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Capitalisms and Capitalism in the Twenty-First Century$
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Glenn Morgan and Richard Whitley

Print publication date: 2012

Print ISBN-13: 9780199694761

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199694761.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 30 July 2021

Is there a Global Financial System?

Is there a Global Financial System?

The Locational Antecedents and Institutionally Bounded Consequences of the Financial Crisis

Chapter:
(p.118) 5 Is there a Global Financial System?
Source:
Capitalisms and Capitalism in the Twenty-First Century
Author(s):

Glenn Morgan

Michel Goyer

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199694761.003.0006

The chapter examines the nature of financial globalization. It argues that this needs to be conceived as a specific process characterized by the flow of funds into London and New York from surplus saver economies. This flow of funds is organized through global financial institutions but these in turn are very limited in number because of the scale required to manage these processes profitably. London and New York attracted these funds because of their relative openness and lack of regulation. The present structure of financial globalization is therefore a function of the particular relationships between forms of national capitalism, in particular around the nature of their institutional complementarities and the type of economic growth associated with the role of credit and debt. It has therefore deepened national differences rather than undermined them.

Keywords:   globalization, finance, national forms of capitalism, institutional complementarities

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