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Books > History > History of specific subjects > Economic history
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Sticky Power - Global Financial Networks in the World Economy (Hardcover)
Loot Price: R2,786
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Sticky Power - Global Financial Networks in the World Economy (Hardcover)
Expected to ship within 10 - 15 working days
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This is an open access title available under the terms of a CC
BY-NC-ND 4.0 International licence. It is free to read at Oxford
Scholarship Online and offered as a free PDF download from OUP and
selected open access locations. Although modern civilization
revolves around money, the nature of money is paradoxical. It is
nothing more than a representation of and medium for decentralized
networks of social trust, but its production is controlled by
highly centralized networks of firms, places, and governments, and
there is never enough of it to go around. Moreover, given that the
creation of money, as credit, is based on expectations, money is at
its heart an instrument for human agency to change the future.
However, the financial systems that produce money are deeply rooted
in the past, and perpetuate themselves through history. Sticky
Power seeks to deepen our understanding of the paradox of money by
introducing a novel conceptual lens, Global Financial Networks, to
cast new light on the geography, history, politics, and sociology
of finance from the Middle Ages to the global financial crisis and
beyond. It shows that the power of finance is inherently sticky:
apparently new innovations such as offshore finance actually date
back centuries, and global financial networks more broadly have
adapted to the rise and fall of empires and the development of new
technologies while changing surprisingly little in their basic
character, or at most changing very slowly. Haberly and Wojcik
argue that a recognition of the mechanics of this durability calls
for a new approach to reforming finance-one less reactively focused
on regulation, and more proactively focused on building new
institutional systems with a long-term sticky power of their own.
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