Power and Imbalances in the Global Monetary System: A Comparative Capitalism Perspective

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Year of publication: 2014
Author(s): Mattias Vermeiren
Palgrave Macmillan(Basingstoke)

Abstract

Over the past few years the global monetary system has been destabilized by the eruption of the global financial crisis and the Eurozone debt crisis. In this book Mattias Vermeiren examines the indirect macroeconomic causes of these crises: the escalation of global trade imbalances between the US and China and regional trade imbalances in the Eurozone. Drawing on the insights of the IPE literature on international monetary power and the CPE literature on comparative capitalisms, he shows that understanding the sources and dynamics of these imbalances requires an analytical focus on the distribution of international monetary power between the US, the Eurozone countries and China and the domestic institutions of their distinctive national models of capitalism. The book demonstrates the heuristic value of conjoining these two strands of literature, providing new insights into the sources and dynamics of power and instability in the contemporary global monetary system.