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The Global Context of Financial Services: National Systems and the International Political Economy

In: Regulation and Deregulation in European Financial Services

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  • Glenn Morgan

Abstract

During the 1980s, it became common to speak of the ‘global revolution’ in financial services and the processes of ‘convergence’ which were being set in train as a result of this revolution. However, the link between national systems and the international political economy goes back much further than the 1980s. The creation and maintenance of the world capitalist economy has from its earliest origins depended upon financial institutions which can manage the transfer of value across national boundaries and different systems of currency.1 The development of these institutions2 has occurred over various phases. The purpose of this chapter is to identify those phases and in doing so make clear the distinctive character of the 1980s and 1990s. Emphasis is placed on the interaction and mutually constitutive nature of the national and international systems for regulating3 financial services markets. The argument is that the form and nature of internal national systems are interdependent with the international context in which they exist.

Suggested Citation

  • Glenn Morgan, 1997. "The Global Context of Financial Services: National Systems and the International Political Economy," Palgrave Macmillan Books, in: Glenn Morgan & David Knights (ed.), Regulation and Deregulation in European Financial Services, chapter 1, pages 14-41, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14000-8_2
    DOI: 10.1007/978-1-349-14000-8_2
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