000			01951nam a2200217Ia 4500
999			_c215233 _d215233
005			20220505210756.0
008			200208s9999 xx 000 0 und d
020			_a9788130907727
082			_a332.041 ABD
100			_a"Abdelal, Rawi"
245		0	_aCapital rules: the construction of global finance
260			_aNew Delhi
260			_bViva Books
260			_c2008
300			_a304p.
365			_b795
365			_dRS
520			_aThe rise of global financial markets in the last decades of the twentieth century was premised on one fundamental idea: that capital ought to flow across country borders with minimal restriction and regulation. Freedom for capital movements became the new orthodoxy. In an intellectual, legal, and political history of financial globalization, Rawi Abdelal shows that this was not always the case. Transactions routinely executed by bankers, managers, and investors during the 1990s - trading foreign stocks and bonds, borrowing in foreign currencies-had been illegal in many countries only decades, and sometimes just a year or two, earlier. How and why did the world shift from an orthodoxy of free capital movements in 1914 to an orthodoxy of capital controls in 1944 and then back again by 1994? How have such standards of appropriate behavior been codified and transmitted internationally? Contrary to conventional accounts, Abdelal argues that neither the U.S. Treasury nor Wall Street bankers have preferred or promoted multilateral, liberal rules for global finance. Instead, European policy makers conceived and promoted the liberal rules that compose the international financial architecture. Whereas U.S. policy makers have tended to embrace unilateral, ad hoc globalization, French and European policy makers have promoted a rule-based, "managed" globalization. This contest over the character of globalization continues today.
650			_aFinancial markets
942			_cB _2ddc