Deglobalization: The Rise of Disembedded Unilateralism

2018 ◽  
Vol 10 (1) ◽  
pp. 219-237 ◽  
Author(s):  
Harold James
Keyword(s):  
Financial Regulation ◽  
The Political ◽  
Economic Data ◽  
Economic Nationalism ◽  
2008 Financial Crisis ◽  
Financial Flows ◽  
Cross Border ◽  
European Banking ◽  
Modern Economic ◽  
The 2008 Financial Crisis

There is some evidence of deglobalization in the aftermath of the 2008 financial crisis. The economic data are mixed and indicate a stall, but not a collapse, of globalization. Cross-border financial flows have been reduced, but the overall outcome mostly reflects changes in European banking. Trade is not growing as quickly as before the crisis, but that may be the consequence of technology shortening supply chains. There are more protectionist measures, but they have not radically cut trade. But political deglobalization has advanced much further, and consequently, there is the prospect of more intense conflicts over trade and financial regulation in the future, as well as one of an increasing backlash against migration. Globalization depends on a complex system of regulating cross-border flows and on embedding domestic rules in an international order. The political momentum is directed against the existing methods or regulation and against the complex rules that had been established to manage globalization. The promise given by populist myth builders is that eliminating international entanglements can make life simpler, less regulated, and above all, less subject to the dictates of an administrative class. Modern economic nationalism or unilateralism can be understood as a reversal of the process of embedding and may thus be termed “disembedded unilateralism.”

The Great Reversal

Divested ◽  
2020 ◽  
pp. 9-27
Author(s):  
Ken-Hou Lin ◽  
Megan Tobias Neely
Keyword(s):  
United States ◽  
20Th Century ◽  
The United States ◽  
Good Thing ◽  
The Political ◽  
Historical Account ◽  
2008 Financial Crisis ◽  
The 2008 Financial Crisis ◽  
Natural Result ◽  
Definition Of

This chapter discusses the definition of finance and the meaning of financialization, a concept introduced long before the 2008 financial crisis that has since gained popularity in both academic and public discussion. It argues that finance, while having served an important function in many societies, has become too much of a good thing in the United States, and cites evidence demonstrating its extraordinary growth in and beyond the last quarter of the 20th century. The chapter also provides a brief historical account that identifies the political and institutional roots of financialization, from the Bretton Woods Agreement to the political reorientation in the 1980s, underscoring that the shift was not a natural result of capitalist economy but a historical product contingent on a wide variety of developments.

The Neodevelopmentalist Front and Mercosur under the PT Governments: The Rise and Fall of Multidimensional Regionalism

2021 ◽  
pp. 0094582X2110293
Author(s):  
Tatiana Berringer
Keyword(s):  
Financial Crisis ◽  
Regional Integration ◽  
Political Process ◽  
The Political ◽  
2008 Financial Crisis ◽  
The Social ◽  
Integration Mechanisms ◽  
The 2008 Financial Crisis ◽  
The Impact ◽  
The Relationship

An analysis of the relationship between classes and class fractions and Mercosur under the PT (Workers’ Party) governments suggests that the transition from the open regionalism of the 1990s to the multidimensional regionalism of the 2000s and the crisis of the latter were linked to the overlap between the regional integration mechanisms Unasur and Mercosur and the social base of the neodevelopmentalist front. Multidimensional regionalism went into crisis after 2012, when the country began to suffer the impact of the 2008 financial crisis and changes in international politics and when the political process that culminated in the 2016 coup began. Uma análise da relação entre as classes e frações de classe e o Mercosul dos governos PT sugere que a transição do regionalismo aberto dos anos 1990 para o regionalismo multidimensional dos anos 2000 e a crise deste últimoestão ligados à imbricação entre os processos de integração regional, Unasur e Mercosur, e a base social da frente neodesenvolvimentista. O regionalismo multidimensional entrou em crise a partir de 2012 quando o país começou a sofrer mais o impacto da crise financeira de 2008 e das transformações na política internacional e iniciou-se o processo político que culminou no golpe de 2016.

Shock to the system? Journalism in Irish public service media after the crash

2020 ◽  
Vol 28 (2) ◽  
pp. 116-142 ◽  
Author(s):  
Mark Cullinane
Keyword(s):  
Public Service ◽  
The Political ◽  
Public Confidence ◽  
2008 Financial Crisis ◽  
Policy Responses ◽  
Professional Norms ◽  
Cultural Systems ◽  
The Face ◽  
The 2008 Financial Crisis ◽  
Journalistic Professionalism

The political and economic disjunctures associated with the 2008 financial crisis and the policy responses to it have coincided with the deepening of professional journalism’s cultural crisis of authority and legitimacy, associated with declining public confidence in the hegemonic norms underpinning journalism practice. This paper presents the findings of research undertaken in the newsroom of Ireland’s main public service media organisation aimed at exploring the durability of key tenets of journalistic professionalism as its practitioners negotiated the crisis. In demonstrating evidence from interview testimony of limited editorial responses to crisis, enduring support for dominant professional norms and prevailing practices of representation, inclusion and participation, the findings are suggestive of a broad normative resilience in the face of crisis. Such stability, it is argued, reflects the ideological enmeshment of public service media and journalistic professionalism within the political and cultural systems of their host states but offers few resources for extricating public service journalism from deepening professional and institutional cultural crises.

Corporate Insolvency Law in India

2019 ◽  
pp. 74-87
Author(s):  
Yogendra Nath Mann ◽  
Kavindra Nath Mann
Keyword(s):  
Early Identification ◽  
Direct Investment ◽  
Economic Downturn ◽  
2008 Financial Crisis ◽  
Bilateral Agreements ◽  
Cross Border ◽  
Financial Failure ◽  
Asset Value ◽  
The 2008 Financial Crisis ◽  
Consequent Increase

The 2008 financial crisis was followed by a global economic downturn, a credit crunch, and a reduction in cross-border lending, trade finance, and foreign direct investment, which adversely affected businesses around the world. The consequent increase in the number of firm insolvencies in the corporate sector highlights the need for commercial bankruptcy laws to liquidate efficiently unviable firms and reorganize viable ones, so as to maximize the total value of proceeds received by creditors, shareholders, employees, and other stakeholders. India's weak insolvency regime, its significant inefficiencies, and systematic abuse are some of the reasons for the distressed state of credit markets in India today. The Code promises to bring about far-reaching reforms with a thrust on creditor driven insolvency resolution. It aims at early identification of financial failure and maximizing the asset value of insolvent firms. The Code also has provisions to address cross-border insolvency through bilateral agreements and reciprocal arrangements with other countries.

Old Utopias, New Tax Havens

2019 ◽  
pp. 85-98
Author(s):  
Stefan Eich
Keyword(s):  
Financial Crisis ◽  
Historical Context ◽  
Global Politics ◽  
The Political ◽  
2008 Financial Crisis ◽  
Tax Havens ◽  
Bretton Woods ◽  
The Past ◽  
New Form ◽  
The 2008 Financial Crisis

Cryptocurrencies are frequently framed as future-oriented, technological innovations that decentralize money, thereby liberating it from centralized governance and the political tentacles of the state. This is misleading on several counts. First, electronic currencies cannot leave the politics of money behind even where they aim to disavow it. Instead, we can understand their impact as a political attempt to depoliticize money. Second, the dramatic price swings of cryptocurrencies challenge their self-fashioning as a new form of money and reveal them instead as speculative assets and securities in need of regulation. While the preferential tax and regulatory treatment of cryptocurrencies hinges on their nominal currency status, it is ironically precisely their success as speculative assets that has undermined these claims. Finally, far from heralding a radical break with the past, electronic currencies serve as a reminder of the unresolved global politics of money since the 1970s. To support these three interrelated theses this chapter places the rise of cryptocurrencies in the historical context of the international politics of money between the end of the Bretton Woods system and the response to the 2008 Financial Crisis.

scholarly journals The Idea of Austerity in British Politics, 2003–2013

2017 ◽  
Vol 66 (2) ◽  
pp. 287-305 ◽  
Author(s):  
Nick Anstead
Keyword(s):  
Financial Crisis ◽  
Text Analysis ◽  
The Political ◽  
Computer Assisted ◽  
British Politics ◽  
Think Tank ◽  
2008 Financial Crisis ◽  
Political Research ◽  
The 2008 Financial Crisis ◽  
Political Right

Employing a dataset of 1843 think tank publications containing 37 million words, computer-assisted text analysis was used to examine the idea of austerity in British politics between 2003 and 2013. Theoretically, the article builds on the ideational turn in political research. However, in contrast to much ideational work which argues that ideas are important at times of crisis because they can address uncertainty, this article argues that moments of crisis can lead to the reformulation of ideas. Empirically, this article demonstrates the transformation of the idea of austerity. Prior to the 2008 financial crisis, austerity was largely understood either in historical terms or as a practice applied in other countries. In the aftermath of the crisis, both the political right and left attempted to co-opt the idea of austerity for their own ends, combining it with various other ideational strands on which they have historically drawn.

Regulatory Arbitrage in Cross-Border Crowdfunding

2018 ◽  
pp. 745-772
Author(s):  
Arjya B. Majumdar
Keyword(s):  
Small Businesses ◽  
Disruptive Innovation ◽  
Critical Aspect ◽  
Regulatory Arbitrage ◽  
2008 Financial Crisis ◽  
Cross Border ◽  
Equity Crowdfunding ◽  
The World ◽  
Low Threshold ◽  
The 2008 Financial Crisis

In the aftermath of the 2008 financial crisis, small businesses found it increasingly difficult to raise funds. As a response, equity crowdfunding has emerged as a viable alternative for sourcing capital to support innovative, entrepreneurial ideas and ventures. A number of securities regulators across the world have dealt with, or are in the process of dealing with, equity crowdfunding as a disruptive innovation to established processes of corporate fundraising. However, most equity crowdfunding regulations do not take into account one critical aspect of crowdfunding—that of cross-border crowdfunding. Using a comparative analysis of a number of jurisdictions around the world in their treatment of equity crowdfunding, this chapter argues that in jurisdictions where crowdfunding activities are unregulated or have a low threshold of regulations, the opportunities arising from the resultant regulatory arbitrage could then be used by fund-seeking companies based in jurisdictions where crowdfunding is prohibited or highly regulated.

Playing by the Rules

Watchdog ◽  
2020 ◽  
pp. 89-104
Author(s):  
Richard Cordray
Keyword(s):  
Financial Crisis ◽  
Mortgage Market ◽  
Data Driven ◽  
The Political ◽  
Financial Protection ◽  
Political Climate ◽  
2008 Financial Crisis ◽  
Data Driven Approach ◽  
The 2008 Financial Crisis ◽  
Entire Economy

In the runup to the 2008 financial crisis, lenders were offering reckless “no doc” mortgages, consumers were making unsustainable choices, and the effects were devastating not only for those lenders and consumers but also for everyone around them. Many unsound practices that lenders engaged in were entirely legal, and Congress directed the Consumer Financial Protection Bureau to write new rules to rein in irresponsible practices to safeguard consumers and the entire economy. Congress gave the bureau only eighteen months to complete major regulations reshaping the mortgage market. This chapter describes how the bureau created these rules, the data-driven approach it used, the role that economists and market analysts played in helping make key choices, and the political climate in which it all occurred.

scholarly journals Macroprudential Regulation: Potential Implications for Rules for Cross-Border Banking

2015 ◽  
Vol 06 (01) ◽  
pp. 1550001 ◽  
Author(s):  
Andrew Cornford
Keyword(s):  
World Trade ◽  
Financial Regulation ◽  
Macroprudential Policy ◽  
Financial Flows ◽  
Banking Services ◽  
Reform Agenda ◽  
Cross Border ◽  
Corporate Form ◽  
The World ◽  
Trade And Investment

In the post-crisis agenda of reform of financial regulation, macroprudential policy has been assigned a central role. Some of the measures of this agenda involve restrictions on cross-border financial flows and discriminatory restrictions targeting particular financial institutions and activities. Others target corporate form and the relations between the constituent parts of banking groups. Many of the measures implemented or proposed as part of the reform agenda may be inconsistent with the World Trade Organization (WTO) General Agreement on Trade in Services (GATS) and with other bilateral and regional agreements on trade and investment in banking services. As a result both sets of rules may eventually require revision.

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