Capture and Exclude

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Author: Amiya Kumar BagchiSeveral Contributors/Translator(s)/ Edito: Amiya Kumar Bagchi/Gary A DymskiPublisher: TulikaYear: 2007Language: EnglishPages: 343ISBN/UPC (if available): 81-89487-26-4 DescriptionThe essays gathered in this book address two broad questions. What are the legacies of the imperial age and the colonial epoch, in the capitalist economy of the present day? And what challenges do global financial dynamics pose for developing countries, and for lower - and middle-income households?Increasing cross-border economic flows have attracted ever more attention. Ironically, cross-border financial relations are centuries old: they date to the birth of the modern nation-state, and, indeed, emerged under the dual shadows cast by imperialism and colonialism. Under colonialism, the financial flows were asymmetric, almost always flowing from the periphery to the core. This historical fact has continuity in the world economy’s financial core – the US, Western Europe, Japan and newly emerging urban East Asia, and a few selected regions elsewhere. There, globalization has, in the past quarter-century, provided ever more investment and credit options for firms and consumers with access to what Marx would have called ‘world money’.But any balance-sheet of the contemporary impacts of cross-border financial flows for nations outside this global core – that is, formerly colonialized and imperially dominated areas – would look quite different. Certainly, there are global ‘financial citizens’ in these countries, who have benefited from free global financial flows. But, overall, these nations’ macroeconomics have been compromised by contractionary policies forced on them due to recurrent cross-border financial crises; tragedies have unfolded in the wake of these macro shocks. The chapters in this book investigate three interlocking domains: the terrain of ideology about how global financial markets are supposed to work, across nations and across genets; the terrain of institutions and market structure; and the terrain of macroeconomic and regulatory policy. Special attention is paid to the situation of India. This book demonstrates that, because asymmetric power rooted in imperialism and exploitation underlies the current era, exclusion and fragility are persistent features of the world in which we live.ContentsAcknowledgementsContributorsTHEMES AND TRENDS: DEVELOPING NATIONS INTHE AGE OF FINANCEGlobal Financial Integration – IThe Overlooked Historical Context of the Current Period AMIYA KUMAR BAGCHIGlobal Financial Integration – IIExclusion, Vulnerability and Systemic Fragility GARY A DYMSKICentral Bank ‘Autonomy’ in the Age of Finance:The Implications of the Developing Countries JAYATI GHOSHThe Illusionism of Finance PRABHAT PATNAIKHISTORIES OF THE PERIPHERY AND OF THE CENTREThe facts and Fictions of Financial Architecture:Evidence from the Late Nineteenth Century MARC FLANDREAU & CLEMENS JOBSTThe Imperial Impact on the Globalization of IndianFinance prior to the First World War: The Role of the British Colonial Exchange Banks JOHN McGUIREFinance and Production in the United States, 1928-2001:An Empirical Note PORUS OLPADWALA & YURI MANSURYShareholder Value Maximization, Stock Market and New Technology: should the US Corporate Model beThe Universal Standard? AJIT SINGH, JACK GLEN, ANN ZAMMIT, RAFAEL DE- HOYOS, ALAKA SINGH & BRUCE WEISSEThe Globalization of Finanical Exp;loitation GARY A. DYMSKIINSIGHTS INTO THE INDIAN FINANCIAL STRUCTURE AND EXPERIENCECredit Risk and Bank Fragility in the New Financial Environment C.P. CHANDRASEKHARStock market Development and Financing of theCorporate Sector in India: Some Recent Evidence PARTHAPRATIM PALLiberalization of Capital Inflows and the Real Exchange Rate in India: A VAR Analysis INDRANI CHAKRABORTYCOMPARISONS AND LESSONSFinancial Liberalization in Eastern Europe: FortunateFetters or Financial Underdevelopment?ADAM HERSH & CHRISTIAN E. WELLERThe Emerging Hubs in Central-Eastern Europe,Trade Blocs and Financial Cooperation GIUSEPPE TATTARAChina in the Bull Shop: Dealing with Finance After WTOSUNANDA SENFinance: Lessons for India AMIYA KUMAR BAGCHIIndex Show more