States and the Reemergence of Global Finance From Bretton Woods to the 1990s

ISBN-10: 0801483336
ISBN-13: 9780801483332
Edition: 1996
Authors: Eric Helleiner
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Description: Most accounts explain the postwar globalization of financial markets as a product of unstoppable technological and market forces. Drawing on extensive historical research, Eric Helleiner provides the first comprehensive political history of the  More...

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Book details

List price: $24.95
Copyright year: 1996
Publisher: Cornell University Press
Publication date: 4/11/1996
Binding: Paperback
Pages: 262
Size: 6.00" wide x 9.00" long x 0.60" tall
Weight: 1.012
Language: English

Most accounts explain the postwar globalization of financial markets as a product of unstoppable technological and market forces. Drawing on extensive historical research, Eric Helleiner provides the first comprehensive political history of the phenomenon, one that details and explains the central role played by states in permitting and encouraging financial globalization.Helleiner begins by highlighting the commitment of advanced industrial states to a restrictive international financial order at the 1944 Bretton Woods conference and during the early postwar years. He then explains the growing political support for the globalization of financial markets after the late 1950s by analyzing five sets of episodes: the creation of the Euromarket in the 1960s, the rejection in the early 1970s of proposals to reregulate global financial markets, four aborted initiatives in the late 1970s and early 1980s to implement effective controls on financial movements, the extensive liberalization of capital controls in the 1980s, and the containment of international financial crises at three critical junctures in the 1970s and 1980s. He shows that these developments resulted from various factors, including the unique hegemonic interests of the United States and Britain in finance, a competitive deregulation dynamic, ideological shifts, and the construction of a crisis-prevention regime among leading central bankers. In his conclusion Helleiner addresses the question of why states have increasingly embraced an open, liberal international financial order in an era of considerable trade protectionism.

Eric Helleiner is Professor and Faculty of Arts Chair in International Political Economy, Department of Political Science and Balsillie School of International Affairs, University of Waterloo.

Preface
Abbreviations
Introduction
The Restrictive Bretton Woods Financial Order
Bretton Woods and the Endorsement of Capital Controls
Continuing Caution: The Slow and Limited Move to Convertibility
The Reemergence of Global Finance
Support for the Euromarket in the 1960s
Failed Cooperation in the Early 1970s
Four Turning Points in the Late 1970s and Early 1980s
The Liberalization Trend in the 1980s
Weathering International Financial Crises
Conclusion
Explaining Differing State Behavior in Trade and Finance
Works Cited
Index

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