The Politics of the New International Financial Architecture

Stock exchange implosions, flights of capital, currency collapses, investment scams, tax evasion, and now terrorists hiding their funds in offshore havens. The epidemic of financial crises of which these form part - in Mexico, South East Asia, Russia, Brazil and Argentina - has reached the point whe [...]
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Stock exchange implosions, flights of capital, currency collapses, investment scams, tax evasion, and now terrorists hiding their funds in offshore havens. The epidemic of financial crises of which these form part - in Mexico, South East Asia, Russia, Brazil and Argentina - has reached the point where the rich industrial countries, led by the United States, have had to respond. The G7 has attempted to re-establish rules and a degree of order in the world financial system through the creation of the Financial Stability Forum and the G20, which they are calling the New International Financial Architecture. Why has it emerged? At whose initiative? What does it involve? Who is benefiting? Will it really work? This book argues that it will not achieve either sustained economic growth or financial stability, let alone tackle mass poverty and social injustice.