Most accounts explain the postwar globalization of financial
markets as a product of unstoppable technological and market
forces. Drawing on extensive historical research, Eric Helleiner
provides the first comprehensive political history of the
phenomenon, one that details and explains the central role played
by states in permitting and encouraging financial
globalization.
Helleiner begins by highlighting the commitment of advanced
industrial states to a restrictive international financial order at
the 1944 Bretton Woods conference and during the early postwar
years. He then explains the growing political support for the
globalization of financial markets after the late 1950s by
analyzing five sets of episodes: the creation of the Euromarket in
the 1960s, the rejection in the early 1970s of proposals to
reregulate global financial markets, four aborted initiatives in
the late 1970s and early 1980s to implement effective controls on
financial movements, the extensive liberalization of capital
controls in the 1980s, and the containment of international
financial crises at three critical junctures in the 1970s and
1980s. He shows that these developments resulted from various
factors, including the unique hegemonic interests of the United
States and Britain in finance, a competitive deregulation dynamic,
ideological shifts, and the construction of a crisis-prevention
regime among leading central bankers. In his conclusion Helleiner
addresses the question of why states have increasingly embraced an
open, liberal international financial order in an era of
considerable trade protectionism.
General
Imprint: |
Cornell University Press
|
Country of origin: |
United States |
Release date: |
April 1996 |
First published: |
2015 |
Authors: |
Eric Helleiner
|
Dimensions: |
229 x 152 x 15mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
258 |
Edition: |
1 New Ed |
ISBN-13: |
978-0-8014-8333-2 |
Categories: |
Books
|
LSN: |
0-8014-8333-6 |
Barcode: |
9780801483332 |
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