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Regulating international finance and the evolving imbalance of capitalisms since the 1970s

  • Kalinowski, Thomas
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    In this paper, I put the ongoing G20 process of improving the regulation of international finance into a historically informed perspective. To understand the driving forces behind and obstacles to international cooperation in governing finance I combine concepts from international political economy and comparative political economy (IPE and CPE) that have previously been only loosely connected. Building on the IPE literature that highlights the historical and political embeddedness of financial regulation I depart from the IPE focus on the globalization of US-UK financial market capitalism. CPE studies show that, since the 1970s, different variations of capitalism have reacted in distinct ways to the collapse of the Bretton Woods system, lower growth rates and saturated domestic markets. Most notably, there has been a divergence between the approaches of financializing countries (US, UK) and export-oriented countries (Germany, East Asian nations). The interdependence between financialized and export-oriented variations of capitalism has contributed to the dynamics and crises of international finance for the past four decades. This 'imbalance of capitalisms' also became an obstacle to international cooperation in regulating finance. Faced with the 'trilemma of economic policies,' the financialized and export-oriented variants of capitalism have chosen different combinations of macroeconomic policies, currency policies, and the regulation of financial flows and financial firms. This divergence has led to conflicting preferences with regard to international cooperation to regulate finance.

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    Paper provided by Max Planck Institute for the Study of Societies in its series MPIfG Discussion Paper with number 11/10.

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    Date of creation: 2011
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    Handle: RePEc:zbw:mpifgd:1110
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    1. Dani Rodrik, 1996. "Why Do More Open Economies Have Bigger Governments?," NBER Working Papers 5537, National Bureau of Economic Research, Inc.
    2. Aizenman, Joshua & Chinn, Menzie David & Ito, Hiro, 2009. "Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time," Santa Cruz Department of Economics, Working Paper Series qt840728sc, Department of Economics, UC Santa Cruz.
    3. Nölke, Andreas, 2011. "Transnational economic order and national economic institutions: comparative capitalism meets international political economy," MPIfG Working Paper 11/3, Max Planck Institute for the Study of Societies.
    4. Hall, Peter A. & Soskice, David (ed.), 2001. "Varieties of Capitalism: The Institutional Foundations of Comparative Advantage," OUP Catalogue, Oxford University Press, number 9780199247752.
    5. Whitley, Richard, 2003. "The End of Diversity? Prospects for German and Japanese Capitalism. Edited by Kozo Yamamura and Wolfgang Streeck. Ithaca, NY: Cornell University Press, 2003. Pp. xiii, 401. $49.95, 31.50 cloth; $24.95," The Journal of Economic History, Cambridge University Press, vol. 63(04), pages 1181-1183, December.
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