Ravi Roy and Thomas D. Willett

in The Oxford Handbook of Global Studies

Published in print December 2018 | ISBN: 9780190630577
Published online December 2018 | e-ISBN: 9780190630607 | DOI:

Series: Oxford Handbooks


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The size and scope of financial sectors throughout the world have grown exponentially in tandem with the rise of globalization and increased capital mobility. The terms “economic globalization” and “financialization” are often discussed as inextricably related phenomena. Although the rapid increase in the number and variety of financial services and products during the past four decades has helped spur economic growth and create wealth on an unprecedented scale, the devastating fallout from the global financial crisis of 2008–2009, and the economic turbulence that followed, demonstrates how poorly managed financial sectors can simultaneously cause enormous pain. This chapter argues that if the opportunities created by economic globalization and financialization are to be maximized, while at the same tempering volatile financial markets, then the global financial system (and the national economies connected with it) must be fundamentally restructured. A number of ways that should be taken under consideration are discussed.

Keywords: globalization; financialization; international capital flows; financial liberalization; international finance; global turbulence; global financial crisis; financial regulation; mental models

Article.  6992 words. 

Subjects: Economic Sociology

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