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.
Chapter
5. Finance
Lena Rethel
Book
Erin Hannah and John Ravenhill
What constitutes Global Political Economy? In whose interest is GPE constructed, and by whom? How can inequalities in GPE best be redressed? These are some of the key questions addressed in the 7th edition of this title.
As an ever-evolving field, subject to constant changes and developments, Global Political Economy provides a comprehensive introduction to GPE written by leading experts in the field. Under the direction of new editor Prof. Erin Hannah, the 7th edition surveys major contemporary issues and debates in GPE while being attuned to silences, marginalizations, and exclusions that predominate the field. By integrating a wide range of theoretical approaches, rich empirical material, non-western viewpoints and diversity of contributors, the 7th edition provides enhanced coverage of the central axes of inequality in GPE and centers topics such as colonialism, race, gender, North-South divides and everyday life throughout chapters on GPE theory, global trade and production, global money and finance, the resurgence of the state, development and inequality, the environment, and digital technologies.
Chapter
10. Global Finance and the Everyday
Clarke Chris and Roberts Adrienne
This work uses ‘the everyday’ as a lens to explore the worlds of finance, debt and money. It offers a ‘bottom up’ perspective on broader structural trends in the world economy, showing both how these affect the day-to-day experiences of individuals and households, and how everyday financial practices are constitutive of the world economy. The work uses debt and money as entry points for this discussion. It discusses how and why households have come to rely on debt as part of everyday life and shows how debt reliance has unequal consequences. It also surveys the use of money by ordinary people and the everyday political economy of monetary governance.
