This paper argues that the unique historical and economic circumstances of the United Kingdom and of the United States underlie the development of global finance as we have it today. These circumstances, rather than primitives such as technological change or the information revolution, explain the current shape of globalised financial institutions and practices. The apparent technological necessity of a super-leveraged, risk-shifting global financial complex is a mirage; this complex, anchored in the cities of London and New York, has emerged due to unique circumstances, most notably, these cities’ host nations’ sponsorship of gold-based global currency systems, and more recently the 30-years’-long current-account deficit/capital-account surplus that has made the US a global liquidity sink. The chapter presents some empirical evidence suggesting that this turn toward globalized finance has been associated with reduced development-finance capability, in these two nations.
“Trade doesn’t work in isolation from good domestic policies” Interview to Arancha González
by Borderlex 19/09/2023
Interview to Arancha González, former Spanish foreign minister, who released together with FEPS the new book entitled 'The Trade Handbook: Making Trade Work for Prosperity, People and Planet'
A szociális unió imperatívusza
by Új Egyenlőség 09/09/2023
'The imperative of Social Union'. Article about FEPS book 'Europe’s Social Integration: Welfare Models and Economic Transformations' by László Andor.
Após 66 anos de adiamentos, a barragem do Pisão entrou em contra-relógio
by Pùblico 19/08/2023
'After 66 years of postponements, the Pisão dam has entered a race against time' Pùblico's article mentions FEPS Policy Study 'Governing the RRF'
Ukrainian economy and society: whither the (postwar) country?
by Commons 16/06/2023
In Commons' article, Yuliya Yurchenko, co-author of FEPS’ book 'Europe and the war in Ukraine', outlines the consequences of the Russian invasion of Ukraine for the Ukrainian population and the plans needed for Ukraine's recovery.
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