Is there a Global Financial System?

Glenn Morgan and Michel Goyer

in Capitalisms and Capitalism in the Twenty-First Century

Published in print April 2012 | ISBN: 9780199694761
Published online September 2012 | e-ISBN: 9780191741289 | DOI:
Is there a Global Financial System?

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The chapter examines the nature of financial globalization. It argues that this needs to be conceived as a specific process characterized by the flow of funds into London and New York from surplus saver economies. This flow of funds is organized through global financial institutions but these in turn are very limited in number because of the scale required to manage these processes profitably. London and New York attracted these funds because of their relative openness and lack of regulation. The present structure of financial globalization is therefore a function of the particular relationships between forms of national capitalism, in particular around the nature of their institutional complementarities and the type of economic growth associated with the role of credit and debt. It has therefore deepened national differences rather than undermined them.

Keywords: globalization; finance; national forms of capitalism; institutional complementarities

Chapter.  12465 words. 

Subjects: Organizational Theory and Behaviour

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