World Turned Upside Down? Rise of the global South and the contemporary global financial turbulence

By focusing on the consequences of the dismantling of regulations over the financial sector, the current debate on the causes of the global economic meltdown obscures the cyclical occurrence of speculation in capitalism, as the accumulation of more capital than can be profitably invested in the production and sale of commodities results in financial expansion. Historically financial expansion has signalled the end of one world-scale system of accumulation and the transition to a new system as capital flows from declining powers to rising powers. However, the contemporary period is distinguished by capital flows from rising powers to declining ones. An analysis of the current crisis suggests a reversal of this anomaly as it reduces the ability of China and other East Asian states to support the US dollar. At the same time ‘emerging market economies’ have begun to forge new relationships that could provide the framework for a new system of partnership between states and enterprises to reconstruct a new cycle of accumulation if two hurdles are overcome: 1) absorption of labour that is being displaced because of the high organic composition of capital and 2) dampening of the growing inequalities in income which has not only restricted the growth of markets but is also fuelling increasing social conflict.     

Turkey's Emergence as a “Center Power” Is a Game Changer

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

Protectionism Against China Is No Answer to America's Woes

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

Brazil and Turkey Shift Global Politics

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

The BRICs Come of Global Age

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

China's Megacity Mandarinate

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

The Rise and Fall of New Labour

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

Greece Is Tip of Sovereign Debt Iceberg

The world is rapidly evolving on many fronts. Brazil, Turkey and other emerging powers are taking their own initiatives and building their own global links outside the old frameworks of the G‐8, the United Nations Security Council and NATO. The “third way” politics of Tony Blair that embraced globalization from the left of center in Britain has given way to the Tory party once again. Just as recovery from the financial crash seemed on the horizon, Europe's sovereign debt crisis has erupted. The historically unprecedented pace and scale of urbanization in China is transforming the politics of the Communist Party. President Lula of Brazil, former US treasury secretary Henry Paulson, Singapore's foreign minister George Yeo and others take stock of these manifold developments.     

A critical geography of poverty finance

This paper builds a critical geography of poverty finance with recourse to a relational comparison of the microfinance and subprime mortgage markets. It probes paradoxical claims about the nature of poverty, the poor, states and markets that have surfaced in the aftermath of the financial crisis. In doing so it aims to generate new understandings of neoliberal global finance with specific emphasis on 1) the social constitution of risk through racialised and gendered forms of difference; 2) the exercise of dispossession and imperialism by financial means; and 3) articulations of poverty finance with the social relations of debt in specific conjunctures. Each of these terrains of inquiry forms a subsection of the paper, following a preliminary section that poses the animating paradox in more detail. The paper concludes with some reflections on the conditions of possibility for democratising finance.     

Debt,Uneven Development and Capitalist Crisis in South Africa: from Moody’s macroeconomic monitoring to Marikana microfinance mashonisas

The power, vulnerability and destructiveness of financial markets are out of control in South Africa, now among the most unequal, economically volatile and protest-intensive countries worldwide. While debt made itself felt in many sites, of interest in both criticising and promoting solutions is the ‘scale jumping’ required from South Africa’s national insertion into the world financial system, entailing the Reserve Bank setting very high interest rates, in turn leading to unpayable levels of consumer debt, and at a time when microfinance is suddenly discredited as a development strategy. Macro- and micro-financial problems fused in the course of the Marikana Massacre of August 2012, reflecting the local and global powers of the Moody’s rating agency and ‘mashonisa’ loan sharks. The over-indebted Marikana mineworkers, who led a strike which catalysed many wildcat strikes elsewhere, confronted the local crisis by displacing it into the national economy. This only heightened the contradictions that Moody’s punished with its September 2012 credit-rating downgrade. Without a genuine ‘debt relief’ solution at both scales, society will continue to unravel, as financialisation reaches its limits within one of the world’s most extreme cases of uneven and combined development.     

Mayoral scalar strategies and the role of the central state after the financial crisis

Much has been written about state rescaling, politics of scale and the rise of cities and regions in Europe. Little is known, however, about the impact of the financial crisis on these processes. By taking the view of city mayors, this paper presents a comprehensive and timely re-evaluation of central tenets of this literature in the turbulent aftermath of the financial crisis. The analysis shows the variegated pathways of state rescaling before and after the financial crisis, the multifaceted scalar strategies with which mayors have responded in different countries and cities, and the impact of such strategies on their perception of a centralisation towards the national state. The paper concludes by emphasising the continued dominance of the central state, whereas potentials for the rise of cities are rather to be sought at subnational than at European or global scales.     

Human Rights and the Renminbi

The solidarity of the G‐20 nations in staving off global financial crisis two years ago has deteriorated into a brawl over currency valuations, trade imbalances and sovereign debt, reflecting the great powershift from the West to the East and the emerging economies. In this section, we invited comments from historians, a former head of state who successfully navigated the Asian financial crisis and a prominent Chinese dissident.     

The Next 40 Years Will Be the Most Important in History

The solidarity of the G‐20 nations in staving off global financial crisis two years ago has deteriorated into a brawl over currency valuations, trade imbalances and sovereign debt, reflecting the great powershift from the West to the East and the emerging economies. In this section, we invited comments from historians, a former head of state who successfully navigated the Asian financial crisis and a prominent Chinese dissident.     

The Mother of All Solutions for the Global Crisis

The solidarity of the G‐20 nations in staving off global financial crisis two years ago has deteriorated into a brawl over currency valuations, trade imbalances and sovereign debt, reflecting the great powershift from the West to the East and the emerging economies. In this section, we invited comments from historians, a former head of state who successfully navigated the Asian financial crisis and a prominent Chinese dissident.     

The Long‐term Solution for Europe

The solidarity of the G‐20 nations in staving off global financial crisis two years ago has deteriorated into a brawl over currency valuations, trade imbalances and sovereign debt, reflecting the great powershift from the West to the East and the emerging economies. In this section, we invited comments from historians, a former head of state who successfully navigated the Asian financial crisis and a prominent Chinese dissident.     

关于全球金融经济危机的若干思考

由美国次贷危机引发的世界金融危机和经济危机表明了美国金融霸权的衰落。这是美国经济霸权的危机，也是美国大力推行的市场原教旨主义即新自由主义的危机。这场经济危机显示出当代资本主义的最新特点，即金融产业脱离实体经济片面畸形发展，全球经济过分金融化，因而被称作“全球金融市场资本主义”。目前经济危机还在持续，与此同时，世界政治也开始进入一个动荡不安的高风险的历史阶段。     

The Splintering of the G‐20

The solidarity of the G‐20 nations in staving off global financial crisis two years ago has deteriorated into a brawl over currency valuations, trade imbalances and sovereign debt, reflecting the great powershift from the West to the East and the emerging economies. In this section, we invited comments from historians, a former head of state who successfully navigated the Asian financial crisis and a prominent Chinese dissident.     

技术民族主义对全球价值链的影响分析——以全球半导体产业为例

目前,由新技术引发的新一轮产业革命正推动全球政治经济权力结构发生重大调整,围绕新技术特别是影响下一代生产方式的关键技术的竞争呈加速态势。在此背景下,技术民族主义作为一种新的地缘政治思潮快速兴起,并与大国传统战略博弈叠加,驱动全球技术主导国美国对中国的战略认知改变和战略行动升级。美国对中国实施的全面技术封锁与技术遏制战略行动,以影响和破坏全球半导体价值链和产业链最为典型,影响了全球重要产业链的正常运转,压制了全球技术链协同,并对未来全球政治经济治理带来更多不确定性风险。     

East Asian financial regionalism: why economic enhancements undermine political sustainability

East Asian financial regionalism was born in response to the Asian Financial Crisis of 1997–1998. The centrepiece of financial regionalism was the Chiang Mai Initiative (CMI), an emergency liquidity mechanism created by the ASEAN+3. It embodied both a clear interpretation of what had gone wrong in 1997–1998 and an understanding of the need for institutions that would be politically viable despite Sino-Japanese rivalry. Enforcement under CMI relied on the ‘IMF link’ – release of funds would be predicated on crisis countries' initiating negotiations with the International Monetary Fund (IMF), as a means of reducing moral hazard, enforcing conditionality and diverting blame from the leading creditors, Japan and China. The global financial crisis of 2008–2010 and the eurozone crisis that followed have inspired important changes meant to address CMI's economic gaps, including accelerated adoption of ‘CMI Multilateralization’ (CMIM), the creation of a new surveillance unit (ASEAN+3 Macroeconomic Research Organization, or AMRO), and the establishment of a new precautionary line. Many observers have remarked that these developments weaken the IMF link, which had effectively subordinated CMI to the IMF. While the moves appear to demonstrate a more confident, autonomous regionalism and a relative devaluation of the US-dominated global financial institutions, this paper argues that in fact, the ASEAN+3 states have again unearthed the underlying politics of divided leadership and mutual suspicion. CMIM is now threatened by the renewed potential for internal divisions. Further complicating the picture, both China and Japan have recently established large bilateral swap lines outside of the CMIM framework with several of their ASEAN+3 partners, raising the question of whether CMIM is moving towards political irrelevance even as it has arrived at a high water mark in its institutional development.     

Reinventing ‘new’ Europe: Baltic perspectives on transatlantic security reconfigurations

This article examines the self-positioning of the three Baltic states in international politics in relation to the major structural pressures challenging the status quo of the transatlantic security configuration. The constitutive role of the Russia-Georgia war of 2008, the global economic recession, the debt crisis in the eurozone, and the shifting policy preferences and force projection of the United States towards Asia are explored as the key sources of the emerging Baltic security predicament. The empirical conclusions of the poststructuralist discourse analysis conducted for this study demonstrate how the Baltic states, in particular Estonia, have recently come to redefine the contents of ‘new’ Europe, thereby shifting the extant fault lines within the European Union.