Ilene Grabel: When Things Don’t Fall Apart: Global Financial Governance and Developmental Finance in an Age of Productive Incoherence
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Following the global financial crisis in 2008, when the idea that financial markets could regulate themselves was thoroughly trounced, many hoped for a radical overhaul of the global financial system and meaningful reforms that could better ensure international financial stability and offer greater public accountability. But instead of revolutionary change, argues University of Denver economist Ilene Grabel, what we got instead was evolutionary change—a new era of slow and gradual tinkering, searching and experimentation that is being carried out by a growing legion of new national and regional financial institutions that have sprung up around the world over the last decade. Most of these new institutions have been set up by, and are based in, developing countries, and many have been adopting an interesting array of new policies, financial products and governance practices that are slowly but surely beginning to reshape the global financial architecture.
While the ‘old order’ was based...