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The War in Ukraine and the End of the American Financial Order?

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  • Ilene Grabel

Abstract

The crises of 1997–98, 2008, and the pandemic accelerated contradictory changes in global financial governance. Taken together, the change and stasis propelled by these crises is coalescing around a fragmented “post-American financial order.†The war in Ukraine represents another inflection point. The war has facilitated the reassertion of American financial power and cooperation among rich nations. However, like previous crises, the war is creating fissures in financial governance. The landscape offers risks and opportunities against a backdrop of heightened financial fragilities, authoritarianism and fascism, inequalities, devastation associated with the pandemic and war, and climate crisis. In such moments, Hirschman’s “possibilism†is both elusive and necessary. In this context, we might aspire to “permissive multilateralism s †rather than nostalgia for a new Bretton Woods. JEL Classification: F02, F51

Suggested Citation

  • Ilene Grabel, 2023. "The War in Ukraine and the End of the American Financial Order?," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(4), pages 547-556, December.
    • Handle: RePEc:sae:reorpe:v:55:y:2023:i:4:p:547-556
    DOI: 10.1177/04866134231166988
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    References listed on IDEAS

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    1. Reda Cherif & Fuad Hasanov, 2019. "The Return of the Policy That Shall Not Be Named: Principles of Industrial Policy," IMF Working Papers 2019/074, International Monetary Fund.
    2. Ilene Grabel, 2015. "The rebranding of capital controls in an era of productive incoherence," Review of International Political Economy, Taylor & Francis Journals, vol. 22(1), pages 7-43, February.
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    Cited by:

    1. Ilene Grabel, 2023. "A World on Fire: Observations and Speculations in a Crottyian Vein," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(4), pages 707-713, December.
    2. Antonio Focacci & Angelo Focacci & Alessandro Faenza, 2024. "The lens of the quantity theory of money to disentangle the perceived relationship between money growth and inflation: a PSVAR approach," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 14(3), pages 571-595, September.

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    More about this item

    Keywords

    post-American financial order; war in Ukraine; global financial governance; Albert Hirschman; Antonio Gramsci;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions

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