The Global Economic Order
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The Global Economic Order

The International Law and Politics of the Financial and Monetary System

Elli Louka

Exploring in depth the institutions that underpin the global economy, this study provides invaluable insights into why a minimum economic order has endured for so long and why states are unwilling to establish a maximum order, a global safety net for all. The author investigates how debt – a critical component of states’ economic infrastructure – leads to debilitating crises, and how these crises undermine the economic autonomy and political independence of states. 
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Chapter 15: Financial infrastructure

Elli Louka

Abstract

This chapter provides an in-depth look into the private financial actors who, through their informal practices, codes of conduct, and professional associations, have become the principal makers of global financial law. We examine a large number of private actors including stock exchanges and dark pools, banks and shadow banks, and sovereign wealth funds. We point out how credit rating agencies, that rate the creditworthiness of states, have gained outsized influence on the economies of countries that like to call themselves sovereign. We further explore how payment systems can be used by the sovereign to impose sanctions on states it considers enemies. We examine how private players have manipulated the markets and how crypto-currencies, gold and informal payment networks have been used to escape the formal systems supervised by states.

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