Cover: Capital Rules: The Construction of Global Finance, from Harvard University PressCover: Capital Rules in PAPERBACK

Capital Rules

The Construction of Global Finance

Add to Cart

Product Details

PAPERBACK

$25.00 • £20.95 • €22.50

ISBN 9780674034556

Publication Date: 09/30/2009

Short

320 pages

6-1/8 x 9-1/4 inches

8 tables

World

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.

Recent News

From Our Blog

Jacket: Our Universe: An Astronomer’s Guide, by Jo Dunkley, from Harvard University Press

Q&A with Jo Dunkley, author of Our Universe: An Astronomer’s Guide

Jo Dunkley combines her expertise as an astrophysicist with her talents as a teacher and writer in Our Universe: An Astronomer’s Guide, a lively and exceptionally clear introduction to the structure and history of the universe and its enduring mysteries. We spoke with her about the book and her seemingly limitless topic.

‘manifold glories of classical Greek and Latin’

The digital Loeb Classical Library (loebclassics.com) extends the founding mission of James Loeb with an interconnected, fully searchable, perpetually growing virtual library of all that is important in Greek and Latin literature.