Moving Toward a World of Convertibility

We seemingly take it for granted nowadays that there is a global capital market, uniting the national financial markets of major industrial countries and constraining the domestic economic policy options of even the largest powers. However, as Susan Strange observed in 1988, to a large extent the financial structure of the international political economy can be visualized as a halfway house, a hybrid that is partly a truly global system, and partly still a series of national financial and monetary systems, even though all of these are increasingly susceptible to influence and pressure from the world outside of the frontiers of the state (Strange, 1988). These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.