Debating the Global Financial Architecture

Edited by Leslie Elliott Armijo

Subjects: Economy And Society
Series: SUNY series in Global Politics
Paperback : 9780791454503, 316 pages, August 2002
Hardcover : 9780791454497, 316 pages, August 2002

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Table of contents




I. Core Questions and Mental Categories

1. The Terms of the Debate: What's Democracy Got to Do with It?
Leslie Elliott Armijo

II. Leadership and the Politics of Global Finance

2. Global Financial Architecture and Hegemonic Leadership in the New Millennium
Mark R. Brawley

3. Capital Controls: Why Do Governments Hesitate?
Benjamin J. Cohen

4. Reforming the International Financial Institutions: Dueling Experts in the United States
C. Fred Bergsten

III. Stability, Equity, and the Economics of Global Finance

5. The Economic Case against Free Capital Mobility
David Felix

6. The Redesign of the International Financial Architecture from a Latin American Perspective: Who Pays the Bill?
Eduardo Fernández-Arias and Ricardo Hausmann

7. Reform Proposals from Developing Asia: Finding a Win-Win Strategy
Ashima Goyal

IV. The Conundrum of Multilateral Reform

8. Japan and the New Financial Order in East Asia: From Competition to Cooperation
Henry Laurence

9. Reform without Representation? The International and Transnational Dialogue on the Global Financial Architecture
Tony Porter and Duncan Wood

10. The European Monetary Union as a Response to Globalization
Erik Jones

Afterword: Of Bubbles and Buildings: Financial Architecture in a Liberal Democratic Era
Laurence Whitehead


List of Titles, SUNY series in Global Politics


Looks at alternatives to international financial institutions such as the IMF and World Bank.


Debating the Global Financial Architecture opens up the contemporary debate surrounding the reform of the "global financial architecture. " Economists and political scientists explore the economic and technical content of alternative global financial regimes as well as the political processes through which such changes are negotiated. The contributors, though diverse, jointly fear that rapid removal of the remaining controls on private international financial transactions risks systematic crisis. By initiating a cross-disciplinary discussion, they hope to see the politics of global financial design examined more honestly, yet without discarding or devaluing a solid economic analysis of global money and investment flows.

Leslie Elliott Armijo is Visiting Scholar at Reed College and the editor of Financial Globalization and Democracy in Emerging Markets.


"In Debating the Global Financial Architecture, a dozen distinguished political scientists and economists assess the state of the contemporary international financial system. They eschew facile policy recommendations in favor of serious analyses of global financial relations, and of the broad implications of the reform proposals policymakers have been wrestling with. The book contains an intelligent and integrated set of essays that will be of interest to all those who want a better understanding of current international financial policy debates. " — Jeffry A. Frieden, Harvard University

"The debate over the international financial architecture has been contentious, ranging from those who would abolish the International Monetary Fund in the name of free markets to advocates of capital controls. This excellent volume gathers a prestigious and well-balanced group of economists and political scientists to review the issues, including regional perspectives from Latin America, Europe and Asia. Timely and useful. " — Stephan Haggard, University of California, San Diego