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This article explains a dominant, curious and important pattern that emerges from our original data on 11 areas of financial regulation in the United States and the European Union from the Great Financial Crisis to 2020: sustained regulatory stringency in both jurisdictions. Our novel explanation, rooted in theories about international economic interdependence, temporal process and market power, emphasizes cross-border interactions that arose from a build-up of ‘border-policing’ capacities. Our medium-n study, which combines congruence analysis and process tracing, reveals a causal mechanism – ‘joint reinforcement’ – whereby the potential penalties imposed by one of the two jurisdictions prevent or temper the other from watering down-regulation. The study pushes the boundaries of qualitative research, advances theory and speaks to debates about global public goods. [ABSTRACT FROM AUTHOR]

This article critically assesses the economics discipline's capacity to capture the structural features and political economy implications of contemporary financial processes in the global South, with a particular focus on South Africa. Delving into the complexities of financial processes in South Africa, the article proposes an alternative, anti-disciplinary framework for understanding drivers and impacts of financial processes. We show how such an approach cannot simply be about adding social or political perspectives to mainstream economics, but rather about interrogating how we think about economic systems themselves, drawing on a variety of theoretical and disciplinary insights. This is about taking an open and holistic approach that centers history, power, structures, and social relations. With an issue such as finance, critical political economy approaches from a variety of disciplines allow us to see that finance cannot be separated from the wider economy or from the social relations it forms part of today and historically. This becomes particularly clear when considering how racial, gender and class relations both impact and are impacted by financial processes in South Africa. We conclude with recommendations for studies of changing financial processes globally and in the global South. [ABSTRACT FROM AUTHOR]

Recent IPE scholarship locates the key dynamics of financial globalization in two areas: public money flows between the US and Asia, or private banking flows between the US and Europe. This dichotomy presents the globalization of private finance as firmly anchored within transatlantic, neoliberal financial norms. We argue that this creates a blind spot regarding the growing role of East Asian finance within the global financial system. Combining CPE insights on institutional characteristics of Asian financial systems with a macro-financial analysis of the global financial system, this paper analyzes the global implications of the geographic shift towards East Asia. First, we demonstrate the growing importance of East Asia for global macro-financial flows, actors and markets that goes beyond the rise of China. Second, we explore how the institutional arrangements that underpin Asian financial systems differ significantly from transatlantic finance. By investigating the growing importance of global investors in Asian markets and Asian investors in global markets, we explore how the shift towards East Asia introduces a growing role of developmental characteristics within global finance. This calls for a reconsideration of conventional analyses of the global financial system which often assume its role as a force of neoliberal globalization. [ABSTRACT FROM AUTHOR]

In an era characterized by the globalization of finance and the rapid digitalization of economies, Transnational Corporations (TNCs) face complex challenges and opportunities to maintain competitive advantage and sustained growth. This article examines the contemporary trends in TNC management strategies, specifically focusing on their response to the fragmentation conditions within the global financial landscape and the pervasive influence of digital transformation on economic activities. The paper delves into the evolving paradigms of TNC operations, highlighting the dynamic interplay between global finance and digitalization, which has necessitated the development of innovative approaches to corporate governance, risk management, and value creation. Through a comprehensive review of recent case studies and industry practices, the article identifies critical insights into how TNCs are reshaping their organizational structures, operational models, and technological investments. Furthermore, the study explores the role of strategic partnerships, regulatory adaptations, and technology-driven initiatives in enhancing TNC resilience in facing financial uncertainties and disruptive digital forces. By shedding light on these contemporary trends, this article contributes to the broader discourse on TNC management strategies within global finance globalization and economic digitalization, offering valuable insights for practitioners, scholars, and policymakers alike.

In an era characterized by the globalization of finance and the rapid digitalization of economies, Transnational Corporations (TNCs) face complex challenges and opportunities to maintain competitive advantage and sustained growth. This article examines the contemporary trends in TNC management strategies, specifically focusing on their response to the fragmentation conditions within the global financial landscape and the pervasive influence of digital transformation on economic activities. The paper delves into the evolving paradigms of TNC operations, highlighting the dynamic interplay between global finance and digitalization, which has necessitated the development of innovative approaches to corporate governance, risk management, and value creation. Through a comprehensive review of recent case studies and industry practices, the article identifies critical insights into how TNCs are reshaping their organizational structures, operational models, and technological investments. Furthermore, the study explores the role of strategic partnerships, regulatory adaptations, and technology-driven initiatives in enhancing TNC resilience in facing financial uncertainties and disruptive digital forces. By shedding light on these contemporary trends, this article contributes to the broader discourse on TNC management strategies within global finance globalization and economic digitalization, offering valuable insights for practitioners, scholars, and policymakers alike. [ABSTRACT FROM AUTHOR]

In the aftermath of recent crisis, national governments across the global south increasingly see state ownership and control of finance as a vital public policy tool. What explains variation in state control of finance in the wake of crisis? Interventionist policies can elicit disinvestment or exit threats from private financial actors if they limit profitability. When disinvestment threats are credible, policymakers may rule out reform for fear of devastating economic consequences. I argue that the credibility of disinvestment threats is conditioned by two key variables, the resilience of the national economy to capital flight, which affects the level of damage capital flight will inflict, and global financial liquidity, which can be used to undercut domestic disinvestment threats. These arguments are developed through comparative case studies of cross-national and over-time variation in the scale and scope of public development banking in Brazil and South Africa in the wake of the 2008 crisis. [ABSTRACT FROM AUTHOR]

• Circuitous change. • Prime mover. • Structural change. Changes in sector-wise patterns of output and employment, observed over last few decades in the global economy, call for an explanation. Those reveal a complex pattern of structural changes in weights as well as interdependence between the different sectors, subject to the technical and material conditions available in the economy. As pointed out in the available literature, those changes can be interpreted by the socio-political and economic forces within economies – which operate as prime-movers of structural changes, by affecting the relative profitability of activities. (Pasinetti, L 1965) We further point out that there exists a circuitous link between the socio- political and economic-forces and the changing weight or power relations across sectors, shaping the structural dynamics of the changes. The changes also indicate that with financial de-regulation finance grows faster than the industrial sector. The path that emerges manifest the respective changes in the real and financial activities, often moving in opposite directions. [ABSTRACT FROM AUTHOR]

The article analyzes the competition between the “Anglo-Saxon”, “continental” and “eastern” concentration of power in global finance, demonstrates the strengthening of the eastern vector in the financial development of the world. For this purpose, a comparative analysis of the financial sectors dynamics of dozen countries in the world in 2001-2020 is made. In particular, it shows the “east bias” in the global money supply, monetization, in the internationalization of national currencies, in international settlements, in the stock markets, in cross-border investments. The differences in the level of “bias to the East” for different segments of global finance are revealed. In various dimensions, it is shown to what extent the dominant role of the Anglo-Saxon model in global finance has been preserved and to what extent the “continental model” is being replaced by the Asian one. An answer is given to the question of whether a post-Soviet “core” is being formed in global finance (centered in Russia). The article gives an idea of “financial afterburner” policy of central banks in Asian and other economies, which allows to ensure outstripping financial development while maintaining relatively financial stability and moderate inflation. Using the case of China, it is shown how, with such a policy, the activities of the central bank are associated with the stimulation of rapid and sustainable economic growth (through direct and indirect management of monetary aggregates, credit, interest, and the exchange rate, in conjunction with other types of macroeconomic policies). The author gives recommendations for Russia (its central bank and financial sector) in order to strengthen its position in the financial hierarchy of countries and the ability to compete with other economies in global finance.

The paper posits a powerful mutuality of interests between global multilateralism and independent regionalism in the global South. The more-or-less liberal international order established following the Second World War struggles to retain political and financial support from advanced industrial countries. Since the underlying source of this tension reflects a structural shift in the interstate distribution of power capabilities toward rising global multipolarity, the only viable medium-term solution for peak multilateralism is achieving greater legitimacy among a wider field of countries. Greater innovativeness is a second benefit to central multilateralism of expanded regional access: important international policy challenges are not "seen" until those who experience them have sufficient voice. The counterpart challenge within the global South is the frustration of policy entrepreneurs from small and intermediate powers. Most recognize the need for prior interest-aggregation to exercise influence in peak international organizations where great powers dominate. However, effective regionalism, a perennial and obvious choice for non-great powers, in practice has been difficult, especially in Latin America. Yes, one explanation is vicious partisan squabbling in the neighborhood, but subtle, structural factors also undermine cooperation, as a quick comparison with Europe demonstrates. In this context, "regionalism" is best conceptualized as a mix of formal organizations and regionally-based transnational epistemic communities or activist networks. A case study of Latin America-focused policy entrepreneurship over several decades around the global financial governance of currency and sovereign debt illustrates these observations. [ABSTRACT FROM AUTHOR]

This article focuses on the implications of the IMF's surcharges policies, jointly with its de facto preferred creditor status, on the right to sustainable development of sovereign borrowers. The article argues that, while surcharges are not effective in limiting access to IMF credit, they inequitably distribute the IMF's operating costs, are disproportionate, pro-cyclical, very costly for developing countries, and non-transparent. Furthermore, if surcharges are theoretically a way to protect the IMF from potential risks of default, the article questions the IMF's de facto preferred creditor status, as it precisely denies the possibility of granting debt relief in case of insolvency, ultimately affecting the right to development of —mainly— middle-income borrowing countries. [ABSTRACT FROM AUTHOR]

This paper provides a monetary perspective on capital flows and their effects on geographically uneven economic dynamics. Contributing to debates on global imbalances and the international dimension of financialisation, the paper applies heterodox theories of endogenous money creation, asset pricing, and balance sheet fragility to capital flows across regions. Three theoretical claims are made and illustrated through coherent balance-sheet accounting and empirical examples. First, trade imbalances usually are financed endogenously by net inflows that need not originate from surplus regions. Second, bank inflows are not a precondition for local credit creation, but certain types of gross financial flows can contribute to destabilising financial booms through exchange rate appreciation and asset price inflation. Third, sudden stops in capital flows can be entirely unrelated to current account deficits but may trigger financial instability, resulting in negative gross flows rather than increased outflows. For debates in economic geography and heterodox economics, the arguments imply that the focus on surplus countries as originators of destabilising flows can be misleading and that global financial centres are likely to be more important. More attention is needed to gross portfolio and FDI flows into asset markets rather than bank flows and net flows. [ABSTRACT FROM AUTHOR]

In the context of post-crisis global economic governance, the global financial inclusion agenda is widely supported by international organizations, states, and civil society organizations. Some scholars attribute the rise of this agenda to the logic of neoliberalism and power of global financial actors, yet these accounts often obscure the role of ambiguity in facilitating broad support. In scholarship on coalition politics, ambiguity is often attributed to the strategic behaviour and framing techniques of central actors (e.g. entrepreneurs). In this article, I develop the novel framework of participatory ambiguity to explain the origins of the financial inclusion agenda and theorize the co-production of ambiguity among members of the supporting coalition. By tracing the development of the agenda, I identify the origins of its ambiguity in the efforts of disparate actors to shape the purposes and direction of the agenda in favourable ways across development, economic, and security domains. This article thus offers a more complete explanation of the origins of financial inclusion at the global level. It also provides an original theoretical perspective on the construction of ideas, agency, ambiguity, and global coalitions that can be used to better explain the development of other global policy agendas. [ABSTRACT FROM AUTHOR]

Financial sanctions have become a major component of American foreign policy. Since 2015, the number of blacklisted actors has nearly tripled, coinciding with US financial campaigns against Iran, North Korea, and Russia. This paper centers an under-examined paradox of this proliferation: the complexity of lifting financial sanctions. Indeed, successful sanctions regimes necessitate both sticks (punitive sanctions) and carrots (economic incentives). Yet financial sanctions often limit the economic benefits promised to target states, as banks and other financial institutions risk hefty material and reputational costs if they are to cooperate with previously sanctioned actors. Thus, while financial sanctions are effective at producing negative market reactions against a target, they can be hugely damaging if market actors do not cooperate with the lifting of sanctions. To capture this dynamic, this paper leverages process-tracing to observe financial market reactions to sanctions relief in three key cases—Iran (2010–2015), North Korea (2002–2007), and Libya (1996–2008). It finds that in each case, the presence or absence of US Treasury blacklisting corresponds to the post-sanction willingness of financial actors to extend sanctions relief to targeted states. In doing so, this study identifies "reputational risk" as the primary causal mechanism limiting a target's reintegration into the global economy. [ABSTRACT FROM AUTHOR]

A key goal of the Bank for International Settlements is to produce in-depth economic analysis drawing on its position at the intersection of research and policy, its financial markets savvy, and its unique statistical chest. Since the interwar financial crisis in the 1930s, the traditional objective of assessing international linkages has continuously guided BIS statistical offering. Important micro-level data sets have been collected to support global financial regulation in parallel. In addition, the BIS hosts the Irving Fisher Committee on Central Bank Statistics, a global network of central bank statisticians, economists and policymakers who discuss statistical issues of interest to central banks and develop related methodological work. It also actively supports various global statistical initiatives, especially to close economic and financial data gaps. These activities have proved instrumental for tracking and understanding developments in international finance, as was evident again on the occasion of the recent COVID-19 pandemic. Looking ahead, the BIS and the IFC can continue to contribute actively to the international statistical cooperation framework. [ABSTRACT FROM AUTHOR]

This article moves beyond William Temple's Christianity and Social Order and gives an outline of its implications for public policy today in the context of religiously inspired terrorism, the global financial crash, COVID-19 and postsecularity. [ABSTRACT FROM AUTHOR]

The prominent growth in environmental, social and governance (ESG) investment is evident, with the number of global assets managed sustainably more than doubled over the last decade. This trend is expected to continue until 2030. This type of financial data is positive but given the United Nations stated 'climate emergency' and 'climate survival' in society today, there needs to be an even greater acceleration of growth in ESG investment. Unfortunately, significant negativity has emerged on ESG in recent years. This 'Cutting Edge' study explores the reasons why and how ESG investment has veered off the journey towards enabling society to achieve both its targets under the 2030 United Nations Sustainable Energy Agenda and the 2015 Paris Agreement. It examines the factors prompting leading multinational companies, particularly in the energy and food sectors, to shift their corporate strategies. The key message advanced is that ESG frameworks and guidelines are not problematic; rather, the issue lies in the practice of ethics in decision-making within corporations. Addressing this ethical challenge, which is at the heart of ESG practices, across different professions and disciplines can rebuild trust among stakeholders in ESG investing. This form of interdisciplinary 'just transition ethics' can re-orient us back on the journey towards a just and sustainable world. • Reviews the importance and positive impact of ESG investments. • Negativity concerning ESG is noted but is misguided. • Key challenge is to diffuse ethics into ESG decision-making and frameworks. • Advances the need for 'just transition ethics' to align ESG with the just transition. [ABSTRACT FROM AUTHOR]

The article argues that while the book brilliantly illustrates the many ways of democratic mending, there is an essential blind spot that runs through the entire book: economic inequality. Democratic processes seem strangely disconnected from the conditions under which people live. However, there can be no democratic equality and no just democracy as long as living conditions in society and among societies remain highly unequal. Accordingly, to unleash its potential the concept of mending should be enriched with an analysis and an understanding of the global political economy of inequality. [ABSTRACT FROM AUTHOR]

Copyright of Gazi Journal of Economics & Business is the property of Gazi Journal of Economics & Business and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

It is widely assumed that when private financial actors seek to influence the regulation of global finance, their preference is for fewer or weaker rules. But is this preference tied to fixed material interests, or is it more malleable? Can it change over time? If so, why might it? I address these questions by examining a recent shift in private creditor preferences toward the regulation of sovereign debt restructuring. I argue that changed material circumstances created demand for regulatory change among creditors but did not determine the nature of their preferred solution. Instead, it was shifts in collectively-held ideas—the specific content of which was informed by important historical and contextual factors—that led private creditors to embrace stronger debt restructuring rules, despite being historically opposed to such rules. In making this argument, the article contributes to a fuller understanding of private market actors in global financial politics, challenging the assumption that these actors necessarily prefer weaker rules, and highlighting the more contingent nature of their regulatory preferences. It also contributes to wider debates about preference formation and change, highlighting important complementarities between distinct theoretical traditions, which together provide a much richer explanation of the case at hand. [ABSTRACT FROM AUTHOR]

The characteristic of a supervolatile “disaster economy” is given, in which the number of shocks caused by natural and man-made disasters is growing. The factors of creating such an economy at the global level are disclosed. The review of discussions about the future of the world (economy, finance) after the pandemic - 2020 is made. New longterm trends emerging in such an economy and the deep changes associated with them in the economic and financial structures of the world and the West are forecasted. These trends include: the collective desire for greater autonomy of households and, accordingly, changes in their demand (growth of stocks, reserves, decrease in demand for rental assets, more desire for personal property, for the acquisition of equipment and technologies that provide autonomy, development of offices at home and the transition to a different life model (to be the most at home – the least in the office and in the public space); the digitalization of households; the increasing individualization of demand for products and services; deagglomeration (living in suburbs or satellite cities); increased mobility; increased demand for goods and services related to the protection of life and health. The global trends in the economic / financial behavior of countries are disclosed in detail: protectionism; government policy to keep “the economy on a respirator”; changes in economic ideology, in its “mainstream”; the inevitable emergence of the concept of “economic sacrifice”; growing volatility of the global economy and global finance. In particular, ahead: the development of the ideology of the “economy of fear”; demonstration of a new balance between collectivism and individualism; revaluation of the models of capitalism existing in different countries; ideological revolution in global finance. The possibilities of an unfavorable scenario in the global economy and a strong challenge that still need to be answered are shown - is development or destruction ahead?

In recent years, the topic of green finance has received great attention in the world. It is also gaining popularity in Russia, both in scientific discourse and in practical work. The global investment and financial system is also deeply involved in this process. ESG (environmental, social and governance) factors, which take into account the three pillars of sustainable development (environmental, social and corporate governance responsibility), formed the basis of the concept of “responsible/green investment.” Many financial markets around the world now have a strong interest in sustainable development. With good government support, securities markets can play a huge role in achieving the Sustainable Development Goals related to green investment. In 2016–2017, 132 countries, which account for 82% of all harmful emissions, at the state level adopted a number of national initiatives in the field of green financing development. In the implementation of environmental, climatic and socially significant projects, independent specialized experts assess their compliance with green finance principles and standards. In addition, they are subject to special requirements for disclosure and isolation of cash flows. Countries that do not participate in the formulation of rules and standards in this not yet regulated market will eventually be forced to accept the conditions of play formed without their participation. The work emphasizes that green finance is an important factor for sustainable development. The subject of the study is green investment as one of the key elements characterizing the balanced socio-ecological-economic development of the country. The objective of the study is responsible/green financing of the national economy, viewed in the context that balanced sustainable development is the fundamental objective of macroeconomic policies of the State. The methodological basis of the study was the general scientific methods and techniques. The empirical basis of the study was statistics on the green investment market. The formation of a green investment market is an important factor contributing to the balanced development of the country as part of the achievement of the Sustainable Development Goals.

On the occasion of the 50th anniversary of the suspension of the convertibility of dollars into gold by the U.S. government, which led to the demise of the Bretton Woods international monetary system (1944), this article offers a contribution to understanding the key features of Bretton Woods. It analyses the mid-term developments that triggered its crisis in the early Seventies, and why nowadays the U.S. currency still serves as the pillar of world trade and payments, and is the most important reserve currency and means of payment. Today these questions are all the more worth addressing as the U.S. economy share in total world trade is on a downward trend and new currencies (Euro, Renminbi) are coming to centre stage in world economic affairs. The author traces the main features of the international monetary system born out of the end of 19th century Gold Standard, and laid out at Bretton Woods; the various reasons behind the origins of its collapse during the 1960s; a reflection on the central role of the U.S. dollar in world trade and payments throughout the last fifty years against the framework of the rampant ascendancy of new global financial players. [ABSTRACT FROM AUTHOR]

This paper analyses the role of (stock and derivative) exchanges as powerful actors in global finance. While most IPE accounts of exchanges analyse 'exchanges as marketplaces' and focus on equity market trading, they miss how exchanges have fundamentally transformed in the last 25 years. Through marketisation, internationalisation and digitisation, the business model of exchanges has fundamentally changed and led to the emergence of global exchange groups that dominate the exchange industry (CME, ICE, LSE, Cboe, Nasdaq and Deutsche Börse). Thereby, exchanges transformed from national marketplaces to global providers of financial infrastructures. They control the infrastructures that enable the functioning of capital markets: from market data, indices, financial products, trading platforms to post-trading activities such as clearing, exchanges create the rules according to which market transactions take place. This provision of financial infrastructures enables them to shape capital markets and represents a source of structural power, as exchanges potentially influence the actions of companies, investors and states entangled with these infrastructures. By shedding light on exchanges and their changed role and activities within capital markets, this paper makes a case for including exchanges as powerful actors into IPE analyses of global finance and for more closely analysing the structural power of (financial) infrastructure providers in the global economy. [ABSTRACT FROM AUTHOR]

An increasingly lamented consequence of re-regulatory efforts following the 2007/2008 global financial crisis has been 'de-risking'—the growing disengagement by banks and other financial institutions with markets perceived as posing greater risks than justified by potential profits. As banks based in the Global North have moved to withdraw financial services from many emerging economies, de-risking has attracted attention for undermining financial inclusion and developmental efforts. Novel technologies are being harnessed to address this problem, including applications of blockchain, the digital ledgers of transactions originally underpinning cryptocurrencies. Contributing to IR theorising of legitimacy and re-risking, this article illustrates how technology-based de-risking efforts that seek to attend to the perceptions of foreign financiers can undermine the legitimacy of financial inclusion projects. Contrasting unfolding blockchain-based financial inclusion initiatives in two regions of small states in the Eastern Caribbean and Eastern Europe, our analysis stresses the need for greater local participation and clearer distribution of benefits from finance and technology (fintech) centred forms of digital development. [ABSTRACT FROM AUTHOR]

This article engages with the debate about how we come to know IR the way that we do. It seeks to contribute to this research agenda in two related ways. Firstly, it highlights the influence that a previously neglected circuit of practice has on the co-constituted knowledge relationship between global finance (GF) and International Relations (IR): the business intellectuals of cultural circuits of capital (CCC). Secondly, it argues that the science and technology studies' concept of boundary objects is invaluable in accounting for both how IR's 'constitutive' theorising is influenced by other circuits of practice and the co-constituted nature of 'the international' as an object of investigation. To exemplify both arguments, and how they relate to one another, the article traces the co-constituted operation of the concept of 'BRIC' (Brazil, Russia, India and China). Following the global financial crisis in 2007/2008, CCC popularised the concept of 'BRIC', which then came to operate as a boundary object between IR and GF and in the process impacted on how IR knows 'rising powers' and 'global governance'. Thus, the functionality of BRIC as a boundary object served to provide business intellectuals with constitutive influence on how IR knows its object of study. [ABSTRACT FROM AUTHOR]

Lockdowns and border closures to manage the ongoing COVID-19 pandemic have caused the greatest global economic shock since the Great Depression. Does this also signal the end of economic globalization, the most significant trend of the past forty years? And if so, what kind of global political economy is emerging from the wreckage? In this article, I argue that COVID-19 is mainly intensifying pre-existing trends, set in motion by the global financial crisis of 2008 and the People's Republic of China (PRC)'s economic rise. The disruptions to global supply chains wrought by COVID-19 have combined with rising United States–PRC rivalry, growing disaffection with the distributional impacts of global value chains, and automation to catalyze the turn away from globalized production. Meanwhile, amid the economic doom and gloom, financial markets are booming, high on the central banks' liquidity injections to which they have been addicted since the 2008 crisis. As in the decade since the 2008 crisis, booming markets will likely deepen inequality and resentment, fuelling economic nationalism and eroding support for globalization even more. The governments of relatively small and open economies, such as Australia and Canada, will need to guide their economies more purposefully or find themselves at the mercy of the increasingly confrontational, yet domestically fragile, United States and the PRC. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Journal of Development Studies is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article establishes stable codependencies between international financial markets and their underlying cause and effect mechanisms, as an object of a global transformation. We demonstrate an intense co-integration between the financial markets of Russia, Brazil and the other emerging markets of Latin America (through the lens of stock markets and national currencies). The cause and effect mechanisms of this dependency are examined. We characterize the countries as analogous substitutes for investors (abundant similarities include: models of collective behaviour, ideology, model and structure of the economy, model of the financial sector, highly speculative markets in shares and currencies). The article explains an extremely limited role of the internal (primarily retail) investors in determining dynamics of the financial market. The central role of non-resident actors (global financial institutions and institutional investors) in the dynamics of the markets of Russian and Brazil is established. We demonstrate that for Russia and Brazil sources of foreign portfolio investments coincide. This includes Anglo-Saxon centers, specifically the US and British offshore jurisdictions, and the global centers of secondary importance (the Netherlands and Luxembourg). The decision making models of global investors in Russian and Brazil are examined: stock prices are driven by the oil prices, and in part by the US stock market, and rouble and real exchange rates follows oil prices and the EUR-USD currency pair. Analysis and conclusions made in the article are supported by a significant volume of statistical modelling.

Despite powerful pressures for convergence towards global financial norms we do not see uniform outcomes across the globe. Instead, local agents seek to adapt foreign agendas to local conditions. While scholarship has illustrated the localization of global norms, we still lack a systematic understanding of why certain localized norms emerge and how we can explain agency in the face of pressures for policy convergence. I offer an analysis of the spread of the financial inclusion agenda to highlight the role that ambiguity in global financial norms and the structural dependence on capital play in explaining the emergence of specific localized norms. Using case studies of central bank promotion of financial inclusion in Kenya and Nigeria, I argue that the ambiguity of the concept of financial inclusion made it compatible with the pre-existing beliefs of local central bankers and helped them to navigate their socio-political environments to implement their preferred vision of financial inclusion. The cases also show that while ambiguity enhances agency, the structural dependence on capital constrains it. More broadly, the study highlights the constructive role ambiguity may play in the spread of financial norms and the agency developing countries may exercise in their engagement with global norms. [ABSTRACT FROM AUTHOR]

How should we theorize about international political economy in an era of complex interdependence? The global economy is much more interdependent today than it was 40 years ago. As a result, there is a widening appreciation that we need new theoretical tools to understand how complex interdependence arose, how it operates, and where it might be headed. I argue that to develop such tools, we must embrace new theoretical logics that more readily accommodate and explain change. I develop this point by drawing on complexity theories, ecology, and information theory. I first develop the core elements of a complexity-based approach and contrast it to the central assumptions of the Open Economy Politics approach. I then illustrate this complexity-oriented approach by using the logic of coevolution and the information–entropy cycle to explain key elements in the development of the 2008 global financial crisis. [ABSTRACT FROM AUTHOR]

The co-evolution of democratic politics and mass, financialized wealth has destabilized highly integrated financial systems and the socio-political underpinnings of neoliberal policy norms at domestic and global levels. Over the long run, it has increased the political pressure on governments to undertake bailouts during major banking crises and, by raising voters' attentiveness to wealth losses and distributional inequities, has sharply raised the bar for government performance. The result has been more costly bailouts, greater political instability and the sustained politicization of wealth cleavages in crisis aftermaths. We underline the crucial importance and modernity of this phenomenon by showing how the high concentration of wealth in pre-1914 Britain and America among elites was associated with limited crisis interventions and surprisingly tranquil political aftermaths. By contrast, the 2007–2009 crises in both countries epitomise the political dilemmas facing elected governments in a new world of mass financialized wealth and the impact on political polarization and democratic politics. We show that these dilemmas were embryonic in the interwar period and highlight how the evolutionary forces shaping policy and political outcomes reveal the importance of time, context and the effects of long cycles in the world economy and global politics. [ABSTRACT FROM AUTHOR]

• Uncertainty dominates our world, yet economics often fails to take it into account. • Economists such as Knight, Keynes, Hayek, Shackle and Hirschman recognised the significance of uncertain knowledge. • Complexity, ecological, feminist and narrative economics, among other heterodox approaches, do take uncertainty seriously. • Pastoral development and global finance examples highlight flexible adaptation and learning-by-doing when responding to uncertainty. • Reclaiming earlier insights from Albert Hirschman can help reframe economic theory and practice for today's world. Uncertainty, where we do not know the likelihood of future events, dominates our world. This article examines how economics as a profession and discipline can address uncertainty. From Frank Knight to John Maynard Keynes to Friedrich von Hayek to George Shackle, economics has highlighted the importance of uncertain knowledge and distinguished this from calculable risk. In this article we show how such insights were lost through the rise of narrow neoclassical thinking and were excluded through the emergence of a dominant economics of control that rose to prominence during the twentieth century and especially in the neoliberal era. However, through a range of perspectives in economics that emphasise the importance of complexity, informality, positionality and narratives, uncertainty is once again being embraced within an increasingly heterodox economics. In many ways, this chimes with the work of Albert Hirschman who, starting from the mid-1960s, emphasised the importance of addressing uncertainty in development theory and practice. Through two examples on pastoral development and global financial governance, we highlight the continued relevance of Hirschman's thinking on the importance of adaptation, flexibility and learning-by-doing as responses to uncertainty and for the development of reliable, robust approaches to development policy and practice. In conclusion, we argue that economics theory, methodologies, professional practice and training need to change, recovering some of the insights from previous generations of economic thinkers and practitioners, in order to reinvent an economics appropriate for our uncertain world. [ABSTRACT FROM AUTHOR]