The essays in this book describe and analyze the current contours of the international financial system, covering both developed and developing countries, and focusing on the ways in which the current international financial system structures, and is affected by, profound inequalities in the international system. This keen analysis of key topics in international finance takes a heterodox perspective, with focus on the role of inequalities in power in shaping the structure and outcomes in the international sphere.

The second edition of this important textbook introduces students to the fundamental ideas of heterodox economics. It is written in a clear way by top heterodox scholars. This introductory book offers not only a critique of the dominant approach to economics, but also presents a positive and constructive alternative. Students interested in an explanation of the real world will find the heterodox approach not only satisfying, but ultimately better able to explain a money-using economy prone to periods of instability and crises.

Capital Claims: Power and Global Finance analyses how global financialized capitalism operates and reproduces itself, exploring the remarkable ability of the financial sector to maintain its dominance through even the most severe economic crises. The book defines international financialization as a process by which the number and value, the tradability, and the enforceability of cross-border financial claims increase and are successfully defended against competing social or political agendas. By focusing on financial claims, the volume develops a conceptual toolkit for the study of the political economy of global finance and the inequalities it sustains. The book brings together leading researchers whose work is geared towards opening the black box of cross-border finance. The authors suggest shifting the analytical focus from capital flows to capital claims – credit–debt relations between identifiable actors, embedded in social and political institutions, and infused with power and hierarchy. They show how financial actors wield leverage power, infrastructural power, and enforcement power, both vis-à-vis other private actors and vis-à-vis the state. This book will be of great interest to students, teachers, and researchers of international political economy, critical political economy, and international relations, as well as those in the fields of finance, capitalism studies, activism, policymaking, and advocacy. An Online Appendix for Chapter 11 is available at: www.routledge.com/9781032111193

FINALIST FOR THE ORWELL PRIZE FOR POLITICAL WRITING 2022 THE TIMES BOOKS OF THE YEAR 2021 'A complex story, which Tooze tells with clarity and verve... The world is unlikely to be treated to a better account of the economics of the pandemic' The Times From the author of Crashed comes a gripping short history of how Covid-19 ravaged the global economy, and where it leaves us now When the news first began to trickle out of China about a new virus in December 2019, risk-averse financial markets were alert to its potential for disruption. Yet they could never have predicted the total economic collapse that would follow in COVID-19's wake, as stock markets fell faster and harder than at any time since 1929, currencies across the world plunged, investors panicked, and even gold was sold. In a matter of weeks, the world's economy was brought to an abrupt halt by governments trying to contain a spiralling public health catastrophe. Flights were grounded; supply chains broken; industries from tourism to oil to hospitality collapsed overnight, leaving hundreds of millions of people unemployed. Central banks responded with unprecedented interventions, just to keep their economies on life-support. For the first time since the second world war, the entire global economic system contracted. This book tells the story of that shutdown. We do not yet know how this story ends, or what new world we will find on the other side. In this fast-paced, compelling and at times shocking analysis, Adam Tooze surveys the wreckage, and looks at where we might be headed next. 'A seriously impressive book, both endlessly quotable and rigorously analytical' Oliver Bullough, The Guardian

With the ending of the Cold War and the rise of a nationalistic ‘America First’ strategy, the post-war liberal international order, based upon the hegemonic power of the USA, is fading away. In its place, a multipolar world is emerging which, while offering some the hope of a better future, is also open to disorder and instability. This book offers an insight into the relationship between politics and economics in this new era. As an alternative, this volume argues for a form of global governance that will offer a better balance between politics and economics, based on a supranational approach. A supranational approach in which world powers and UN member states can work in agreement would follow the principle on which European political and economic integration was built. The system put forward here is based on a Keynesian world clearing union and a reform of the World Trade Organization and a United Nations budget, which would accelerate the convergence of rich and poor countries in the aim of a more sustainable global system. This book demonstrates that globalisations and today’s ecological challenges are both a cause of social discontent and an opportunity. Supranational institutions can greatly increase our ability to address global risks, and this book shows how a 'supranational' world order could reduce the uncertainty of the transition from the post-war order to the future multipolar order. The supranational principle enables us to view globalisation, world capitalism and the ecological crisis not only as causes of inequality, poverty and social instability, but also as processes that can be governed. Wise politicians and political parties cannot let the future of humanity be decided by the precarious equilibrium of the Westphalia system. In post-war Europe a group of nation states, once fierce enemies, embarked on a process of integration which led to the abolition of inter-European national borders. With supranational global governance, the same could be achieved in the global system.

In a lively critique of how international and comparative political economy misjudge the relationship between global markets and states, this book demonstrates the central place of the American state in today's world of globalized finance. The contributors set aside traditional emphases on military intervention, looking instead to economics.

Current inquiries into the political economy of financial policymaking in Malaysia tend to focus on the high-level drama of crisis politics or simply point to the limited impact of post-crisis financial reforms, given that politico-business relations have remained close. In so doing, pundits ignore a number of intriguing questions: what is the relationship between financial development and financialisation and how has it played out in the Malaysian context? And more generally: how can a country like Malaysia become significantly more financially developed, yet fail to emancipate the financial system from political control; a core element of the financial development discourse? To unravel the complexities of this puzzle, this book subjects the history and contemporary practices of financial policymaking in Malaysia to scrutiny. It argues that to understand financial development in Malaysia, its progress and reversals, it is important to conceptualise it as a political, rather than a merely technical process. In so doing, the book echoes a more profound concern in the political economy literature, namely the evolving relationship between states and markets, and the supposed retreat or reassertion of the state at a time of increasing (financial) globalisation. The book can generate further insights into the evolving role of the state with regard to broader processes of development and marketisation, as they relate specifically to finance.

An authoritative introduction to Global Political Economy.The book covers all bases: contemporary theory, introductions to particular issue areas, and an extended debate on globalization that reflects a variety of perspectives. The book is accompanied by an Online Resource Centre. Student resources: Timeline Web links Glossary Instructor resources: Tables and figures from the book to download 2 in-depth case studies

The Political Economy of Globalization brings together original chapters by leading authorities to provide much-needed evidence and analysis in relation to a highly contentious phenomenon and concept. The book shows how investment patterns are being transformed, a global civil society is emerging, and governments are losing control of national currencies. However, it also makes it clear that globalization does not prohibit strong governments from maintaining a welfare state and good working conditions and how they can co-operate to manage the flow of goods, money, people, and problems across borders. The Political Economy of Globalization brings together original chapters by leading authorities to provide much-needed evidence and analysis in relation to a highly contentious phenomenon and concept. The book shows how investment patterns are being transformed, a global civil society is emerging, and governments are losing control of national currencies. However, it also makes it clear that globalization does not prohibit strong governments from maintaining a welfare state and good working conditions and how they can co-operate to manage the flow of goods, money, people, and problems across borders.

Essential reading for anyone interested in the cutting edge debates in contemporary international political economy (IPE), this book features contributions from the most influential scholars in the field from North America, Canada and the UK who debate the most important issues in IPE.