincidence, just as December 1989 marked a turning point in world politics, so did it in the Japanese economy. A  downturn in the Tokyo

in Mad Money
Abstract only
Susan Strange

multiple uncertainties now present in the global financial system is that there is a plentiful supply of funds deposited short-term or on demand, because the risk from one uncertain variable or another is thereby minimized. There is a corresponding strong demand for shortterm credit – from governments, from corporations and from traders. Where governments used to borrow from bondholders and holders of long-term securities, they now borrow far more in the form of Treasury Bills or other short-term securities – or from the banks. Where corporations used to borrow from

in Casino Capitalism
Oonagh McDonald

occurring should have been considered. In reply, the FSA’s chairman, Adair Turner, argued: the FSA’s bank supervisors were primarily focused on ensuring that they understood the prudential implications of severe market dislocation. And the FSA had no formal regulatory responsibility for the LIBOR submission process.11 Adair Turner did have a point with regard to the domination of the financial crisis. It is easy now to forget its severity – the global financial system teetered on the verge of collapse. Turner added: Manipulation abounds57 all of the authorities, both

in Holding bankers to account