Why International Cooperation is Failing: How the Clash of Capitalisms Undermines the Regulation of FinanceSince the global financial crisis of 2008/09, international cooperation has failed to curb volatile financial markets. Changes in the global rules of finance discussed in the G20 during the last decade remain limited, and it is uncertain whether they are suitable to help mitigate and manage future crises to come. This book offers an alternative to the popular notion that this failure is the result of the 'nature' of the international system, the clash of national egoisms, or lack of leadership. It instead investigates problems of international cooperation by looking at their deeper structural origins in the competition of different models of capitalism. US finance-led, EU integration-led, and East Asian state-led capitalism complement each other globally but have conflicting preferences on how to regulate international finance. This interdependence of capitalist models is relatively stable but also prone to crises caused by volatile financial flows, global economic imbalances, and 'currency wars'. By bringing together approaches from International Political Economy and Comparative Capitalism, this book shows that regulating international finance is not a technocratic exercise of fine-tuning the machinery of international institutions, but rather a political process. International cooperation can only be successful if it goes hand in hand with deep domestic changes in each of these capitalist models. |
Contents
Introduction | 1 |
The Problem in Detail The Clash of Capitalisms and the Rules of International Finance | 35 |
FinanceLed Capitalism in the US The Globalization of Finance and the Quest for Global Neoliberal Hegemony | 94 |
IntegrationLed Capitalism in the EU The Rise of Euro Corporatism and the Quest for Regional Stability | 142 |
StateLed Capitalism in East Asia Export Orientation and the Quest for National Sovereignty | 187 |
Conclusions SecondImage IPE and the International Regulation of Finance | 236 |
| 255 | |
| 273 | |
Other editions - View all
Why International Cooperation Is Failing: How the Clash of Capitalisms ... No preview available - 2022 |
Common terms and phrases
Asia Asian financial crisis Basel capital controls cent central banks Chapter China collapse companies competition conglomerates convergence coordination corporatism created debt deficits different models dollar domestic political economies dominance East Asian countries Europe European integration exchange rates exchange-rate export export-oriented finance-led capitalism finance-led countries financial flows financial globalization financial markets financial regulation financial sector financial transaction fiscal stimulus packages flow of capital focus Germany global economic imbalances global financial crisis gold standard growth model hegemonic Helleiner implement important increase industrial interest international conflicts international cooperation international financial international institutions investment investors Japan Kalinowski Keynesian Korea labour unions liberalization Maastricht Treaty macroeconomic macroeconomic policies massive models of capitalism monetary policies neoliberal organized labour particularly path dependency perspective Plaza Accord quantitative easing reforms regional remained role single market stability strategy strong structural summit trade trilemma Unlike volatility welfare