We have become accustomed to claims of state impotence regarding the regulation of flows of information, money, people, crime, and trade across national borders. Global market actors are also believed to inflict fiscal prudence—limiting the ability of policy makers to carry out demand-managed growth strategies and provide for social security—by subjecting governments to close economic scrutiny. If states do not balance their budgets, privatize inefficient state-run companies, and deregulate finance and trade, global market forces now have the ability to throw national economies into the abyss through currency speculation and through the instantaneous movement of “footloose capital.” What then can we learn from a historical study of these ideas?


World Economy State Denial State Impotence Grow World Economy Currency Speculation 
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  1. 2.
    Linda Weiss, The Myth of the Powerless State: Governing the Economy in a Global Era (Cambridge, Polity Press, 1998).Google Scholar

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© Per A. Hammarlund 2005

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