Cover image for Discipline in the global economy? : international finance and the end of liberalism
Title:
Discipline in the global economy? : international finance and the end of liberalism
Author:
Vestergaard, Jakob.
ISBN:
9780415990318

9780203882498
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Publication Information:
New York : Routledge, 2009.
Physical Description:
viii, 288 p. : ill. ; 24 cm.
Series:
New political economy
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Book BILKUTUP0306125 HB3808 .V47 2009 Central Campus Library
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Summary

Summary

In Discipline in the Global Economy, Jakob Vestergaard investigates the currently prevailing regulation of international finance, launched in response to the financial crises of the 1990's. At the core of this approach is a set of standards of 'best practice', ranging from banking supervision to corporate governance. Vestergaard argues that although these standards are presented as 'international', they comprise a norm for the 'proper' organization and regulation of economies which is intimately related to the Anglo-American model of capitalism. With this approach to the regulation of international finance, previous deregulation policies were replaced by a comprehensive system for the global disciplining of economies. This is a remarkable, if not paradoxical, occurrence in what is allegedly the heyday of neoliberalism and 'free market economy'. Moreover, this mode of international financial regulation has proved ineffective, if not counter-productive, in terms of its objective to enhance the stability and resilience of the international financial system. Only by abandoning 'laissez-fairy tales' about liberalism may we begin to understand our present predicament- and open a space for critical thinking on modes of international economic governance that are at the same time more conducive to financial stability and more in line with the ethos of liberalism.


Table of Contents

List of Tablesp. ix
Acknowledgmentsp. xi
1 Introductionp. 1
Part I The Asian Crisis
2 Toward a Problematization of the Asian Crisisp. 25
3 Understanding Asia's Crisisp. 34
4 What Happened to Asia?p. 43
5 The East Asia Crisis: How IMF Policies Brought the World to the Verge of a Global Meltdownp. 49
6 The Asian Debt and Development Crisis of 1997-?: Causes and Consequencesp. 57
7 Two to Tango?p. 70
Part II Discipline in the Global Economy
8 Strengthening the International Financial Architecture (IFA)p. 89
9 Michel Foucault's Analysis of Disciplinary Powerp. 102
10 Disciplining Economiesp. 122
11 So What is a 'Proper' Economy?p. 131
12 More Heat Than Light: Anatomy of a Regulatory Failurep. 149
13 The Post-Washington Consensusp. 168
Part III The End of Liberalism?
14 What is Liberalism?p. 185
15 Liberalism: The Invention of 'The Economy'p. 193
16 Neoliberalism: Governing Through Marketsp. 202
17 So is This the End of Liberalism?p. 214
Part IV A Way Forward
18 A New Regulation of International Financep. 227
Notesp. 251
Bibliographyp. 263
Indexp. 279