Discipline in the Global Economy International Finance and the End of Liberalism 1st Edition by Jakob Vestergaard ISBN 1135854858 9781135854850

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ISBN 10: 1135854858 
ISBN 13: 9781135854850
Author: Jakob Vestergaard

In Discipline in the Global Economy, Jakob Vestergaard investigates the currently prevailing regulation of international finance, launched in response to the financial crises of the 1990’s. At the core of this approach is a set of standards of ‘best practice’, ranging from banking supervision to corporate governance. Vestergaard argues that although these standards are presented as ‘international’, they comprise a norm for the ‘proper’ organization and regulation of economies which is intimately related to the Anglo-American model of capitalism. With this approach to the regulation of international finance, previous deregulation policies were replaced by a comprehensive system for the global disciplining of economies. This is a remarkable, if not paradoxical, occurrence in what is allegedly the heyday of neoliberalism and ‘free market economy’. Moreover, this mode of international financial regulation has proved ineffective, if not counter-productive, in terms of its objective to enhance the stability and resilience of the international financial system. Only by abandoning ‘laissez-fairy tales’ about liberalism may we begin to understand our present predicament– and open a space for critical thinking on modes of international economic governance that are at the same time more conducive to financial stability and more in line with the ethos of liberalism.

Discipline in the Global Economy International Finance and the End of Liberalism 1st Table of contents:

1 Introduction
A GLOBAL FINANCIAL CRISIS
THE ASIAN CRISIS
DISCIPLINE IN THE GLOBAL ECONOMY?
THE END OF LIBERALISM?
A WAY FORWARD
STRUCTURE
Part I: The Asian Crisis
Part II: Discipline in the Global Economy
Part III: The End of Liberalism?
Part IV: A Way Forward
THEORETICAL FRAMEWORK
CONTRIBUTIONS
SOCIAL STUDIES OF FINANCE
INTERNATIONAL POLITICAL ECONOMY
ECONOMICS-AS-DISCOURSE
AGAINST CERTITUDE
Part I The Asian Crisis
2 Toward a Problematization of the Asian Crisis
INTRODUCTION
THEORETICAL FRAMEWORK
GOVERNMENTALITY
METHODOLOGY
TYPOLOGIES AND BEYOND
3 Understanding Asia’s Crisis
COURSE OF THE CRISIS: THE TRIGGER AND THE SPREAD
CAUSES
4 What Happened to Asia?
THINKING ABOUT THE ASIAN CRISIS
MORAL HAZARD AND OVERINVESTMENT
ASSET PRICES AND DISINTERMEDIATION
QUESTIONS AND QUALIFICATIONS
5 The East Asia Crisis
THE FIRST ROUND OF MISTAKES
THE SECOND ROUND OF MISTAKES—BUMBLING RESTRUCTURING
CONCLUDING SECTIONS
6 The Asian Debt and Development Crisis of 1997–? Causes and Consequences
CAPITAL LIBERALIZATION
HIGH SAVINGS AND HIGH DEBT
PRECONDITIONS FOR THE CRISIS
THE COURSE OF THE CRISIS
THE IMF’S KOREA STRATEGY
THE DOWNWARD SPIRAL
TURNING POINTS
CAPITAL OPENING AND THE WALL STREET-TREASURY-IMF COMPLEX
THE FUTURE
7 Two to Tango?
INTRODUCTION
GOVERNMENTALITY ANALYSIS OF THE FOUR NARRATIVES
BARRY EICHENGREEN’S NARRATIVE
Causality
Morality
Policy
PAUL KRUGMAN’S NARRATIVE
Causality
Morality
Policy
JOSEPH STIGLITZ’S NARRATIVE
Causality
Morality
Policy
ROBERT WADE’S NARRATIVE
Causality
Morality
Policy
COMPARISON OF THE NARRATIVES
Four Lines of Problematization
‘IT TAKES TWO TO TANGO’ …
STRUCTURAL REFORM PROGRAMMES
CONTROVERSY
CONFLATION OF KEY ISSUES
‘ULTIMATE’ CAUSATION
CONCLUDING REMARKS
Part II Discipline in the Global Economy
8 Strengthening the International Financial Architecture (IFA)
INTRODUCTION
THE FINANCIAL SECTOR ASSESSMENT PROGRAM (FSAP)
STANDARDS AND CODES
FINANCIAL STABILITY ANALYSIS
EARLY WARNING SYSTEMS
FINANCIAL SOUNDNESS INDICATORS
STRESS-TESTING
THE COORDINATED COMPILATION EXERCISE (CCE)
CONCLUDING REMARKS
9 Michel Foucault’s Analysis of Disciplinary Power
INTRODUCTION
DOCILE BODIES
THE ART OF DISTRIBUTIONS
THE CONTROL OF ACTIVITY
THE COMPOSITION OF FORCES
THE MEANS OF CORRECT TRAINING
HIERARCHICAL OBSERVATION
NORMALIZING JUDGMENT
EXAMINATION
PANOPTICISM
THE PANOPTICON
CONCLUDING REMARKS
10 Disciplining Economies
INTRODUCTION
RECASTING MARKET DISCIPLINE
PRODUCING TRANSPARENCY
REWARD AND PUNISHMENT
TACTICS
CLOSING REMARKS
11 So What is a ‘Proper’ Economy?
INTRODUCTION
ACCOUNTING STANDARDS AND THE FSAP
Accounting and Auditing Assessments
Accounting Standards
ACCOUNTING AND CAPITALISM
Accounting, Sociology, and Capitalism
A New Paradigm: Fair Value Accounting (FVA)
FVA and the Clash of Capitalisms
INSTITUTIONS, GLOBALIZATION AND CAPITALISM
THE COMPARATIVE CAPITALISM LITERATURE
First Generation
Second Generation
IFA STANDARDS AND FINANCIAL SYSTEMS
GLOBALIZATION OF ANGLO-AMERICAN CAPITALISM?
12 More Heat Than Light Anatomy of a Regulatory Failure
INTRODUCTION
LIMITS OF THE STANDARDS APPROACH
Formal Enforcement Mechanisms
Conditionality
Article IV Consultations
Contingent Credit Lines (CCL)
Market Discipline Revisited
Self-Disciplining
Closing Remarks
LIMITS OF FSAP FINANCIAL STABILITY ANALYSIS
Blind Spots
Liquidity Risk
Exclusive Focus on Banks
Off-balance Sheet Positions
Domestic Inter-linkages
Supra-national Dimensions of Financial Risk
Procyclicality
FUTURE OF THE FSAP
CONCLUDING REMARKS
13 The Post-Washington Consensus
INTRODUCTION
THE WASHINGTON CONSENSUS
THE POST-WASHINGON CONSENSUS
A FOUCAULDIAN PERSPECTIVE
From Exceptional to Generalized Discipline
A New Anatomy of the Economy
A New Modality of Economic Governance
THE POST-WASHINGTON CONSENSUS REVISITED
Discontinuity
Continuity
CONCLUDING REMARKS
Part III The End of Liberalism?
14 What is Liberalism?
INTRODUCTION
THE ADAM SMITH DEBATE
FREEDOM—WHAT’S IN A NAME?
CLOSING REMARKS
15 Liberalism The Invention of ‘The Economy’
INTRODUCTION
FROM ‘ECONOMY’ TO ‘THE ECONOMY’
GOVERNING ‘THE ECONOMY’
FREEDOM AND GOVERNMENT
CLOSING REMARKS
16 Neoliberalism Governing Through Markets
INTRODUCTION
ON THE WORK OF HAYEK
FOUCAULT’S ANALYSIS OF NEOLIBERALISM
German Neoliberalism
AMERICAN NEO-LIBERALISM
The Theory of Human Capital
The Analysis of Criminality
THE NOVELTIES OF NEOLIBERALISM
NEOLIBERAL MODES OF GOVERNING
17 So is This the End of Liberalism?
A HAYEKIAN NIGHTMARE
‘SOCIALISM FOR THE RICH’
AGAINST ‘LAISSEZ-FAIRY TALES’
THE END OF LIBERALISM?
THE DYNAMICS OF LIBERALISM
AN AFTERTHOUGHT
Part IV A Way Forward
18 A New Regulation of International Finance
INTRODUCTION
THE INVESTMENT MODEL VERSUS THE LIQUIDITY MODEL
THEORIES OF FINANCIAL INSTABILITY
Competing Conceptualisations of Financial Instability
Economics as Mechanics
THE SIAMESE TWIN OF ‘EXO-ECONOMICS’: FREE CAPITAL
BEYOND ‘EXO-ECONOMICS’?
A NEW APPROACH TO FINANCIAL REGULATION
Addressing Systemic Risk
Counter-cyclical Capital Requirements
Regulation of Non-bank Financial Institutions
Diversified Regulation
MODERATED FAIR-VALUE ACCOUNTING
Enhancing Incentives for Diligent Counter-cyclical Regulation
Abandon Narrow Inflation-targeting
Financing Bail-outs
National Liability Management
A Revised Financial Sector Assessment Program (FSAP)
AN AFTERTHOUGHT

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