No area has become more global in its operations, more volatile, and thus more difficult to monitor and control than international banking. In this book, the international banker and political economist Ethan Kapstein explores the actions that governments have taken to cope with the economic and political consequences associated with the globalization of international finance.
A very readable account of efforts to regulate an increasingly liberalized world capital market since the mid-1970s breakdown of the ‘Bretton Woods’ system of international monetary arrangements.
Kapstein’s main point is that the world economy does not ‘operate somewhere offshore.’ It functions within the political framework provided by nation-states. Which should mean that their citizens have not lost all influence over it.
With this timely and persuasive study, Ethan Kapstein establishes himself as one of our foremost authorities on the political economy of international banking. A judicious blend of theoretical insight and practical knowledge, Governing the Global Economy is essential reading for anyone concerned with the future operation and regulation of international financial markets.
Ethan B. Kapstein is Codirector of the Empirical Studies of Conflict Project at Princeton University and Arizona Centennial Professor of International Affairs at Arizona State University. He has also served as a Principal Administrator at the Organization for Economic Cooperation and Development and as a US government economist. A former banker and retired naval officer, Kapstein has published widely on the international political economy and advised multinational corporations and development agencies.