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 16: Global financial regulation

Elli Louka

Abstract

This chapter delves into the causes of financial instability that is behind the large number of financial crises that have ruled our world. We explore how states have tried to tame that instability through the creation of international institutions such as the Basel Committee on Banking Supervision and the Financial Stability Board. We expose the cases in which the efforts of states to regulate global finance have been inadequate and the critiques that have been leveled against the globalization of the financial regulatory landscape.

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