Discipline in the Global Economy?: International Finance and the End of Liberalism (New Political Economy)

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Discipline in the Global Economy? : International Finance and the End of Liberalism New Political Economy (New York, N.Y.) Vestergaard, Jakob. Taylor & Francis Routledge 0415990319 9780415990318 9780203882498 English International Monetary Fund, Financial crises--Asia, Monetary policy--Asia, International finance. 2009 HB3808.V47 2009eb 332/.042095 International Monetary Fund, Financial crises--Asia, Monetary policy--Asia, International finance.

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Page i Discipline in the Global Economy?



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author: publisher: isbn10 | asin: print isbn13: ebook isbn13: language: subject  publication date: lcc: ddc: subject:

Discipline in the Global Economy? : International Finance and the End of Liberalism New Political Economy (New York, N.Y.) Vestergaard, Jakob. Taylor & Francis Routledge 0415990319 9780415990318 9780203882498 English International Monetary Fund, Financial crises--Asia, Monetary policy--Asia, International finance. 2009 HB3808.V47 2009eb 332/.042095 International Monetary Fund, Financial crises--Asia, Monetary policy--Asia, International finance.

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Page ii New Political Economy RICHARD MCINTYRE, General Editor Political Economy from Below Economic Thought in Communitarian Anarchism, 1840–1914 Rob Knowles Structuralism and Individualism in Economic Analysis The “Contractionary Devaluation Debate” in Development Economics S. Charusheela Encoding Capital The Political Economy of the Human Genome Project Rodney Loeppky Miracle for Whom? Chilean Workers under Free Trade Janine Berg Market Sense Toward a New Economics of Markets and Society Philip Kozel The African-Asian Divide Analyzing Institutions and Accumulation in Kenya Paul Vandenberg Everyday Economic Practices The “Hidden Transcripts” of Egyptian Voices Savvina A. Chowdhury Prison Labor in the United States An Economic Analysis Asatar P. Bair New Deal Banking Reforms and Keynesian Welfare State Capitalism Ellen D. Russell Rethinking Municipal Privatization Oliver D. Cooke The Political Economy of European Union Competition Policy A Case Study of the Telecommunications Industry Tuna Baskoy Discipline in the Global Economy? International Finance and the End of Liberalism Jakob Vestergaard





Page iii Discipline in the Global Economy? International Finance and the End of Liberalism Jakob Vestergaard

New York London





Page iv First published 2009 by Routledge 270 Madison Ave, New York, NY 10016 Simultaneously published in the UK by Routledge 2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN Routledge is an imprint of the Taylor & Francis Group, an informa business This edition published in the Taylor & Francis e-Library, 2008. To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk. © 2009 Jakob Vestergaard All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereaf ter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark Notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. Library of Congress Cataloging in Publication Data Vestergaard, Jakob. Discipline in the global economy? / by Jakob Vestergaard. p. cm. Includes bibliographical references and index. 1. Financial crises—Asia. 2. Monetary policy—Asia. 3. International Monetary Fund. 4. International finance. I. Title. HB3808.V47 2009 332'.042095—dc22 2008034821 ISBN 0-203-88249-0 Master e-book ISBN ISBN10: 0-415-99031-9 (hbk) ISBN10: 0-203-88249-0 (ebk) ISBN13: 978-0-415-99031-8 (hbk) ISBN13: 978-0-203-88249-8 (ebk)





Page v Even when cowardliness is mistaken for sagacity, with a generally esteemed common sense that secretly is selfishness, even then it is at first mistaken for pride – that is, in the sense that being wise about the world and one’s own advantage in this way is something great. Soeren Kierkegaard1





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Page 23 Part I The Asian Crisis



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Page 183 Part III The End of Liberalism?



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Page 225 Part IV A Way Forward



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