Capture and Exclude: Developing Economies and the Poor in Global Finance

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The essays gathered in this book address two broad questions. What are the legacies of the imperial age and the colonial epoch, in the capitalist economy of the present day? And what challenges do global financial dynamics pose for developing countries, and for lower- and middle-income households? Increasing cross-border economic flows have attracted ever more attention. Ironically, cross-border financial relations are centuries old: they date to the birth of the modern nation-state, and, indeed, emerged under the dual shadows cast by imperialism and colonialism. Under colonialism, the financial flows were asymmetric, almost always flowing from the periphery to the core. This historical fact has a continuity in the world economy’s financial core — the US, Western Europe, Japan and newly emerging urban East Asia, and a few selected regions elsewhere. There, globalization has, in the past quarter-century, provided ever more investment and credit options for firms and consumers with access to what Marx would have called ‘world money’. But any balance-sheet of the contemporary impacts of cross-border financial flows for nations outside this global core–that is, formerly, colonialized and imperially dominated areas–would look quite different. Certainly, there are global ‘financial citizens’ in these countries, who have benefited from freer global financial flows. But, overall, these nations’ macroeconomics have been compromised by contractionary policies forced on them due to recurrent cross border financial crises; further, many micro-economic tragedies have unfolded in the wake of these macroshocks. The chapters in this book investigate three interlocking domains: the terrain of ideology about how global financial markets are supposed to work, across nations and across agents; the terrain of institutions and market structures; and the terrain of macro-economic and regulatory policy. Special attention is paid to the situation of India. This book demonstrates that, because asymmetric power rooted in imperialism and exploitation underlies the current era, exclusion and fragility are persistent features of the world in which we live.

ABOUT THE AUTHOR Amiya Kumar Bagchi

Renowned economist and historian Amiya Kumar Bagchi was educated at Presidency College, Calcutta, and Trinity College, Cambridge, UK. He has taught and researched at Presidency College, Calcutta; University of Cambridge, UK; Cornell University USA; University of Bristol, UK; Maison des Sciences de l'Homme, Paris; Roskilde University, Denmark; and University of Naples, Italy. He has been director of the Centre for Studies in Social Sciences, Calcutta. Professor Bagchi has authored Private Investment in India 1900-1939 (Cambridge University Press, 1972), The Political Economy of Underdevelopment (Cambridge University Press, 1982), Public Intervention and Industrial Restructuring in China, India and Republic of Korea (ILO, ARTEP), and a four-volume history of India's oldest and biggest commercial bank, State Bank of India (published by Oxford University Press and Sage). He has edited, among others, the following volumes: (with Nirmala Banerjee) Change and Choice in Indian Industry (1981), New Technology and the Workers'Response (1995), Economy and Organization: Indian Institutions under the Neo-liberal Regime (1999), Democracy and Development (1995), and (with R. Bhargava and RL Sudarshan) Multiculturalism, Liberalism and Democracy (1999).

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Bibliographic information

Title
Capture and Exclude: Developing Economies and the Poor in Global Finance
Author
Edition
1st ed.
Publisher
ISBN
8189487263
Length
xii+344p., Tables; Figures.
Subjects