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Global Politics and Financial Governance - Randall D. Germain

Global Politics and Financial Governance

Paperback Published: 22nd November 2010
ISBN: 9780230278431
Number Of Pages: 227

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The financial crisis of 2007-9 prompted many to ask how financial systems from America and Iceland to Russia and Hungary could have been so misgoverned that their near collapse plunged the entire world into recession. Randall Germain assess what needs to be done, and by whom, to avoid a repetition of what he calls the 'great freeze'.

"Up-to-date and admirably accessible, I enthusiastically recommend this text for students as well as for specialists, policy-makers and market participants who, whether they agree or not with the author's conclusions, will find their current dilemmas, challenges, and opportunities exceptionally well illuminated." Louis W. Pauly, University of Toronto "A thoughtful, incisive assessment of what went wrong and how to fix it - and a timely and erudite contribution to rethinking the future of international finance." Jonathan Kirshner, Cornell University"Only the bold make predictions in the social sciences, especially about the future. Randall Germain predicts a deglobalized and deliberalized future for finance where national imperatives trump internationalizing forces. As developing states enter the system with renewed vigor in the wake of the 2008 crisis, and the centrality of the US and the EU to the global system diminishes as this century progresses, we shall see if Germain s excellent historical analysis of past developments translates into clear foresight about our shared financial futures. My bet is that it probably will." Mark Blyth, Brown University"

List of Abbreviationsp. ix
Prefacep. xi
Acknowledgementsp. xiv
Financial Governance and the Statep. 1
Introduction: The Significance of the 2007-2009 Credit Crisisp. 1
Finance, Governance and the Statep. 5
Dimensions of Financial Governancep. 10
Basic Elements of the Argument and Plan of the Bookp. 12
Summaryp. 17
Box: Select Financial Crisesp. 18
Forging Financial Governancep. 20
Introduction: Baring Brothers 1890p. 20
The International Gold Standard until World War Ip. 23
War Financep. 26
The Interwar Years: 1920-1939p. 27
War Finance and a New Financial Orderp. 39
Summaryp. 44
Extending Financial Governancep. 46
Introduction: Bankhaus Herstatt and Franklin National Bank 1974p. 46
Bretton Woods: 1945-1971p. 48
Post-Bretton Woods: 1972-1997p. 53
Reading History: Continuities and Discontinuitiesp. 63
Summaryp. 67
Financial Governance and the Great Freezep. 70
Introduction: Lehman Brothers and AIG 2008p. 70
The New Global Finance and Governance Innovations: 1997-2007p. 72
The Great Freeze: 2007-2009p. 79
The Regulatory Responsep. 87
Recalibrating the Public/Private Authority Nexusp. 95
Summaryp. 98
Global Politics and Financial Governancep. 101
Politics: National Authority, International Relations, Global Politicsp. 101
Finance: Credit, Trust, Innovation, Institutions and Marketsp. 106
Governance: Norms, Authority, Power and Institutionalizationp. 110
Taking Stock: Economic Demands, Political Imperatives and Governance Dynamicsp. 113
Summaryp. 118
Power and Governance in the Global Financial Systemp. 120
International Relations and Financial Powerp. 121
Financial Power and Emerging Marketsp. 126
Financial Power, Political Accountability and Legitimacyp. 131
Financial Power and the International Financial Architecturep. 138
Summaryp. 148
Global Governance and National Responsibilityp. 150
The Moral Case for a Deliberalized and Deglobalized Worldp. 151
The Technical/Political Case for a Deliberalized and Deglobalized Worldp. 154
Our Role in the Great Debate over Financial Governancep. 156
Appendix: The Great Freezep. 160
Bibliographic Essay: A Guide to Further Readingp. 172
Notesp. 183
Referencesp. 204
Indexp. 219
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780230278431
ISBN-10: 0230278434
Audience: Tertiary; University or College
Format: Paperback
Language: English
Number Of Pages: 227
Published: 22nd November 2010
Publisher: Macmillan Education UK
Country of Publication: GB
Dimensions (cm): 21.6 x 13.8  x 1.4
Weight (kg): 0.31
Edition Number: 1