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Who Elected the Bankers? - Surveillance and Control in the World Economy (Paperback, New edition)
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Who Elected the Bankers? - Surveillance and Control in the World Economy (Paperback, New edition)
Series: Cornell Studies in Political Economy
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A former banker and staff member of the International Monetary
Fund, Louis W. Pauly explains why people are deeply concerned about
the emergence of a global economy and the increasingly integrated
capital markets at its heart. In nations as diverse as France,
Canada, Russia, and Mexico, the lives of citizens are disrupted
when national policy falls out of line with the expectations of
international financiers. Such dilemmas, ever more conspicuous
around the world, arise from the disjuncture between a rapidly
changing international economic system and a political order still
constituted by sovereign states. The evolution of global capital
markets inspires an understandable fear among people that the
governing authorities accountable to them are losing the power to
make substantive decisions affecting their own material prospects
and those of their children. Pauly points out that today's capital
markets resulted from decisions taken over many years by sovereign
states, and particularly by the leading industrial democracies, who
simultaneously crafted the instrument of multilateral economic
surveillance. The effort to build adequate political foundations
for global capital markets spans the twentieth century and links
the histories of such institutions as the League of Nations, the
International Monetary Fund, the European Union, and the Group of
Seven.
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