National Currencies And Globalization: Endangered Specie? (ripe Series In Global Political Economy)
by Paul Bowles /
2008 / English / PDF
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Globalization and money – two concepts inextricably linked. In
many ways the speed with which financial resources traverse the
globe, the opportunities which this provides for the efficient
allocation of resources, the possibilities which this creates for
financial crises and traders who act as agents removed from the
concerns of national citizens have come to symbolize the
phenomenon, hopes and fears of ‘globalization’.
Globalization and money – two concepts inextricably linked. In
many ways the speed with which financial resources traverse the
globe, the opportunities which this provides for the efficient
allocation of resources, the possibilities which this creates for
financial crises and traders who act as agents removed from the
concerns of national citizens have come to symbolize the
phenomenon, hopes and fears of ‘globalization’.
However, inextricably linked they may be, but well understood
they are not. In the case of national currencies, a wide variety
of predictions and analyses can be found. For some, national
currencies represent barriers to a seamless global economy.
Others argue that national currencies will disappear due to the
power of international financial markets which will force
national governments to adopt more credible currencies and
abandon their own. In contrast, others see imperialism or
regionalism as the main challenges.
However, inextricably linked they may be, but well understood
they are not. In the case of national currencies, a wide variety
of predictions and analyses can be found. For some, national
currencies represent barriers to a seamless global economy.
Others argue that national currencies will disappear due to the
power of international financial markets which will force
national governments to adopt more credible currencies and
abandon their own. In contrast, others see imperialism or
regionalism as the main challenges.
Paul Bowles provides an innovative and systematic analysis of the
implications of theories of globalization for national
currencies. He critically examines whether, as a result, the
world is heading for fewer currencies. He argues that the main
‘force of globalization’ which is endangering national currencies
is that of globalization as ‘neoliberal globalism’. However there
is no single neoliberal position on money and so the ‘contingent’
nature of neoliberalism explains why this particular force of
globalization operates more strongly in some countries than
others. This is demonstrated in case studies of four systemically
significant currencies, namely, those of Australia, Canada,
Mexico and Norway.
Paul Bowles provides an innovative and systematic analysis of the
implications of theories of globalization for national
currencies. He critically examines whether, as a result, the
world is heading for fewer currencies. He argues that the main
‘force of globalization’ which is endangering national currencies
is that of globalization as ‘neoliberal globalism’. However there
is no single neoliberal position on money and so the ‘contingent’
nature of neoliberalism explains why this particular force of
globalization operates more strongly in some countries than
others. This is demonstrated in case studies of four systemically
significant currencies, namely, those of Australia, Canada,
Mexico and Norway.National Currencies and Globalization
National Currencies and Globalization will be of
interest to researchers and students of International Political
Economy, Politics, Economics and Finance.
will be of
interest to researchers and students of International Political
Economy, Politics, Economics and Finance.