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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.

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Susan Strange

Chapter 6 The debtors The debtors and how best to deal with them is surely one of the continuing but unresolved issues for the international financial system. The present chapter will argue that the evolution of that system has changed the nature of the debt problem, but that neither governments nor markets are any nearer a final solution to the question of how to manage transnational debt than they were in the 1980s. Indeed, the evidence suggests that they may be even further away from a sustainable solution. If so, this is a conclusion that throws serious

in Mad Money
From Manchester United as a ‘global leisure brand’ to FC United as a ‘community club’
George Poulton

, who in 2005 formed a breakaway club ‘FC United of Manchester’ (hereafter FC United) in response to a transnational debt-leveraged buy-out of their club. In doing so, it is complementary to chapter 8 in this volume, in building an understanding of the ways in which urban economic t­ransformation has been understood and contested in Manchester. George Poulton 155 Ethnographic approach and background to the field site In 2010, I carried out ethnographic participant observation around FC United games and volunteered on the club’s community football programme as part

in Realising the city
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Tackling the urban through ethnography
Camilla Lewis and Jessica Symons

in their daily experiences. The impact of city administrative or political activity can be traced through ethnographic analyses, in particular as a presence that affects people’s ability to realise their own ambitions. George Poulton analyses urban economic transformation through his fieldwork among a group of football fans who, in 2005, formed a breakaway club ‘FC United of Manchester’ in response to a transnational debt-leveraged buy-out of Manchester United Football Club. Poulton shows how notions of locality and community had become increasingly politicised

in Realising the city