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Chapter

Cover Global Political Economy

5. Finance  

Lena Rethel

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.