The End of Self-Regulation? Hedge Funds and Derivatives in Global Financial Governance

This volume examines the changes in international financial regulation from the vantage point of the key powers in global finance including the US, the EU, Japan, and China

Gatekeepers of financial power: from London to Lagos

The main premise of this paper is that, until recently, African elites did not regulate or control financial flows moving across the continent. They were not financial gatekeepers. In Africa Since 1940, Cooper identified African elites as gatekeepers regulating access to resources and opportunities passing through strategic sites. This paper makes a case for revision of existing notions of the gatekeeper state in an ongoing effort to (re)negotiate the continent’s colonial past through two new arguments. The first is that financial power was never located at a ‘peripheral’ African gate, but resolutely held onto within leading financial centres, circumventing any opportunity for African elites to control financial flows. Failure to distinguish between types of flows distorts analysis of African political economic power under colonialism. It is only in the post-2000 period, that we see powerful African states driving the integration of African markets into the global financial system. The second argument is that these African goals to control financial flows correspond more to ‘gateway’ strategies than to gatekeeper. Drawing on the case of Lagos, I demonstrate how this ‘gateway’ concept better captures trans-scalar processes of new financial clustering in Africa’s emerging markets than a concept associated with ‘gates’ under Empire

The new resilience of emerging and developing countries: systemic interlocking, currency swaps and geoeconomics

The vulnerability/resilience nexus that defined the interaction between advanced and developing economies in the post-WWII era is undergoing a fundamental transformation. Yet, most of the debate in the current literature is focusing on the structural constraints faced by the Emerging and Developing Countries (EDCs) and the lack of changes in the formal structures of global economic governance. This paper challenges this literature and its conclusions by focusing on the new conditions of systemic interlocking between advanced and emerging economies, and by analysing how large EDCs have built and are strengthening their economic resilience. We find that a significant redistribution of ‘policy space’ between advanced and emerging economies have taken place in the global economy. We also find that a number of seemingly technical currency swap agreements among EDCs have set in motion changes in the very structure of global trade and finance. These developments do not signify the end of EDCs’ vulnerability towards advanced economies. They signify however that the economic and geoeconomic implications of this vulnerability have changed in ways that constrain the options available to advanced economies and pose new challenges for the post-WWII economic order

Oil elite networks in a transforming global oil market

This article analyses oil elite formation in light of the wider transformation that is taking place in the global oil order due to the rise of powers from the Global South, including Russia: in particular, the expansion and integration of the state-owned oil companies into the global oil market. This is done by analysing the networks that the directors of the world's largest oil companies create through their affiliations with a) other corporations, b) policy planning bodies and c) with the state. The most important finding is that the increased cooperation between the Western private oil companies and the non-Western state-owned oil companies has not yet translated into increased integration between their respective elite networks. It is argued that this indicates we are witnessing a transition towards a more multi-polar global oil order that increasingly needs to take into account the rising powers of the Global South. © The Author(s) 2012

Distant agricultural landscapes

This article is distributed under the terms of the Creative Commons Attribution License which permits any use, distribution, and reproduction in any medium, provided the original author(s) and the source are credited. The final publication is available at Springer via http://dx.doi.org/10.1007/s11625-014-0278-0This paper examines the relationship between the development of the dominant industrial food system and its associated global economic drivers and the environmental sustainability of agricultural landscapes. It makes the case that the growth of the global industrial food system has encouraged increasingly complex forms of “distance” that separate food both geographically and mentally from the landscapes on which it was produced. This separation between food and its originating landscape poses challenges for the ability of more localized agricultural sustainability initiatives to address some of the broader problems in the global food system. In particular, distance enables certain powerful actors to externalize ecological and social costs, which in turn makes it difficult to link specific global actors to particular biophysical and social impacts felt on local agricultural landscapes. Feedback mechanisms that normally would provide pressure for improved agricultural sustainability are weak because there is a lack of clarity regarding responsibility for outcomes. The paper provides a brief illustration of these dynamics with a closer look at increased financialization in the food system. It shows that new forms of distancing are encouraged by the growing significance of financial markets in global agrifood value chains. This dynamic has a substantial impact on food system outcomes and ultimately complicates efforts to scale up small-scale local agricultural models that are more sustainable.The Trudeau Foundation || Social Sciences and Humanities Research Council of Canad

States and the political economy of unfree labour

A growing body of academic and policy research seeks to understand and address the problem of contemporary unfree labour. In this article, we argue that this literature could be strengthened by a stronger conceptualization of, and more systematic attention towards, the role of national states. In particular, we argue that there is a need to move beyond simplistic conceptualisations of states as simple agents of regulation and criminal justice enforcement who respond to the problem of unfree labour, and to recognize the causal and multifaceted role that national states play in creating the conditions in which unfree labour can flourish. We propose a framework to understand and compare the ways in which national states shape the political economy of unfree labour. Focusing on the United States, we outline three arenas of governance in which national states have been particularly central to enabling the conditions for unfree labour: the regulation of labour mobility, labour market regulation, and business regulation. We conclude by reflecting on the comparative political economy research that will be required to understand the role of different states in shaping the conditions in which unfree labour thrives or is eliminated

Paths to a Reserve Currency: Internationalization of the Renminbi and Its Implications

In this paper we try to address the question of what could help make the renminbi a reserve currency. In recent years, the authorities in the People's Republic of China (PRC) have made efforts to internationalize its currency through a two-track strategy: promotion of the use of the renminbi in the settlement of cross-border trade and investment, and liberalization of the capital account. We find that if we use only the quantitative measures of the economy, the predicted share of the renminbi in global reserves could reach 12%. However, if institutional and market variables are included, the predicted share comes down to around 2%, which is a more realistic prediction. By reviewing experiences of other reserve currencies, we propose a three-factor approach for the PRC authorities to promote the international role of the renminbi: (i) increasing the opportunities of using renminbi in the international community, which requires relatively rapid growth of the PRC economy and continuous liberalization of trade and investment; (ii) improving the ease of using renminbi, which requires depth, sophistication, and liquidity of financial markets; and (iii) strengthening confidence of using renminbi, which requires more transparent monetary policy making, a more independent legal system, and some political reforms. In general, we believe that the renminbi's international role should increase in the coming years, but it will take a relatively long period before it plays the role of a global reserve currency