Capital Claims: Power and Global Finance
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The book defines international financialization as a process by which the number and value, the tradability, and the enforceability of cross-border financial claims increase and are successfully defended against competing social or political agendas. By focusing on financial claims, the volume develops a conceptual toolkit for the study of the political economy of global finance and the inequalities it sustains. The book brings together leading researchers whose work is geared towards opening the black box of cross-border finance. The authors suggest shifting the analytical focus from capital flows to capital claims – credit–debt relations between identifiable actors, embedded in social and political institutions, and infused with power and hierarchy. They show how financial actors wield leverage power, infrastructural power, and enforcement power, both vis-à-vis other private actors and vis-à-vis the state.
This book will be of great interest to students, teachers, and researchers of international political economy, critical political economy, and international relations, as well as those in the fields of finance, capitalism studies, activism, policymaking, and advocacy.
An Online Appendix for Chapter 11 is available at: www.routledge.com/9781032111193
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Benjamin Braun is a senior researcher at the Max Planck Institute for the Study of Societies in Cologne, Germany. His research focuses on the political economy of financial and monetary systems.
Kai Koddenbrock leads a research group on "Monetary and Economic Sovereignty in West Africa" at the "Africa Multiple" Cluster of Excellence at Bayreuth University, Germany. His research focuses on global hierarchies, financial dependencies, and questions of self-determination.
