Global Finance at Risk: The Case for International Regulation

by John Eatwell, Lance Taylor

Overview

In Global Finance at Risk, two economists whom John Kenneth Galbraith has hailed as "accomplished scholars of the first rank" propose a bold solution to the financial crises that threaten us all: a World Financial Authority with powers to establish worldwide best-practice financial regulation and risk management. Expansion of finance in industrialized economies, including that of the nineteenth-century United States, was accompanied by the same kind of turbulence now afflicting Asia, Russia, and Latin America. Then, the solution was to establish national banking and securities regulators, create deposit insurance, and empower lenders of last resort. But in our increasingly globalized times, an account opened at a local bank can be based on bad debt from anywhere in the world, including places outside the jurisdiction of those national agencies. And when banks fail, it is not only their account holders who suffer, but all of us. This is why, argue John Eatwell and Lance Taylor in this timely and urgent book, effective regulation of international finance is crucial to the economic health of all nations. Global Finance at Risk casts a welcome light on the deepening intricacies of world financial systems.

Product Details

ISBN-13:	9781565846388
Publisher:	New Press, The
Publication date:	02/01/2001
Edition description:	Reprint
Pages:	272
Product dimensions:	5.10(w) x 7.90(h) x (d)

About the Author

John Eatwell is President of Queens' College, Cambridge, and a member of Britain's House of Lords.

Lance Taylor, the Arnhold Professor of International Cooperation and Development at the New School University, New York, is also the director of the New School's Center for Economic Policy Analysis.

Table of Contents

	Preface	ix
1	The Privatization of Risk	1
2	Liberalized Capital Markets and Global Economic Performance	29
3	Exchange Rates and Capital Controls	54
4	Developed Countries and the New Financial Order	96
5	Developing Countries and the New Financial Order	140
6	Regulation on a Global Scale	180
7	A World Financial Authority	208
	Further Reading	240
	Abbreviations	245
	Index	247

Editorial Reviews

"No economic development of our time is so threatening as to affect and so little understood as the great and unpredicted movements of financial capital between countries. Here two accomplished scholars of the first rank deal with the problem so created, in clear English, with informed thought and willingness to embrace the evident solution. I strongly recommend it." —John Kenneth Galbraith

From the Publisher