Global Capital And National Politics

Kessler shows how political considerations distorted the liberalization process in Mexico, leading to inconsistent and unsustainable patterns of financial policy. Although market reform is promoted in developing countries to improve economic efficiency and stimulate growth, in Mexico financial liberalization provided rent-seeking opportunities for privileged groups and increased the states' ability to finance politically inspired obligations. The research examines four periods: the populist administrations of EcheverrÍa and Lopez Portillo, during which the foundations of modern financial markets were paradoxically laid; the debt-crisis years of de la Madrid, who reversed his party's political strategy by favoring the business class with financial opportunities; the economic transformation undertaken by Carlos Salinas, who mixed genuine reform with destabilizing anti-market measures; and the political watershed of the Zedillo administration, whose unpopular bank rescue gave opposition parties unprecedented power within Mexico's policy making process. Kessler also provides a comparison of financial collapse in two other emerging markets, South Korea and Russia, and examines the political roots of crisis in both countries. He concludes by suggesting how greater attention to questions of power, social organization, and challenges to state authority can help the policy-making community avoid giving well-meaning advice that is unlikely to be implemented in a sustainable way.

The politics of international debt have received increasing attention in recent years. However, discussion of the politics of money has focused on Latin American and 'third' world countries. So far there has been little treatment of the politics of scarce money and of money as a political category in relation to 'advanced' countries. The central theme of the book is the limitations and constraints on state action which arise from the relation between the (nation) state and the global flow of money.

This book examines the degree to which international financial markets affect governments' policy choices. It provides empirical evidence as to whether financial globalization creates pressures on governments of developed and developing nations to pursue similar policies and to reduce spending on social policies. The book suggests that financial globalization does not lead to a "race to the bottom" among governments, especially in developed nations. It deploys several types of evidence; the most unique are interviews and surveys of investment fund managers. It also compares contemporary government-financial market relations to those prior to World War I.

Published in 1997, this study analyzes the global capital market as one of the most dynamic aspects of the world economy. As more financial markets were created, the security of the structure came under scrutiny. The book examines the crises in its history and how the global structure can be regulated.

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This book argues that the dramatic post-1970 rise in international capital mobility has not systematically contributed to the retrenchment of developed welfare states as many claim. Nor has globalization directly reduced the revenue-raising capacities of governments and undercut the political institutions that support the welfare state. Rather, institutional features of the polity and the welfare state determine the extent to which the economic and political pressures associated with globalization produce Welfare state retrenchment.

The contributions to the volume present a challenge to conventional views on the extent and scope of globalization as well as to predictions of the imminent disappearance of the nation state's leverage over the economy.

Unnatural capital: Chinese state investment and its travails in Africa -- Varieties of accumulation: profit maximization and beyond -- Labor bargains: regimes of exploitation and exclusion -- Managerial ethos: collective asceticism versus individual careerism -- Contesting capital: aspiration and capacity from below -- Eventful global China -- Appendix: an ethnographer's odyssey: the mundane and the sublime of researching China in Zambia