By Jakob Vestergaard
In self-discipline within the international financial system, Jakob Vestergaard investigates the at the moment winning legislation of overseas finance, introduced based on the monetary crises of the 1990’s. on the center of this procedure is a suite of criteria of ‘best practice’, starting from banking supervision to company governance. Vestergaard argues that even though those criteria are provided as ‘international’, they contain a norm for the ‘proper’ association and law of economies that is in detail concerning the Anglo-American version of capitalism. With this method of the rules of overseas finance, earlier deregulation rules have been changed via a accomplished process for the worldwide disciplining of economies. this can be a awesome, if no longer paradoxical, prevalence in what's allegedly the heyday of neoliberalism and ‘free industry economy’. additionally, this mode of foreign monetary legislation has proved useless, if no longer counter-productive, when it comes to its aim to augment the steadiness and resilience of the foreign economic system. in simple terms by means of forsaking ‘laissez-fairy stories’ approximately liberalism may possibly we start to appreciate our current difficulty– and open an area for serious pondering on modes of foreign financial governance which are while extra conducive to monetary balance and extra in keeping with the ethos of liberalism.
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Extra resources for Discipline in the Global Economy?: International Finance and the End of Liberalism (New Political Economy)
Which ‘powereffects’, Foucault asks, are produced by the constitution of bodies of scientific knowledge and the dissemination of their norms and techniques? And how are the emergence and development of these bodies of knowledge related to processes of political power? These are key questions from a Foucauldian perspective. Further elaboration requires an explication of the Foucauldian concept of ‘governmentality’. 2 A basic premise of governmentality studies is that in modern liberal societies, power is exercised through knowledge.
Particularly in the case of the latter this seems a strange absence—given that it offers a contextualised analysis of early liberalism and political economy, reflecting on the work of Adam Smith and Adam Ferguson, both canonized authors in the history of economic thought. Further, this work by Foucault features centrally an analysis of the work of Jeremy Bentham, another key figure in histories of economic thought. There is plenty reason, in other words, to endeavour to relate Foucault’s work more explicitly to economic discourse.
Finally, on the basis of the preceding steps one endeavours to synthesize and reflect: what is particularly problematic about the debate? TYPOLOGIES AND BEYOND Before proceeding with the narratives of Barry Eichengreen, Paul Krugman, Joseph Stiglitz and Robert Wade in the following four chapters, it is pertinent to provide a brief overview of debates on the Asian crisis. < previous page page_31 next page > < previous page page_32 next page > Page 32 An effective means of obtaining an overview of key dividing lines in the debate is to examine one or more typologies suggested in the literature.