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Financial Globalization and the Anglo-Saxon Model of Capitalism: an Agency-Centered Approach to Study Financial Change
[journal article]
Abstract This paper examines the main theoretical perspectives on the process of financial change in modern capitalism. It discusses institutionalist political economy approaches claiming that their conception of states, markets and financial innovation is problematic when analysing financial globalisation. ... view more
This paper examines the main theoretical perspectives on the process of financial change in modern capitalism. It discusses institutionalist political economy approaches claiming that their conception of states, markets and financial innovation is problematic when analysing financial globalisation. In order to consider how the internationalisation of financial practices can be studied, this article suggests that a necessary step is that of firstly deconstructing the model of Anglo-Saxon capitalism as present in the literature. Whereas scholars have emphasised deregulation in the explanation of the development of financial practices, this essay emphasizes that in key respects their development in the Anglo-American core has been profoundly shaped by the actions and interests of state actors and at the end, it rests on a set of highly formalised set of institutions. This allows this paper to locate historically the peculiar American institutional roots of modern financial practices, focusing on the singularity of the social contexts in which practices emerge rather than studying finance solely in relation to the liberal nature of the state. After this, it proposes a theoretical framework to conceive the relationship between states and markets in international contexts from a historical agency-centred perspective.... view less
Keywords
fiscal policy; financial planning; political economy; neoliberalism; capitalism; globalization
Classification
National Economy
Free Keywords
Political Economy of Finance; financialisation; neoliberal state; Anglo-Saxon countries
Document language
English
Publication Year
2018
Page/Pages
p. 613-629
Journal
Studia Politica: Romanian Political Science Review, 18 (2018) 4
ISSN
1582-4551
Status
Published Version; peer reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 1.0