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The Political Economy of International Capital Mobility
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International capital mobility is today a concern that breeds broader social uncertainty because of unprecedented degrees of financial social- isation. Financial markets now attract a greater volume of savings than at any previous time in their history. Existing living standards are there- fore increasingly dependent upon the market environment continuing to function in the manner prescribed by economics textbooks, as are future consumption possibilities and access to welfare. Given this, Adam Harmes (2001) has pointed to the birth of a ‘mass investment culture’. The result of such developments is that the significance of collapses in the pricing structure of financial markets now penetrates ever more deeply into society. The failure to protect society from the consequences of financial crisis puts savings in danger and threatens the expectation that every generation will experience a higher degree of material comfort than its predecessor.
Much of this is already well covered in the International Political Economy (IPE) literature on finance. In recent years, IPE has witnessed a surge of interest in the increasing financialisation of everyday life. (1) Paul Langley (2004, 2006/7, 2007) has shown that state retreat in the area of public pension provision has occasioned increasing reliance on private insurance markets for meeting consumption needs in old age. (2) Leonard Seabrooke (2006, 2007) has pointed to the way in which mortgage securitisation has dispersed the ownership of capital and allowed greater numbers of people to add housing stock to their asset- based wealth
Matthew Watson - Personal Name
1st Edtion
10: 0–230–00124–6
NONE
The Political Economy of International Capital Mobility
Management
English
Palgrave Macmillan
2007
USA
1-267
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