The Dynamics of Inclusion and Exclusion
Edited by Peter Mooslechner, Helene Schuberth and Beat Weber
Chapter 4: The Significance of Changes in Private-Sector Associational Activity in Global Finance for the Problem of Inclusion and Exclusion
4. The Significance of Changes in Private-Sector Associational Activity in Global Finance for the Problem of Inclusion and Exclusion Tony Porter* A defining feature of the past quarter century has been the globalization of finance. This has brought a widely recognized expansion of the role played in international and domestic affairs by private-sector actors and markets. There has been a great deal of debate about whether these changes are good or bad, and about the question of precisely how extensive they have been. Most of the debates have focused on the relationship between states and markets, and have asked questions such as ‘Have states been rendered powerless by cross-border capital flows?’ or ‘Should states strengthen their regulation of global capital markets?’ While such debates are important, they tend to ignore a different set of questions that must be addressed if we are to understand the significance of the change in the role of the private sector that has accompanied the globalization of finance. These are questions about how private-sector financial actors are organized. This chapter addresses those questions. Understanding how private-sector financial actors are organized is important not just for understanding how global markets function and the influence of market actors relative to states, but also what this changing private-sector role means for the problem of inclusion and exclusion. When people get anxious or excited about the globalization of finance, it * Revised version of a paper prepared for Workshop on the Political Economy of International Financial Governance, 26...
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