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The Use of Monetary Geopolitics

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Return to Book Page. Leonard Seabrooke argues that they key to understanding 'change' in international finance in the last forty years rests with US structural power.

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He demonstrates for the reader how structural power draws from embedded state-societal relations and how the US promotion of 'direct financing' has encouraged Britain, Japan, and Germany to 'catch-up' to US-led innovations. In dr Leonard Seabrooke argues that they key to understanding 'change' in international finance in the last forty years rests with US structural power.

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In drawing considerably on multidisciplinary insight, the book will benefit all those who wish to understand more about 'change' in the international political economy. Get A Copy. As the tempestuous winds of global finance gained speed, a supercycle of instability blew up that culminated in the crash. His book provides perhaps the most detailed account available of what occurred at that point, for its signal virtue is the ability to illuminate the technical workings of financial markets and asset-backed commercial paper without losing sight of the political dynamics at stake.

Crashed is, indeed, a highly political book. Tooze is concerned to allocate praise and blame, as well as setting various records straight. European leaders, meanwhile, initially thinking themselves unaffected, portrayed liberalized Anglo-American finance as the villain. Yet eu initiatives had played an important role in setting private finance loose; in the early s, the European Commission pressed for the German Landesbanken to be stripped of the state guarantees that lowered their funding costs, which drove them to take huge gambles on us real-estate investment.

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Tooze is at pains to point out that both the China-blaming and the Anglo-Saxon-bashing stories were misleading. The main sources of the huge accumulation of financial fragilities lay elsewhere. Financial markets in the countries whose currencies have entered this system—the U. Meanwhile, in economies outside of the system currency exchange rates and financial markets are left vulnerable to volatility and crisis.

In December , the United States resumed its cycle of interest rate hikes.

Us Power in International Finance: The Victory of Dividends

The U. Such effects have helped expose longstanding structural problems in these countries.

Among them, states, such as Brazil, that lack measures to limit currency exchange or contain capital flows, have been hardest hit. There has been enormous turbulence since June in emerging-market currencies threatened by the prospect of QE tapering. It can be seen that, except in China, which maintains strict capital controls, these countries stand to lose the most in the ongoing institutional transformation of global finance. Since , the problem of excess capacity, also known as excess production, a concept rarely seen in China in the twentieth century, has begun appearing in official documents with increasing frequency.

When the country joined the Western-dominated World Trade Organization WTO in , China had by and large already completed its most sweeping marketization reforms. By the early years of the new millennium, state-owned banks in China had completed the commercial banking reforms begun in Previously, the four major state-owned banks—the Industrial and Commercial Bank, Chinese Agricultural Bank, Bank of China, and Construction Bank of China—were specialized banks directly managed by the state. After the launch of market liberalization in , public and commercial finance were strictly separated; during this period, the Chinese financial system was in chaos, saddling the banks with large quantities of bad assets, in turn resulting in severe shortfalls of capital.

Conference attendees proposed the establishment of four asset management companies, one for each major bank—Huarong, Cinda, Great Wall, and Orient—to take on bad assets and smooth the path to commercialization reform. Afterward, during the Asian financial crisis, expansionary fiscal measures were adopted to invest in infrastructure in inland regions of China on a large scale, underwriting special national bonds that were issued to the four major banks to cope with a crisis that had originated outside China itself.

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Before panic seized Western financial markets in , China had mostly completed its reform of the four major state-owned banks for public trading. In due course, shares in the four major banks were offered to the public on the A-Share market of Shanghai and H-Share market of Hong Kong.

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Thus, within a single decade, two major systemic reforms altered the role of financial capital in China: marketization reform and banking reform, which together created the institutional conditions for China to participate fully in globalization. Soon after that, in , following the eruption of the global crisis, financial capital grew alienated from real industries.

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The respective growth rates of industrial added value and of M2, the aggregate social financing, began to diverge. The additional credit fund did not prompt an expansion of the physical economy. Instead, many non-financial institutions that had obtained financing abandoned low-return primary industries and entered the financial sector, launching businesses that offered loans, managed wealth assets, and so on.

Property mutual funds entered virtualized realms such as insurance and internet finance. At the same time, shadow banks multiplied, and the financial market expanded rapidly. All of this represents a rare historic opportunity for foreign and domestic financial capital to collaborate and short-sell the Chinese economy. In early , the stock market surged, prompted by an expectation of favorable policies.

From June to July, successive stock market crashes shook the Chinese economy. The Shanghai Stock Exchange Composite Index plunged from a peak of to about before eventually recovering. On June 27, the Central Bank of China announced it would lower interest rates by 0.