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Much of the literature contrasts the dynamics of free markets with the ‘political’ dynamics of governance. The distinction portrays the process of ‘economic’ competition as separate from the deployment of private political resources to affect the terms of competition in line with agent preferences.
Despite regular and serious systemic volatility, reform of international financial architecture remains limited, retaining market-oriented characteristics and adjustment mechanisms. A failure of the architecture to focus on the political underpinnings of global financial and monetary governance yiel
The 1990s financial crises triggered many changes to the design of the international financial system, the so-called international financial architecture. While much affected, developing countries have had very little influence on the changes, which the formulation of the new Basle capital accord (B
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