Ch. 2 Making finance -Social Science

Human-produced flows
1. movements of commodities, goods, people, ideas
Bretton Wood conference: 1944 establish gobal architecture for financial systems
1. Keynes and White drew the Bretton Woods Agreement
  1. Blueprint for post war financial systems
    1. fixed but adjustable exchange rates
  2. Allowed for states to control stable passage of financial flows
    1. Financial architecture was a dream or concept of how flows could move between territories with a min. risk
    2. TERRITORIALLY BASED
2. Governments agreed to establish rules and give stability to international financial systems
3. System collapsed in early 1970s
  1. Shift of power from state to financial markets: flexible exchange rates
    1. NEO-LIBERALISM
      1. a belief in free market, corporate power and free regulation
        Financial globalisation
        Unregulated capitalism
      2. Last 30 years
      3. Thatcher, Reagan champions of neolib.
      4. Pro liberalisation: relationship bw. territories and private flow is very clear
        If country play by the rules , financial flows will get in, economic long term grow and living standards for poorer countires
        Ending geography barriers
      5. Anti liberalisation: Patnaik: developing countries don't benefit in the long term. They have to offer tax benefits for private investors
        Interdependency between nation states
      6. Martin 1994: power is with private sector org. investment banks, IMF, pernsion funds, capitalist countries (G7, G8 or G10).
        This is not ending geography, it is reconfiguring geographies of money, power and dependency (Martin 94 p, 66)
    2. FINANCIAL FLOWS
      1. Financial flows create a set if interdependencies btw. territories (p. 92)
        Financial power can reshape territories, like poorer countries. financial resources can or cannot be made available from the global financial markets ( 92)
    3. Financial markets are sophisticated combination of technology and human resouces located in specific territories (p72)
      1. London, New York , Tokyo have 68% of world capitalisation of stock, 60% of key global financial markets - Concentration of power rather than dispersal, p 75
        Financial Centres are important for the global finance to happen, they are the territories, buildings, face to face contact etc. (p76)
        London and NY symbolise financial power and strenght of private finance (p.76)
        OFC: Offshore Financial Centres show the complex interdependency bw. territory and financial flows shaping new territories (p. 83)
        OFC are considered a problem for tax evasion and responsibility (reading by Duncan Bell Guardian p. 101)
        Anmerkungen:
        Global responsibility linked to Young's concept of responsib. in a globalised world. (Barnett et al. 2008)
      2. Global finc. markets and flows create a potential for controlling and having economic power over territories of states around the world (p. 72)
        Digital technology allows territory and flows to interconnect and be interdependent (p.74)
World Bank: shapes economic policy at global level
IMF: central coordinator of international monetary system

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Ch. 2 Making finance -Social Science

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