Abstract
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. (C) 2000 Elsevier Science Ltd. All rights reserved.
| Original language | English |
|---|---|
| Pages (from-to) | 87-99 |
| Number of pages | 13 |
| Journal | Geoforum |
| Volume | 31 |
| Issue number | 1 |
| DOIs | |
| Publication status | Published - Feb 2000 |
Bibliographical note
Funding Information:Versions of this paper were given at the annual conferences of the RGS/IBG in Guilford (1998) and the AAG in Boston, and at seminars in Aberystwyth, Kings College London, Portsmouth and York University, Toronto and I would like to thank participants on these occasions for their comments. The comments of one of the referees at Geoforum and of Andy Leyshon were also helpful in my thinking. I would also like to acknowledge the support of ESRC for the support for the research fellowship ‘Regulating finance: the political geography of financial services' (H52427001394). The usual disclaimers apply.
ASJC Scopus subject areas
- Sociology and Political Science