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Dangerous derivatives: controlling and creating risks in international money
Ist Teil von
Geoforum, 2000-02, Vol.31 (1), p.87-99
Ort / Verlag
Elsevier Ltd
Erscheinungsjahr
2000
Link zum Volltext
Quelle
Elsevier Journal Backfiles on ScienceDirect (DFG Nationallizenzen)
Beschreibungen/Notizen
The liberalisation of global capital markets during the last two decades has been associated with increased liquidity and volatility in finance. During the past two decades the global financial system has been transformed. Markets have opened, exchange controls been removed, interest rates become more volatile and financial institutions have become among the most important arbiters in the global political economy. These processes have, undoubtedly, contributed to the relative success of the liberal growth model which, far more socially brutal than it's Keynesian predecessor, is putting deep roots down into the capitalist earth. Yet these transformations in the financial arena have been accompanied by a sweeping away of many of the old securities which underwrote the Keynesian model. This paper argues that the regulatory response to these developments was both slow and inadequate, embodying- as it does- a liberal, pro-market logic.