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Business and the State in Developing Countries
Much of the debate about development in the past decade pitted proponents of unfettered markets against advocates of developmental states. Yet, in many developing countries what best explains variations in economic performance is not markets or states but rather the character of relations between business and government. The studies in Business and the State in Developing Countries identify a range of close, collaborative relations between bureaucrats and capitalists that enhance elements of economic performance and defy conventional expectations that such relations lead ineluctably to rent-seeking, corruption, and collusion. All based on extensive field research, the essays contrast collaborative and collusive relations in a wide range of developing countries, mostly in Latin America and Asia, and isolate the conditions under which collaboration is most likely to emerge and survive. The contributors highlight the crucial roles played by capable bureaucracies and strong business associations.
Gatekeepers of Growth
Central banks can shape economic growth, affect income distribution, influence a country's foreign relations, and determine the extent of its democracy. While there is considerable literature on the political economy of central banking in OECD countries, this is the first book-length study focused on central banking in emerging market countries. Surveying the dramatic worldwide trend toward increased central bank independence in the 1990s, the book argues that global forces must be at work. These forces, the book contends, center on the character of international financial intermediation. Going beyond an explanation of central bank independence, Sylvia Maxfield posits a general framework for...
Internationalization and Domestic Politics
This volume focuses on the effects of the internationalization of national markets on domestic politics.
Global Monetary Governance
Benjamin J. Cohen has been one of the most original and influential writers on international political economy. This book provides an overview of his contribution to the field, grouped around the central theme of global monetary governance. The book is divided into three sections: challenges to systemic governance - examines the challenge of governance of the international monetary system looking at such crucial issues as monetary reform, the growth of capital markets and financial globalization dealing with financial crisis – looks at efforts to deal effectively with financial crises, analyzing the relationships between governments and banks in the management of international debt problem...
The Regulation of International Financial Markets
International financial relations have become increasingly important for the development of global and national economies. At present these relations are primarily governed by market forces, with little regulatory interference at the international level. In the light of numerous financial crises, this abstinence must be seriously questioned. Starting with an analysis of the regulatory problems at the international level, with only minimal powers entrusted to international organisations, this book develops various possibilities for reform. On the basis of an historical analysis, the book first adopts a comparative approach to national attempts to regulate international financial markets, then outlines the potential of relevant institutions and finally develops a policy perspective. It seeks to provide a framework for analysing options for the regulation of international financial markets from a public international law and comparative law perspective.
Building a Modern Financial System
Building A Modern Financial System provides penetrating insights into the upheavals in Indonesia, and explains the kinds of policies that can lead to the development of a modern financial system in a large, relatively underdeveloped country. The study covers all facets of the financial system, emphasising the role of the monetary authorities, the transition from government-dominated to a predominantly private banking system, and the rapid expansion of the capital market. Indonesia is a particularly interesting case because its economy and financial system was in shambles in the mid-1960s owing to political adventurism and economic mismanagement. Until more recently sensible economic policies and growth-promoting reforms provided a sound financial system and a balanced expansion of agriculture and industry. However since the mid-1990's the stability of the Indonesian system has once again been called into question.
Democracy and Capitalism in Turkey
While a positive correlation between capitalism and democracy has existed in Western Europe and North America, the example of late-industrializing nations such as Turkey has demonstrated that the two need not always go hand in hand, and sometimes the interests of business coincide more firmly with anti-democratic forces. This book explores the factors that compelled capitalists in Turkey to adopt a more pro-democratic ideology by examining a leading Turkish business lobby (TÜSIAD) which has been pushing for democratic reform since the 1990s, despite representing some of the largest corporation owners in Turkey and having supported the state's authoritarian tendencies in the past such as the...
Beyond the Middle Kingdom
This book breaks new ground by systematically examining China's capitalist transformation through several comparative lenses. The great majority of research on China to date has consisted of single-country studies. This is the result of the methodological demands of studying China and a sense of the country's distinctiveness due to its grand size and long history. The moniker Middle Kingdom, a direct translation of the Chinese-language word for China, is one of the most prominent symbols of the country's supposed uniqueness. Composed of contributions from leading specialists on China's political economy, this volume demonstrates the benefits of systematically comparing China with other countries, including France, Russia, Japan, South Korea, Indonesia, India, Brazil, and South Africa. Doing so puts the People's Republic in a light not available through other approaches, and it provides a chance to consider political theories by including an important case too often left out of studies.
The Politics of Equity Finance in Emerging Markets
Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have...
The Political Economy of Mexico's Financial Reform
This title was first published in 2001. An analysis of the political economy of Mexico's financial reform. It is organized in three parts. The first part - chapters one to four - develops the framework, both historical and institutional. The first chapter outlines the theoretical discussion on state autonomy and develops a simple analytical framework to study public policy decisions. The subsequent three chapters address three main themes: external dependency of domestic states on international capital, political change under President Carlos Salinas and financial policy in Mexico. The second part presents the analysis of three main institutional changes to the financial system - development banking reform, commercial banking privatisation and autonomy of the central bank. Each specific case study shows how the reforms conformed to the ideas of the dominant consensus on economic policy and how they delivered an inefficient incentive structure. The third part - chapter eight - brings together all the elements to explain Mexico's 1994 financial crisis.
