Money and Finance

The Problem or the Solution? Capitalism and the State System

Strange, Susan. In Innovation and Transformation in International Studies, edited by Stephen Gill, James H. Mitelman, 236-247. Cambridge: Cambridge University Press, 1997.

Again Strange criticises International Relations for not focusing on the systemic problems, not least of all environmental and financial issues which a concern for inter-state relations misses. Thus International Political Economy is open to approaches from political geography, historical sociology and elsewhere that have not been fixated on the relations between states as the key causal factor in the global system. Globalised production and finance are integrating most areas into a global system and it is the system not states which analysis should focus on in the future.

Keywords: Global Governance; Globalization; Money and Finance; Production; International Relations; Global System

Contributor(s): Susan Strange, Editor: Stephen Gill and Editor: James H. Mittelman
Keywords: Global Governance, Globalization, Money and Finance, Production, 1990's
Source and Medium: Book Chapter

Year of Publication: 1997

Europe's Future in the Global Political Economy

Strange, Susan. In Reflections on the Identity of Europe: Global Transatlantic Perspectives, edited by Thomas Row. Bologna: The John Hopkins University Bologna Center, 1996.

Strange argues in this reflection on the future of Europe that too little analytical attention has been paid to the corporate sector and its role in three important structural shifts in the global political economy: new and faster technological changes that have speeded up the competitive cycle (and reduced the time for investors to recover their outlay on innovation); moves in finance towards a much more globalised financial sector with a reduction in the role of national (or in this case European Union) policy interventions; and a shift in the location of production, facilitated by the other two changes. This, she argues, means that the chief dimension of difference in the global political economy is no longer state political but rather is related to corporate activity and interest. In the face of the relative inaction (caused by political sclerosis at the EU), she argues that to understand the political economy, analysts can no longer ignore or simplify the political economy of the private sector but rather need to include corporations as a central element of their analysis; There is no longer a European orientation to the global political economy separate from the role and activity of international business.

Keywords: Corporations; Europe; Money and Finance; Production; Technology; Transnational Corporations

Contributor(s): Susan Strange and Editor: Thomas Row
Keywords: Corporations, Europe, Money and Finance, Production, 1990's
Source and Medium: Book Chapter

Year of Publication: 1996

Finance and Capitalism: The City's Imperial Role Yesterday and Today

Strange, Susan. Review of International Studies 20, no. 4 (1994): 407-410.

In this short review of P.J. Cain and A.G. Hopkins British Imperialism (2 vols) (London: Longman 1993), Strange again emphasises the structural characteristics of US power in the global system and suggest that Britain's structural power was more long lasting than is sometimes presumed, with clear implications for the continuing power of the US in the global economy.

Keywords: Hegemony; Money and Finance; Structural Power, Power; United Kingdom

Contributor(s): Susan Strange
Keywords: Hegemony, Money and Finance, Structural Power, Power, United Kingdom, 1990's
Source and Medium: Journal Article

Year of Publication: 1994

From Bretton Woods to the Casino Economy

Strange, Susan. In Money, Power and Space, edited by Stuart Corbridge, Ron Martin, Nigel Thrift, 49-62. Oxford: Blackwell, 1994.

Strange argues as she has frequently done for the importance of historical understanding power in the international financial structure is to be fully analysed. She suggests that there are two separate but linked aspects of the global political economy that need to be thought about within the financial structure - the international monetary system and the international financial system. Thus, Strange focuses on credit creation to examine the upheavals in the financial structure and the decline of the Bretton Woods system. She also suggests that acquiescence in the uneven distribution of the benefits derived from financial 'freedom' may be becoming less assured in the post Cold War global system. While larger states have (at least for the time being) managed to retain some of their power in the financial structure, smaller states have seen a decline in their ability to resist the pressures from the international money markets. Once again Strange discusses the shift in power from states to markets, and implicitly reinforces her arguments for the centrality of structural power considerations.

Keywords: Authority; Markets; Money and Finance; States; Structural Power, Power; Authority vs Markets

Contributor(s): Susan Strange, Editor: Stuart Corbridge and Editor: Ron Martin
Keywords: Authority, Markets, Money and Finance, States, Structural Power, Power, 1990's
Source and Medium: Book Chapter

Year of Publication: 1994

The Structure of Finance in the World System

Strange, Susan. In Global Transformation: Challenges to the State System, edited by Yoshikazu Sakamoto, 228-249. Tokyo: United Nations University Press, 1994.

Strange again stresses, as she has done before, that the crucial element of the financial structure is the ability to create credit. This is only one side of the financial structure, however - the other side is the institutional regulation of exchange rates between currencies. Much of the work on the international financial has been compromised by its emphasis on the state due to the fore grounding of the exchange rate part of the structure. Strange then suggests and describes five key changes in the structure: its growth in size; new technologies; the penetration of national financial systems by global financial capital; the increasing competition and declining regulation in credit provision; and the relation between supply and demand. Using a global monetarist perspective Strange sees global inflation linked with the oversupply of credit by banks, stemming from the previous four changes. However, American power in the financial structure still remains, measured by their ability to act unilaterally in the field of global finance. Reprinted in: Authority and Markets: Susan Strange’s Writings on International Political Economy, edited by Roger Tooze and Christopher May. Basingstoke: Palgrave Macmillan, 2002.

Keywords: Hegemony; Money and Finance; Structural Power, Power

Contributor(s): Susan Strange and Editor: Yoshikazu Sakamoto
Keywords: Hegemony, Money and Finance, Structural Power, Power, 1990's
Source and Medium: Book Chapter

Year of Publication: 1994

Ethics and the Movement of Money: Realist Approaches

Strange, Susan. In Free Movement. Ethical Issues in Transnational Migration of People and Money, edited by Brian Barry, Robert E. Goodin, 232-247. Hemel Hempstead: Harvester Wheatsheaf, 1992.

Identifying herself as a Realist, Strange notes that there is not one easily defined Realist perspective on the ethics of international monetary flows. Focusing on the continued existence and relative power of states she explores the problems these flows cause for states and stability in the international system overall. Here she examines international debt, free trade and protectionism, the transfer of profits, and but-outs or take-overs. Strange still seems to have some confidence that the state may play a useful regulatory and political role in economic affairs, a position she would move away from by the end of her career in 'The Defective State' (1995) and The Retreat of the State. The Diffusion of Power in the World Economy (1996) and elsewhere.

Keywords: Money and Finance; States; Realism

Contributor(s): Susan Strange, Editor: Brian Barry and Editor: Robert E. Goodin
Keywords: Money and Finance, States, 1990's
Source and Medium: Book Chapter

Year of Publication: 1992

Finance, Information and Power

Strange, Susan. Review of International Studies 16, no. 3 (1990): 259-274.

Strange discusses the difference between American structural power and Japanese relational power in the financial structure. In addition she discusses the impact of communications technology changes on the operation of international financial markets, which represents an illuminating case study of how two structures interact with each other to bring about changes in the international political economy, in this case the financial and knowledge structures. In addition Strange notes that at least part of American structural power is derived from the privileged position of the 'American-English' language in the knowledge structure. Reprinted in: Authority and Markets: Susan Strange’s Writings on International Political Economy, edited by Roger Tooze and Christopher May. Basingstoke: Palgrave Macmillan, 2002.

Keywords: Knowledge; Money and Finance; Structural Power, Power; Theory; Knowledge Production

Contributor(s): Susan Strange
Keywords: Knowledge, Money and Finance, Structural Power, Power, Theory, 1990's
Source and Medium: Journal Article

Year of Publication: 1990

The Persistence of Problems in EC-US Relations: Conflicts of Perception?

Strange, Susan. In The External Relations of the European Community, in Particular EC-US Relations, edited by Jürgen Schwarze, 109-118. Baden-Baden: Nomos Verlasgesellschaft, 1989.

Strange suggests that the two primary activities of any political organisation are the furtherance of security and the control of money, and it is these issues that remain at the centre of the problem of US-Europe relations. Here Strange again challenges the assumption of a loss of American hegemony (and therefore power) in the global system. This leads her to emphasise the need for both political will by the system's strongest state as well as international and multilateral efforts to attend to the problems of the global system, for it is different perception on either side of the Atlantic of America's potential to act which are causing continued friction. While the Europeans see an America unwilling to act, the US Government claims it cannot act.

Keywords: Europe; Hegemony; Money and Finance; Security; United States

Contributor(s): Susan Strange and Editor: Jürgen Schwarze
Keywords: Europe, Hegemony, Money and Finance, Security, United States, 1980's
Source and Medium: Book Chapter

Year of Publication: 1989

Casino Capitalism

Strange, Susan. Oxford: Blackwell Publishers, 1986.

Strange argues that uncertainty and risk in the financial sector/structure have provoked major economic disturbances in the last twenty or so years. This work represents a detailed sectoral history and analysis which argues against many of the proposed solutions to the international economic crisis she identifies. Strange argues that the United States must once again take up the leadership role (which it enjoys by virtue of economic preponderance) and more radically suggests that in the future financial regulation of credit creating agencies should not be a territorially based jurisdiction, but based on the currencies themselves wherever the credit transactions take place. Using her analysis, locating and understanding 'key decisions' in one sector/structure of power in the international political economy, Strange shows how disruption has spread to affect the other structures, and concludes with suggestions for how constitutional and governmental changes in the United States would benefit the international system. Alongside States and Markets (1988) and Rival States, Rival Firms: Competition for world market shares (with John M. Stopford and John S. Henley, 1991) this represents a major part of the influential core of Strange's work on international political economy. Reprinted, Manchester: Manchester University Press, 1997.

Keywords: Foundational Work; Money and Finance; Theory; General Framework

Contributor(s): Susan Strange
Keywords: Foundational Work, Money and Finance, Theory, 1980's, Susan Strange
Source and Medium: Book

Year of Publication: 1986

Comment on David T. Llewellyn 'International Monetary System Since 1972: Structural Change and Financial Innovation': pp. 14-47

Strange, Susan. In Problems of International Money, 1972-85, edited by Michael Posner, 44-45. Washington D.C.: IMF/London: ODI, 1986.

Identifying herself as a 'political realist', Strange stresses the need to accord sufficient weight to the 'realities' of power and the profit motive when examining the interaction of authority and markets in the international financial system. Thus while Llewellyn's paper is well received, he is too polite about the problems policy makers and economic 'experts' have been unable to solve.

Keywords: Authority; Markets; Money and Finance; Theory; Realism

Contributor(s): Susan Strange and Editor: Michael Posner
Keywords: Authority, Markets, Money and Finance, Theory, 1980's
Source and Medium: Book Chapter

Year of Publication: 1986

Politics, Trade and Money

Strange, Susan. In Europe, America and the World Economy, edited by Loukas Tsoukalis, 243-255. Oxford: Basil Blackwell for the College of Europe, 1986.

Strange identifies two main obstructions to a constructive dialogue between the United States and Europe over international trade: America's lack of interest in maintaining a steady provision of credit to the interdependent international system; and Europe's inability to take responsibility for its own defence and security, and therefore reducing its dependence on America. This leads Strange to conclude that the U.S. has abused rather than lost its power in the international economy, refusing to allow the separation the international risks from domestic bank activities in developing countries, taking no notice of the Brandt's commissions call for a independent multilateral financial institution, and not taking the role of international lender of last resort. This refusal led to the upheavals which the system was then experiencing. Underlying these problems is the lack of political will on behalf of the United States government to act as a responsible hegemon. Thus the problem is not declining US power, but rather the lack of a counter-balance from Europe, a theme she first explored at length in 'Cuba and After' (1963) and to which she would return to in 'The persistence of problems in EC-US relations: conflicts of perception?' (1989) and elsewhere.

Keywords: Money and Finance; Hegemony; Europe; United States

Contributor(s): Susan Strange and Editor: Loukas Tsoukalis
Keywords: Money and Finance, Hegemony, Europe, United States, 1980's
Source and Medium: Book Chapter

Year of Publication: 1986

Reaganomics, the Third World and the Future

Strange, Susan. In Third World Affairs 1986, edited by Raana Gauhar, 65-72. London: Third World Foundation for Social and Economic Studies, 1986.

Strange starts this chapter with the suggestion that like Mark Twain reports of the demise of American hegemony are premature. She then presents a short history of U.S. economic policy towards the Third World and the global system as a whole. This allows her to emphasise the structural power approach that she would develop at some length in States and Markets (1988) and argue that while many on the left see America's influence as entirely malign, she sees good and bad in its domination of the international system. She concludes the main problem is uncertainty regarding U.S. policy, which while leading to rational responses (risk-avoiding devices, such as hedging) in the financial structure. However, these responses also bring with them a shadow (speculation, gambling and both political and economic recklessness) which produces further financial instability for the system and most particularly Third World countries.

Keywords: Hegemony; Money and Finance; Structural Power, Power

Contributor(s): Susan Strange and Editor: Raana Gauhar
Keywords: Hegemony, Money and Finance, Structural Power, Power, 1980's
Source and Medium: Book Chapter

Year of Publication: 1986

On Money and World Politics

Strange, Susan, D.P. Calleo. In Paths to International Political Economy, edited by Susan Strange. London: Allen and Unwin, 1984.

Strange discusses 'Money and World Politics' criticising economists for supposing questions of values and power are questions of market 'imperfections' and not of central importance. The article then goes on to consider the balance of payments problem and how suggestions for addressing this 'problem' reveal theoretical standpoints. They also note the disruptive influence/effect of American policies on the financial structure. The article concludes with a plea for a return to more 'objective' analysis of global problems, not driven by government set academic objectives.

Keywords: Hegemony; Money and Finance; Theory

Contributor(s): Susan Strange, D.P. Calleo and Editor: Susan Strange
Keywords: Hegemony, Money and Finance, Theory, 1980's
Source and Medium: Book Chapter

Year of Publication: 1984

The Global Political Economy, 1959-1984

International Journal 39, no. 2 (1984): 267-283.

After discussing some terms she would like to see the back of (‘actors’, ‘issue-areas’), reviewing years of the Global Political Economy, Strange proposes four structures that condition change. These are Security, Production, Knowledge and Finance, and though at this point this is only used as a taxonomy for looking at changes in the GPE, it represents the first time the structures of her theory appear in their final configuration. Strange also stresses that while the four structures are not hierarchical, she believes it is disruptions in the financial structure that has caused most upheavals over the period examined.

Keywords: Money and Finance, Structural Power, Power

Contributor(s): Susan Strange
Keywords: Money and Finance, Structural Power, Power, 1980's, Susan Strange
Source and Medium: Journal Article

Year of Publication: 1984

The Global Political Economy, 1959-1984

Strange, Susan. International Journal 39, no. 2 (1984): 267-283.

After discussing some terms she would like to see the back of ('actors', 'issue-areas'), reviewing years of the Global Political Economy, Strange proposes four structures that condition change. These are Security, Production, Knowledge and Finance, and though at this point this is only used as a taxonomy for looking at changes in the GPE, it represents the first time the structures of her theory appear in their final configuration. Strange also stresses that while the four structures are not hierarchical, she believes it is disruptions in the financial structure that has caused most upheavals over the period examined.

Keywords: Money and Finance; Structural Power, Power

Contributor(s): Susan Strange
Keywords: Money and Finance, Structural Power, Power, 1980's
Source and Medium: Journal Article

Year of Publication: 1984

The Credit Crisis: A European View

Strange, Susan. SAIS Review 3, no. 2 (1983): 171-181.

Strange here uses the term crisis, but notes that the implication that some sort of solution is imminent is less than certain. She suggests that the world economic crisis has three interrelated aspects: unemployment, ‘flagging trade’, and unstable money. As in ‘The Management of Surplus Capacity: Or how does theory stand up to protectionism 1970s style?’ (1979) she shows some scepticism to the arguments that demonise protectionism, and suggests this is an essentially ideological position that would not repay global implementation. After briefly rehearsing the global financial history of the previous decade, Strange suggests that financial regulation which in the last analysis is dependent on certain sovereign states, can never be disinterested. As she would argue in more extended analyses later, she sees the role of the American financial system as destabilising because of the priority it gives to the interests of the domestic political system. Indeed until the United States is willing to ‘lead’ the global system, instead of working in its own interest, those interests will be compromised. Strange, as she would do often in future works, suggests a pragmatic acceptance of American reach over the global system, and suggests a sort of civilising mission to educate them into responsible leadership.

Keywords: Europe; Hegemony; Money and Finance; United States

Contributor(s): Susan Strange
Keywords: Europe, Hegemony, United Staes, Money and Finance, 1980's
Source and Medium: Jounral Article

Year of Publication: 1983

Europe and the United States: The Transatlantic Aspects of Inflation

Strange, Susan. In The Politics of Inflation: A Comparative Analysis, edited by Richard Medley, 65-76. New York: Pergamon Press, 1982.

This short article discusses the international financial sector and the interaction between American monetary policy and European exchange rates, monetary policy and the then new European Monetary System. While containing little explication of structural power, being more of an historical overview, the article is of interest for Strange's concluding discussion of the reasons for American domination of the international financial structure. From these empirical reasons, there is a hint of the structural analysis that was implicitly being developed, not least of all because much of the evidence she cites re-emerges in later works regarding American economic hegemony.

Keywords: Hegemony; Money and Finance; Structural Power, Power

Contributor(s): Susan Strange and Editor: Richard Medley
Keywords: Hegemony, Money and Finance, Structural Power, Power, 1980's
Source and Medium: Book Chapter

Year of Publication: 1982

Still an Extraordinary Power: America's Role in the Global Monetary System (Paper 3) (with discussants section)

Strange, Susan. In The Political Economy of Interdependence and Domestic Monetary Relations, edited by Raymond E. Lomra and Willard E. Witte, 73-93. Ames: Iowa State University Press, 1982.

A paper delivered to a conference on international monetary relations. As well as considering power in the financial markets, Strange also makes a provisional (in light of her later work) analysis of structural power in the international political economy more generally. This analysis therefore widens out from an initial discussion of power in a specific sector (here the financial system) to examine the power of the U.S. more generally. While this includes elements of the later four dimensions - the idea of the authority/market balance and the security structure - her arguments here are not fully developed, as is evident from the rather heated discussion between her and the discussants (Robert Z. Alibar and Robert Solomon) that is reproduced following the main paper. A central part of the dispute is her refusal to separate out politics and economics, and define power in a narrow way, leading to veiled accusations of a lack of rigour, a not unfamiliar criticism.

Keywords: Authority; Hegemony; Structural Power, Power; Markets; Money and Finance; Political Economy

Contributor(s): Susan Strange, Editor: Raymond E. Lombra and Editor: Willard E. Witte
Keywords: Authority, Hegemony, Structural Power, Power, Markets, Money and Finance, 1980's
Source and Medium: Book Chapter

Year of Publication: 1982

The World's Money: Expanding the Agenda for Research

Strange, Susan. International Journal 36, no. 4 (1981): 691-712.

After a survey of current modes of thought, both academic and practitioner, Strange concludes that while much analysis can usefully illuminate the mechanisms of the global monetary system, there is little attempt ally this to a consideration how the system links up with and effects the values of and outcomes in a globalised society. She wants work on the international monetary system to go beyond a mere mechanical explanation and to move towards a more political analysis (which would also include an assessment of the impact of technology on global finance). In this she compares the study of the financial system unfavourably with the increasing sophisticated account of the global ecological system. Strange also briefly touches on the creation of credit and the transfer of risk which would be taken up subsequently in 'The Credit Crisis: A European View' (1983) and 'Structures, Values and Risk in the Study of the International Political Economy' (1983).

Keywords: Money and Finance; Theory

Contributor(s): Susan Strange
Keywords: Money and Finance, Theory, 1980's
Source and Medium: Journal Article

Year of Publication: 1981

Germany and the World Monetary System

Strange, Susan. In West Germany: A European and Global Power, edited by Wilfrid L. Kohl and Georgio Basevi, 45-62. Lexington: Lexington Books, 1980.

Strange suggests that for any major state in the global system, such as Germany there are five roles that could be adopted by its government: ‘leader of the system’, ‘obedient ally’, ‘bigemonist partner’, ‘lone ranger’ or ‘leader of the opposition’. After discussing recent developments in the political economy of German and Europe, Strange suggests that it is time for Germany to consider a role more like that adopted briefly by De Gaulle’s France in the early 1960s, that of ‘leader of the opposition’. Essentially, Strange suggests that increasingly Germany must find the political will to match its growing economic importance in the global system.

Keywords: Europe; Money and Finance

Contributor(s): Susan Strange, Editor: Wilfrid L Kohl and Ediotor: Georgio Basevi
Keywords: Europe, Money and Finance, 1980's
Source and Medium: Book Chapter

Year of Publication: 1980

Debt and Default in the International Political Economy

Strange, Susan. In Debt and the Less Developed Countries, edited by Jonathan David Aronson, 7-26. Boulder: Westview Press, 1979.

Explicitly linking back to 'Debts, Defaulters and Development' (1967) Strange examines the contemporary political economy of international debt, but also seeks to put this situation into a longer historical context than merely the previous ten years. Suggesting that states can choose to grow by direction (the socialist route) or via debt, she argues that recently the combination of the welfare state and more complex credit system has allowed many states to reduce the debt risk they explicitly face and therefore expand through the extensive use of credit. In the second part of the chapter she places the recent debt crises into the context of international credit since the mid-nineteenth century, and concludes that despite the supposed risks of default, historically the best growth rates have been in those countries extended the greatest credit (in Latin America). Furthermore, provided it is well managed there is nothing to indicate that a larger pool of credit (and therefore indebtedness) is any more problematic than a smaller pool, explicitly modifying her conclusion regarding the links between risky loans and political conflict in 'Debts, Defaulters and Development'.

Keywords: Money and Finance

Contributor(s): Susan Strange and Editor: Johnathan David Aronson
Keywords: Money and Finance, 1970's
Source and Medium: Book Chapter

Year of Publication: 1979

Interdependence in the International Monetary System

Strange, Susan. In The Euro-American System: Economic and Political Relations Between North America and Western Europe, edited by Ernst-Otto Czempiel and Dankwar A. Rustow, 31-49. Frankfurt: Westview Press, 1976.

Strange briefly outlines the character of the international monetary system, noting that while it has become at least partially transnational, posited solutions are still conceived at a national level. This leads her to argue that there needs to be a better attempt made to fit the response to crisis to the level at which it is manifest. Having suggested that the central country in the monetary system (the U.S.) could either try to co-ordinate activities, or by its very dominance alleviate the crisis by putting its own house in order, she suggests the best (though least likely) solution would be some form of global central bank. This leads her to conclude by stressing the political issues at the centre of the international financial system and the need to included justice as well as order or security in the academic assessment of the crisis.

Keywords: Hegemony; Money and Finance

Contributor(s): Susan Strange, Editor: Ernst-Otto Czempiel and Editor: Dankwart A. Rustow
Keywords: Hegemony, Money and Finance, 1970's
Source and Medium: Book Chapter

Year of Publication: 1976

International Monetary Relations

Strange, Susan. In International Economic Relations in the Western World 1959-71, edited by Andrew Shonfield, 18-25. London: Oxford University Press, 1976.

While much more than an expanded and internationalised version of Sterling and British Policy (1971), this work covers much of the same period and material. Strange spends little time here developing further her theories and refers the reader to 'International Economic Relations I: The Need for an Interdisciplinary Approach' (1972) for her thoughts regarding the discipline of international studies. After an extended narrative of international monetary relations for the period, she concludes that the increasing politicisation of the international monetary system, indicates that there is an emerging international political economy, interdependent though dominated by the United States, where bargains between actors are struck through the operation of both political and economic power. However what later would be ‘structural power’ is not theorised at this stage, although the central role of ‘bargains’ emerges as a subject of concern.

Keywords: Hegemony; Money and Finance; Interdependence

Contributor(s): Susan Strange and Editor: Andrew Shonfield
Keywords: Hegemony, Money and Finance, 1970's
Source and Medium: Book Chapter

Year of Publication: 1976

The Financial Factor and the Balance of Power

Strange, Susan. In Foreign Policy: Policy Making and Implementation, edited by James Barber, Josephine Negro, Micheal Smith, 35-46. Milton Keynes: Open University, 1975.

Strange presents the Soviet-American balance of power alongside the balance of power in the international monetary system to make links between supposedly different sectors of the international system. While these balances function in different ways, Strange prefaces her remarks with a short argument for an International Political Economy approach to problems rather than a predominantly political or predominantly economic account. This short piece illustrates her argument about the applicability of her IPE approach, but does not include her more usual extended criticism of previous analyses from International Relations or International Economics.

Keywords: Money and Finance; Political Economy; Structural Power, Power

Contributor(s): Susan Strange, Editor: James Barber, Editor: Josephine Negro and Editor: Michael Smith
Keywords: Money and Finance, Political Economy, Structural Power, Power, 1970's, Susan Strange
Source and Medium: Book Chapter

Year of Publication: 1975

Arab Oil and International Finance

Strange, Susan. The Ditchley Journal 1 (1974): 10-23.

Essentially a conference report, Strange discusses the meeting held at Ditchley in December 1973 to discuss the financial prospects and problems for industry and government in the world economy, and the inescapable problem of the oil crisis. Discussing the various aspects of monetary order, from balance of payments problems and trade barriers, to financial flows, she argues that at this point too little work had been done to understand the effects and causes of shifts in monetary flows. In a repeated theme of much of Strange’s work on finance she argues strongly for a move away from an exclusively economic/financial analysis of the problem, and a (re)introduction of political analysis. Again Strange, although less explicitly than elsewhere, argues for a ‘new’ International Political Economy.

Keywords: Hegemony; International Institutions; Money and Finance; Structural Power, Power

Contributor(s): Susan Strange
Keywords: Hegemony, International Institutions, Money and Finance, Structural Power, Power, 1970's, Susan Strange
Source and Medium: Journal Article

Year of Publication: 1974