Transnational Financial Associations and the Governance of Global Finance: Assembling Wealth and Power PDF
Preview Transnational Financial Associations and the Governance of Global Finance: Assembling Wealth and Power
Transnational Financial Associations and the Governance of Global Finance The role of business in global governance is now widely recognized, but exploration of its role in global financial governance has been more hapha- zard than systematic. This book provides the first comprehensive analysis of the role of transnational financial associations (TFAs) in the organization of global finance. This book develops three theoretical themes of assemblage, functionality, and poweras enrollment.Thesethemeschallengeapproachesthat treat financial power as emanating from a single location or force. Whilst existing approa- chestendtotreatTFAsasirrelevantorasmerelytransmittingpoweroriginat- ing elsewhere, this book argues that power must be created by painstakingly assemblingactors,networks,andobjectsthatareoftenquiteautonomousand working at cross purposes to one another—a process in which TFAs play a central role. The book explores these themes in chapters examining the roles of TFAs in interacting with public authorities, constructing global financial markets and creating financial communities. The authors additionallyanalyze the roles of TFAs in the European Union, in the global South, and in pro- motinggoalsotherthanprofitability,includingIslamicfinance,microfinancing, savings banks, and cooperatives. Making a distinctive contribution to our understanding of global finance and global governance, Transnational Financial Associations and the Govern- ance of Global Finance is an important book for students and scholars of international political economy, finance, global governance, and international relations. Heather McKeen-Edwards is Assistant Professor of Politics and International Studies at Bishop’s University in Sherbrooke, Canada. Tony Porter is Professor of Political Science at McMaster University in Hamilton, Canada. RIPE Series in Global Political Economy Series Editors: Jacqueline Best (University of Ottawa, Canada), Ian Bruff (Loughborough University, UK), Paul Langley (Durham University, UK) and Anna Leander (Copenhagen Business School, Denmark) Formerly edited by Leonard Seabrooke (Copenhagen Business School, Denmark), Randall Germain (Carleton University, Canada), Rorden Wilk- inson (University of Manchester, UK), Otto Holman (University of Amster- dam), Marianne Marchand (Universidad de las Américas-Puebla, Mexico), Henk Overbeek (Free University, Amsterdam) and Marianne Franklin (Gold- smiths, University of London, UK). The RIPE series editorial board are: Mathias Albert (Bielefeld University, Germany), Mark Beeson (University of Birmingham, UK), A. Claire Cutler (University of Victoria, Canada), Mar- ianne Franklin (Goldsmiths, University of London, UK), Randall Germain (Carleton University, Canada) Stephen Gill (York University, Canada), Jeffrey Hart (Indiana University, USA), Eric Helleiner (Trent University, Canada), Otto Holman (University of Amsterdam, the Netherlands), Marianne H. Marchand (Universidad de las Américas-Puebla, Mexico), Craig N. Murphy (Wellesley College, USA), Robert O’Brien (McMaster University, Canada), Henk Overbeek (Vrije Universiteit, the Netherlands), Anthony Payne (Uni- versity of Sheffield, UK), V. Spike Peterson (University of Arizona, USA) and Rorden Wilkinson (University of Manchester, UK). This series, published in association with the Review of International Poli- tical Economy, provides a forum for current and interdisciplinary debates in international political economy. The series aims to advance understanding of the key issues in the global political economy, and to present innovative ana- lyses of emerging topics. The titles in the series focus on three broad themes: (cid:1) thestructures,processesandactorsofcontemporaryglobaltransformations; (cid:1) the changing forms taken by governance, at scales from the local and everyday to the global and systemic; and (cid:1) theinseparabilityofeconomicfrompolitical, socialand cultural questions, including resistance, dissent and social movements. The series comprises two strands. The RIPE Series in Global Political Economy aims to address the needs of students and teachers, and the titles will be published in hardback and paperback. Titles include: Transnational Classes and Contesting Globalization International Relations Space and place in the world Kees van der Pijl economy André C. 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Blaney and Naeem Inayatullah The Global Political Economy of Intellectual Property Rights Cultural Political Economy (Second Edition) Edited by Jacqueline Best and The new enclosures Matthew Paterson Christopher May Gender and Global Restructuring Corporate Power and Ownership in (Second Edition) Contemporary Capitalism Sightings, sites and resistances The politics of resistance and Edited by Marianne H. Marchand domination and Anne Sisson Runyan Susanne Soederberg Transnational Financial Associations and the Governance of Global Finance Assembling wealth and power Heather McKeen-Edwards and Tony Porter Routledge/RIPEStudiesinGlobalPoliticalEconomyisaforumforinnovative new research intended for a high-level specialist readership, and the titleswill be available in hardbackonly. Titles include: 1. Globalization and Governance* 4. Integrating Central Europe Edited by Aseem Prakash and EUexpansionandPoland,Hungary Jeffrey A. Hart and the Czech Republic Otto Holman 2. Nation-States and Money The past, present and future of 5. Capitalist Restructuring, national currencies Globalisation and Edited by Emily Gilbert and the Third Way Eric Helleiner Lessons from the Swedish Model 3. The Global Political J. Magnus Ryner Economy of Intellectual Property Rights 6. Transnational Capitalism The new enclosures? and the Struggle over European Christopher May Integration Bastiaan van Apeldoorn 7. World Financial Orders 14. The Southern Cone Model An historical international The political economyof political economy regional capitalist development in Paul Langley Latin America Nicola Phillips 8. The Changing Politics of Finance in Korea and Thailand 15. The Idea of Global From deregulation Civil Society to debacle Politics and ethics of a Xiaoke Zhang globalizing era Edited by Randall D. Germain and 9. Anti-Immigrantism in Western Michael Kenny Democracies Statecraft, desire and the politics 16. Governing Financial of exclusion Globalization Roxanne Lynn Doty International political economy and multi-level governance 10. The Political Economy of Edited by Andrew Baker, David European Employment Hudson and Richard Woodward European integration and the transnationalization 17. Resisting Intellectual Property of the (un)employment Debora J. Halbert question Edited by Henk Overbeek 18. Neoliberal Hegemony A global critique 11. Rethinking Global Political Edited by Dieter Plehwe, Bernhard Economy Walpen and Gisela Neunhöffer Emerging issues, unfolding odysseys 19. Global Standards of Market Edited by Mary Ann Tétreault, Civilization Robert A. Denemark, Edited by Brett Bowden and Kenneth P. Thomas and Leonard Seabrooke Kurt Burch 20. Beyond Globalization 12. Rediscovering International Capitalism, territoriality and the Relations Theory international relations of modernity Matthew Davies and Michael Hannes Lacher Niemann 21. Images of Gramsci 13. International Trade and Connections and contentions in Developing Countries* political theory and international Bargaining coalitions in the GATT relations & WTO Edited by Andreas Bieler and Amrita Narlikar Adam David Morton 22. Global Public Policy 30. Cosmopolitanism and Global Business and the countervailing Financial Reform powers of civil society A pragmatic approach to Edited by Karsten Ronit the Tobin Tax James Brassett 23. The Transnational Politics of Corporate Governance Regulation 31. Variegated Neoliberalism Edited by Henk Overbeek, Bastiaan EU varieties of capitalism and van Apeldoorn and Andreas Nölke international political economy Huw Macartney 24. National Currencies and Globalization 32. The Politics of European Endangered specie? Competition Regulation Paul Bowles A critical political economy perspective 25. Conflicts in Environmental Hubert Buch-Hansen and Regulation and the Angela Wigger Internationalization of the State Contested terrains 33. The Political Economy of Global Ulrich Brand, Christoph Görg, Remittances Joachim Hirsch and Markus Wissen Gender and governmentality Rahel Kunz 26. Governing International Labour Migration 34. A Critical History of the Current issues, challenges and Economy dilemmas On the birth of the national and Edited by Christina Gabriel and international economies Hélène Pellerin Ryan Walter 27. The Child in International 35. The International Political Political Economy Economy of Transition A place at the table Neoliberal hegemony and Eastern Alison M.S. Watson Central Europe’s transformation Stuart Shields 28. Global Citizenship and the Legacy of Empire 36. The Global Political Economy of Marketing development Trade Protectionism and April Biccum Liberalization Trade reform and economic 29. Development, Sexual Rights and adjustment in textiles and clothing Global Governance* Tony Heron Resisting global power Amy Lind * Also available in paperback Transnational Financial Associations and the Governance of Global Finance Assembling wealth and power Heather McKeen-Edwards and Tony Porter Firstpublished2013 byRoutledge 2ParkSquare,MiltonPark,Abingdon,Oxon,OX144RN SimultaneouslypublishedintheUSAandCanada byRoutledge 711ThirdAvenue,NewYork,NY10017 RoutledgeisanimprintoftheTaylor&FrancisGroup,aninformabusiness ©2013HeatherMcKeen-EdwardsandTonyPorter TherightofHeatherMcKeen-EdwardsandTonyPortertobeidentifiedas theauthorsofthisworkhasbeenassertedinaccordancewithsections77 and78oftheCopyright,DesignsandPatentsAct1988. Allrightsreserved.Nopartofthisbookmaybereprintedorreproducedor utilisedinanyformorbyanyelectronic,mechanical,orothermeans,now knownorhereafterinvented,includingphotocopyingandrecording,orin anyinformationstorageorretrievalsystem,withoutpermissioninwriting fromthepublishers. Trademarknotice:Productorcorporatenamesmaybetrademarksor registeredtrademarks,andareusedonlyforidentificationandexplanation withoutintenttoinfringe. BritishLibraryCataloguinginPublicationData AcataloguerecordforthisbookisavailablefromtheBritishLibrary LibraryofCongressCataloginginPublicationData McKeen-Edwards,Heather. Transnationalfinancialassociationsandthegovernanceofglobalfinance :assemblingwealthandpower/HeatherMcKeen-EdwardsandTony Porter. p.cm.–(RIPEseriesinglobalpoliticaleconomy) Includesbibliographicalreferencesandindex. 1.Internationalfinance.2.Financialinstitutions.I.Porter,Tony.II.Title. HG3881.M39462013 332'.042–dc23 20120341 ISBN:978-0-415-65972-7(hbk) ISBN:978-0-415-65974-1(pbk) ISBN:978-0-203-58608-2(ebk) TypesetinTimesNewRomanby Taylor&FrancisBooks Contents List of illustrations xii Acknowledgements xiii List of abbreviations xiv 1 Introduction: Private authority and private associations in global finance and global governance 1 TFAs and power in global finance 2 What are TFAs? 3 How do TFAs vary? 4 TFAs and theory 6 Ontology 7 Functionality 7 Power 8 The plan of the book 9 2 Conceptualizing transnational financial associations and global financial power 11 Important current theories that underestimate the role of TFAs 12 The structural power of capital 13 Global markets, efficiency, and transnational financial associations 16 The power of the state and transnational financial associations 18 The literature on private authority and governance 19 An alternative metatheoretical and theoretical approach 22 An assemblage ontology 24 Theorizing functionality and discursive elements in TFAs 27 Power 31 Conclusion 33
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