What role do emerging markets play in the global financial system? Are they subordinated within global financial hierarchies? Or do they have autonomy, even power, to use finance to pursue state objectives?
In this edited volume, leading scholars explore these questions, focusing on state–finance interactions globally. The book combines literatures on international financial subordination, financial statecraft and comparative capitalism to analyse state–finance relationships in emerging markets, particularly the BRICS: Brazil, Russia, India, China, and South Africa. It reveals that these states can control their domestic financial sectors despite global subordination, though their ability to do so varies significantly.
This essential volume offers profound insights into how emerging markets are reshaping global finance for scholars and policy makers.
Daftar Isi
1. Introduction – Johannes Petry and Andreas Nölke
Part 1: Conceptual Tools
2. International Financial Subordination: From Genesis to Varieties of Financial Statecraft – Ilias Alami
3. Unpacking ‘State Capacity’ for Financial Statecraft: Theorizing Trade-Offs for Policymakers – Leslie Elliott Armijo
Part 2: Country Cases
4. South African Financial Innovation and Subordination within Extreme Socio-Economic Crisis – Patrick Bond
5. Brazil in the International Financial Order: How Domestic Politics Trigger an Ambiguous Contestation – Pedro Lange Netto Machado and Luiz Fernando de Paula
6. Russian Financial Markets after February 2022: De-Globalization, Defensive Statecraft and Capital Markets – Ilja Viktorov and Alexander Abramov
7. Seeking Autonomy beyond Subordination: Chinese Financial Statecraft and the e-CNY – Christopher Mc Nally
8. Relaxing the survival constraint: India’s financial statecraft in search of domestic autonomy – Anush Kapadia and Fathimath Musthaq
Part 3: Comparative Analyses
9. The Role of the State in Subordinate Financialised Capitalism: Comparing Brazil and Turkey – Elif Karacimen and Annina Kaltenbrunner
10. Tools of Subordination or Statecraft? A Comparative Analysis of Stock Exchanges in the BRICS – Johannes Petry
11. Central Bank Digital Currencies: A Comparative Account of Projects in China, Russia and the Eurozone – Carola Westermeier, Roxana Ehlke and Tim Salzer
12. Afterword – Ingrid Kvangraven
Tentang Penulis
Andreas Nölke is Professor of Political Science at Goethe University Frankfurt.
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