American structural power within International Financial Governance: from Bretton Woods to globalization
DOI:
https://doi.org/10.36311/2237-7743.2018.v7n2.09.p390Palavras-chave:
structural power, international financial governance, U.S.A., domestic political economyResumo
From the 1950s to the 1990s, the international monetary and financial system underwent deep changes with profound consequences, including the breakdown of Bretton Woods and the emergence of the globalized financial system. This paper aims to understand how American domestic political and economic challenges and responses in the 1970s reframed the superpowers’ foreign policy goals with respect to global financial governance. Drawing on the international political economy theory of structural power, this article analyzes U.S. domestic and foreign economic policy and examines international governance outcomes from a historical perspective. It argues that U.S. replies to domestic and international political and economic constraints prompted significant structural changes to the international monetary and financial system. The paper concludes that it is American domestic decision-making that determines the structure of the international financial system due to American structural power to underwrite and rewrite the norms and rules of the international financial governance.
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Referências
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CASTRO, Thales. Teoria das relações internacionais. Brasília: FUNAG, 2016.
CARDIM, Fernando. Inovação financeira e regulação prudencial: da regulação de liquidez aos acordos de Basileia. In: SOBREIRA, Rogério (org.). Regulação financeira e bancária. Rio de janeiro: Atlas, 2005.
CHAFFEE, Eric. The internationalization of securities regulation: the United States government's role in regulating the global capital markets. Journal of business and technology law, v. 5, n. 2, 2010.
COHEN, Benjamin. The Future of Sterling as an International Currency. London: Palgrave Macmillan, 1971.
COX, Robert. Social Forces, States and World Orders: Beyond International Relations Theory. Millennium: Journal of International Studies, v. 10, n. 126, p. 126-155, 1981.
DUMÉNIL, Gérard; LEVY, Dominique. The crisis of neoliberalism. Cambridge, Massachusetts: Harvard University Press, 2011.
EICHENGREEN, Barry. Globalizing capital: a history of the international monetary system. New Jersey: Princeton University Press, 1998.
FIORI, José Luis. Estados, moedas e desenvolvimento. In: FIORI, José Luis (org.). Estados e moedas no desenvolvimento das nações. Petrópolis, RJ: Vozes, 1999.
GASPAR, Débora. O dólar, os conflitos distributivos nacionais e a cooperação monetária europeia. Tese de doutoramento, Programa de Pós-graduação em Economia Política Internacional, Universidade Federal do Rio de Janeiro, Rio de Janeiro, 2015.
GILPIN, Robert. The challenge of global capitalism: the world economy in the 21st century. New Jersey: Princeton University Press, 2000.
GERMAIN, Randall. The international organization of credit: states and Global Finance in the World-Economy. Cambridge: Cambridge University Press, 1997.
GUTTMANN, Robert. Finance-led capitalism: shadow banking, re-regulation, and the future of global markets. New York: Springer, 2016.
HART, Jeffrey; SPERO, Joan. The politics of international economy relations. Boston: Wadsworth cengage learning, 7th ed., 2009.
HELLEINER, Eric. States and the reemergence of global finance: from Bretton Woods to the 1990’s. Ithaca and London: Cornell University Press, 1994.
KATZENSTEIN, Peter. International relations and domestic structures: foreign economic policies of advanced industrial states. International Organization, v. 30, n. 1, pp. 1-45, winter 1976.
KINDLEBERGER, Charles. The world in depression. Los Angeles: University of California Press, 1986.
KONINGS, Martjin. The development of American finance, 2010.
MARTINS, Norberto; TORRES FILHO, Ernani. Regulação dos sistemas financeiros: as experiências internacional e brasileira. Grupo de estudo do setor elétrico. Projeto “Indicadores de Sustentabilidade Econômica Financeira das distribuidoras de Energia Elétrica”, 2017.
MOFFIT, Michael. World's Money: International Banking from Bretton Woods to the Brink of Insolvency. London: Michael Joseph Publisher, 1984.
SEN, Gautman; WALTER, Andrew. Analyzing the global political economy. New Jersey: Princeton University Press, 2009.
STEIL, Benn. The Battle of Bretton Woods. New Jersey: Princeton University Press, 2013.
STRANGE, Susan. States and markets. London: Bloomsbury, 2015.
TAVARES, Maria da Conceição. A retomada da hegemonia norte-americana. In: FIOIRI, José Luis (org.). Poder e dinheiro: uma economia política da globalização: Petrópolis, RJ: Vozes, 1997.
TORRES FILHO, Ernani. A crise do sistema financeiro globalizado contemporâneo. Revista de Economia Política, v. 34, nº 3, pp. 433-450, julho-setembro/2014.
_____________________. Moeda, finanças e guerra, 2018. No prelo.
UNDERHILL, Geoffrey. Keeping governments out of politics: transnational securities markets, regulatory cooperation, and political legitimacy. Review of International Studies, v. 21, n. 3, pp. 251-278, July 1995.
____________________. The emerging post-crisis financial architecture: the path-dependency of ideational adverse selection. British Journal politics and international relations, v. 17, n. 3, 2015.
URPIA, Arthur Gualberto Bacelar da Cruz. O sistema financeiro dos EUA: da lei Glass-Steagall à lei Dodd-Frank. Tese de doutoramento, Programa de Pós-graduação em Economia, Universidade Federal do Rio de Janeiro, Rio de Janeiro, 2015.
WALTER, Andrew. World power and world money: the role of hegemony and international money order. New York: Palgrave Macmillan, 1993.
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2018-09-17
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ALENCAR, Fernando Barcellos de Andrade. American structural power within International Financial Governance: from Bretton Woods to globalization. Brazilian Journal of International Relations, Marília, SP, v. 7, n. 2, p. 390–414, 2018. DOI: 10.36311/2237-7743.2018.v7n2.09.p390. Disponível em: https://revistas.marilia.unesp.br/index.php/bjir/article/view/7610.. Acesso em: 22 nov. 2024.
