Of all the many changes of the world economy in recent decades, few have been nearly so dramatic as the resurrection of global finance. How can we explain the remarkable globalization of financial markets and what are its economic, political implications?
Аннотация к работе
Sobel prefers instead an alternative inside-out explanation, which he defends with extensive evidence of persistent national distinctions and home bias in bond and equity markets. The third is his preferred inside-out interpretation. Yet another classification is proposed by Philip Cerny, a frequent contributor to the globalization literature, who also distinguishes three types of explanation: (1) market-based explanations; (2) institutional-technological explanations; and (3) political explanations, which in turn are subdivided into interpretations that, like Sobels, stress internal political processes, or, like Helleiners, stress the autonomous state.