9780674034556-0674034554-Capital Rules: The Construction of Global Finance

Capital Rules: The Construction of Global Finance

ISBN-13: 9780674034556
ISBN-10: 0674034554
Author: Abdelal, Rawi
Publication date: 2009
Publisher: Harvard University Press
Format: Paperback 320 pages
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Book details

ISBN-13: 9780674034556
ISBN-10: 0674034554
Author: Abdelal, Rawi
Publication date: 2009
Publisher: Harvard University Press
Format: Paperback 320 pages

Summary

Acknowledged authors Abdelal, Rawi wrote Capital Rules: The Construction of Global Finance comprising 320 pages back in 2009. Textbook and eTextbook are published under ISBN 0674034554 and 9780674034556. Since then Capital Rules: The Construction of Global Finance textbook was available to sell back to BooksRun online for the top buyback price or rent at the marketplace.

Description

Listen to a short interview with Rawi AbdelalHost: Chris Gondek | Producer: Heron & Crane

The rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy.

In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s--trading foreign stocks and bonds, borrowing in foreign currencies--had been illegal in many countries only decades, and sometimes just a year or two, earlier.

How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, "managed" globalization. This contest over the character of globalization continues today.

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