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This chapter focuses on the Global Political Economy (GPE) of finance. It begins by exploring the key pillars of the GPE of finance, starting with money, currencies, and the international monetary system, before examining the dynamics of credit and debt. While money is ubiquitous, its usages are characterized by great variety and so are the practices—economic, political, and cultural—to which money gives rise. The chapter then looks at both public and private mechanisms which were established to govern global finance. Recurring financial crises are a key feature of the Global Political Economy. These crises can be triggered in different segments of the global financial system, including currency and debt markets, and can result from shocks outside the financial economy such as the Covid-19 pandemic. The chapter also considers different ideas that may shape the international organization of credit, such as Islamic finance.

This chapter focuses on the key themes of money and finance in international political economy (IPE) analysis. It describes the concepts of commodification, assetization, and financialization, and how they apply to the case of student debt. In many countries, borrowing money to pay for tuition fees and living costs is an expected part of going to university. Thinking about the emergence of personal indebtedness in the higher education system helps to foreground the international political economy of debt. The chapter then turns to other kinds of debt, including sovereign debt and household debt, and considers the reasons why people go into debt and why debts are repaid (or not). Using Islamic finance as a case study, it looks at alternatives to debt, such as non-conditional grants and risk-sharing contracts. Finally, the chapter reflects on the moral and power dynamics that underpin interest-bearing loans, as well as demands for debt cancellation.