Financial Openness and National Autonomy: Opportunities and Constraints

Hardcover | November 1, 1990

EditorTariq Banuri, Juliet B. Schor

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WIDERThe World Institute for Development Economics Research, established in 1984, started work in Helsinki in 1985, with the financial support of the Government of Finland. Its principal purpose is to help identify and meet the need for policy-oriented socio-economic research on pressing global anddevelopmental problems and their inter-relationships. WIDER's research projects are grouped into three main themes: hunger and poverty; money, finance, and trade; and development and technological transformation. The 1980s ushered in a `globalization' of finance, and governments began rejecting the task of engaging in international financial management. A new doctrine - global neoclassicism - arose, based on the idea that government regulation of financial markets was futile and foolish. The authors of this book tackle the question of whether national policy autonomy is still possible, in the process challenging the new orthodoxy, and the dangers attendant upon deregulation. They explore the `political economy' of financial openness, and the political nature of recent developmentssuch as the ascendency of private financial interests and a reduced role for government regulation. The book includes both general historical and theoretical approaches, as well as case studies of various countries, such as Australia, Mexico, and Pakistan. It represents a major contribution in thepolitical economy of international finance.

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From Our Editors

The 1980s ushered in a sea-change in international financial markets with what appeared to most observers as a rapid acceleration of 'globalization of finance'. In the process, many governments rejected in (sic) international financial management or control of international capital movements. A new doctrine--global neoclassicism--arose...

From the Publisher

WIDERThe World Institute for Development Economics Research, established in 1984, started work in Helsinki in 1985, with the financial support of the Government of Finland. Its principal purpose is to help identify and meet the need for policy-oriented socio-economic research on pressing global anddevelopmental problems and their inter...

From the Jacket

The 1980s ushered in a sea-change in international financial markets with what appeared to most observers as a rapid acceleration of 'globalization of finance'. In the process, many governments rejected in (sic) international financial management or control of international capital movements. A new doctrine--global neoclassicism--arose...

Tariq Banuri is an Economic Policy Adviser at International Union for Conservation of Nature and Natural Resources. Juliet B. Schor is an Associate Professor of Economics at Harvard University.
Format:HardcoverDimensions:302 pages, 9.21 × 6.14 × 0.94 inPublished:November 1, 1990Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0198283644

ISBN - 13:9780198283645

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From Our Editors

The 1980s ushered in a sea-change in international financial markets with what appeared to most observers as a rapid acceleration of 'globalization of finance'. In the process, many governments rejected in (sic) international financial management or control of international capital movements. A new doctrine--global neoclassicism--arose, based on the idea that government regulation of financial markets was futile and even foolish. The authors of this book challenge the new orthodoxy and reinterpret the current state of the international financial system, tackling the question of whether national policy autonomy is still possible. They argue that the conventional understanding of international financial openness is both simplistic and mistaken. They explore the 'political economy' of financial openness, arguing that many of the developments of the 1980s have been political, involving the ascendence of private financial interests. They show the inadequacies of 'global neoclassicism' and offer instead, a novel political economy approach, based on relations of power wi

Editorial Reviews

`thanks to the courageous editors and authors, researchers and policy-makers will find the book thought-provoking and controversial'The Economic Journal