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Markets and Authorities

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Markets and Authorities

Global Finance and Human Choice

9781840645910 Edward Elgar Publishing
Edited by Jochen Lorentzen, Education, Science, and Skills Development, Human Sciences Research Council, Cape Town, South Africa and the late Marcello de Cecco, formerly Scuola Normale Superiore di Pisa, Italy
Publication Date: 2002 ISBN: 978 1 84064 591 0 Extent: 184 pp
This stimulating book addresses the relationship between market authority and political authority – a favourite theme of Susan Strange to whom the book is dedicated. From a survey of the bias against capital liberalisation in economic thought to an analysis of the US role in global monetary affairs, it discusses how and why free capital flows contribute to the instability of the global capitalist system.

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This stimulating book addresses the relationship between market authority and political authority – a favourite theme of Susan Strange to whom the book is dedicated. From a survey of the bias against capital liberalisation in economic thought to an analysis of the US role in global monetary affairs, it discusses how and why free capital flows contribute to the instability of the global capitalist system.

The internationally renowned contributors analyse the history and theory of international capital flows to make sense of contemporary global investments and what they mean for global polity and the economy. They argue over the challenges of integrating large developing countries into a liberal world order and the consequences of the multilateral system for the world’s poor. In further discussions they investigate the sustainability of global capitalism in light of financial crises, widespread inequality and the uncertain future for traditional welfare states. They also advance various mechanisms through which they believe greater stability and equity could be introduced into the global financial system and the world economy. Implicit in these arguments is the shared belief that tensions between visions of a rule-based, liberal world and concepts of a more equitable distribution of resources drive most of the major conflicts in the global economy.

Investigating the economic, political and social drawbacks of volatile global finance, and the human choices required to introduce stability, equity and a sense of purpose to the world economy, Markets and Authorities will be an invaluable addition to the fields of economics, political science, political economy and international business.
Contributors
Contributors: P.F. Asso, D. Calleo, M. de Cecco, R. Dore, C. Kindleberger, J. Lorentzen, L.W. Pauly
Contents
Contents: Preface Introduction 1. The ‘Home Bias’ Approach in the History of Economic Thought: Issues on Financial Globalisation from Adam Smith to John Maynard Keynes 2. Benign Neglect 3. Musings on the World Political Economy of the Future: A Plural Global System? 4. Global Poverty and the Rich-Country Racket 5. Pensioners to the Casino 6. Private Power and Public Authority Postscript Index
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