Abstract
Depending upon one’s disposition, there is considerable potential irony in the title of this volume. Clearly there have been major changes in the nature and structure of the international monetary and financial system since the rise of the Euromarkets in the 1960s.1 Since the 1970s we have seen the demise of the postwar system of fixed exchange rates, a wave of market-oriented reform in domestic financial markets and the rapid integration of many once-national capital markets across political and regulatory boundaries. These developments have been variously referred to but might neatly be encapsulated in the term ‘capital mobility’2 While there is considerable agreement on the description of the phenomena involved, assessment of these developments is likely to differ according to self-interest and normative position.
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Notes
See Eric Helleiner (1995), States and the Re-emergence of Global Finance (Ithaca: Cornell University Press).
See Paul B. Goodman and Louis W. Pauly (1990), ‘The New Politics of International Capital Mobility’, International Business and Trade Law Papers, no. 29, University of Toronto Faculty of Law.
See arguments in Geoffrey R.D. Underhill (1995), ‘Keeping Governments out of Politics: Transnational Securities Markets, Regulatory Co-operation, and Political Legitimacy’, in Review of International Studies, vol. 21, no. 3, July, esp. pp. 254–8.
See Philip G. Cerny (1993), ‘The Deregulation and Reregulation of Financial Markets in a More Open World’, in Cerny (ed.), Finance and World Politics (Aldershot: Edward Elgar), pp. 51–85.
See Geoffrey R.D. Underhill (1991), ‘Markets beyond Politics? The State and the Internationalisation of Financial Markets’, in European Journal of Political Research, vol. 19, no. 2, March—April, pp. 197–226.
See Tony Porter (1993), States, Markets, and Regimes in Global Finance (London: Macmillan), esp. chapter 3 on banking and chapter 4 on securities.
Michael Moran (1991), The Politics of the Financial Services Revolution (London: Macmillan), pp. 130, 133.
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© 1997 Palgrave Macmillan, a division of Macmillan Publishers Limited
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Underhill, G.R.D. (1997). Introduction. In: Underhill, G.R.D. (eds) The New World Order in International Finance. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-25315-9_1
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