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

Capital Rules

The Construction of Global Finance

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Product Details

PAPERBACK

$26.00 • £20.95 • €23.50

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.

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“Predictive Policing” and Racial Profiling

While technology used in policing has improved, it hasn’t progressed, says Khalil Gibran Muhammad, if racial biases are built into those new technologies. This excerpt from his book, The Condemnation of Blackness: Race, Crime, and the Making of Modern Urban America, shows that for the reform called for by the current protests against systemic racism and racially-biased policing to be fulfilled, the police—especially those at the top—will need to change their pre-programmed views on race and the way they see the Black citizens they are supposed to “serve and protect.”