Author: Amiya Kumar Bagchi
Translator(s)/ Edito: Amiya Kumar Bagchi/Gary A Dymski
ISBN/UPC (if available): 81-89487-26-4
The 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.
THEMES AND TRENDS: DEVELOPING NATIONS IN
THE AGE OF FINANCE
Global Financial Integration – I
The Overlooked Historical Context of the Current Period
AMIYA KUMAR BAGCHI
Global Financial Integration – II
Exclusion, Vulnerability and Systemic Fragility
GARY A DYMSKI
Central Bank ‘Autonomy’ in the Age of Finance:
The Implications of the Developing Countries
The Illusionism of Finance
HISTORIES OF THE PERIPHERY AND OF THE CENTRE
The facts and Fictions of Financial Architecture:
Evidence from the Late Nineteenth Century
MARC FLANDREAU & CLEMENS JOBST
The Imperial Impact on the Globalization of Indian
Finance prior to the First World War: The Role of the
British Colonial Exchange Banks
Finance and Production in the United States, 1928-2001:
An Empirical Note
PORUS OLPADWALA & YURI MANSURY
Shareholder Value Maximization, Stock Market and
New Technology: should the US Corporate Model be
The Universal Standard?
AJIT SINGH, JACK GLEN, ANN ZAMMIT, RAFAEL DE-
HOYOS, ALAKA SINGH & BRUCE WEISSE
The Globalization of Finanical Exp;loitation
GARY A. DYMSKI
INSIGHTS INTO THE INDIAN FINANCIAL STRUCTURE
Credit Risk and Bank Fragility in the
New Financial Environment
Stock market Development and Financing of the
Corporate Sector in India: Some Recent Evidence
Liberalization of Capital Inflows and the
Real Exchange Rate in India: A VAR Analysis
COMPARISONS AND LESSONS
Financial Liberalization in Eastern Europe: Fortunate
Fetters or Financial Underdevelopment?
ADAM HERSH & CHRISTIAN E. WELLER
The Emerging Hubs in Central-Eastern Europe,
Trade Blocs and Financial Cooperation
China in the Bull Shop: Dealing with Finance
Finance: Lessons for India
AMIYA KUMAR BAGCHI