E-Book Overview
International capital mobility is a fundamental aspect of the political economy of globalization, and this study develops a new framework for understanding this crucial phenomenon. Matthew Watson draws a distinction between the spatial and the functional mobility of capital, allowing fresh insights into existing work on the subject whilst repoliticizing the very idea of capital being 'in motion'. The dynamics of capital mobility and the patterns of risk exposure are illustrated through four cases: the Asian financial crisis; the Tobin tax; the Enron affair; and the proposed consolidation of the European stock market.
E-Book Content
The Political Economy of International Capital Mobility Matthew Watson
International Political Economy Series General Editor: Timothy M. Shaw, Professor of Human Security & Peacebuilding, School of Peace & Conflict Management, Royal Roads University, Victoria, BC, Canada
Titles include: Hans Abrahamsson UNDERSTANDING WORLD ORDER AND STRUCTURAL CHANGE Poverty, Conflict and the Global Arena Andreas Bieler, Werner Bonefeld, Peter Burnham and Adam David Morton GLOBAL RESTRUCTURING, STATE, CAPITAL AND LABOUR Contesting Neo-Gramscian Perspectives Morten Bøås, Marianne H. Marchand and Timothy M. Shaw (editors) THE POLITICAL ECONOMY OF REGIONS AND REGIONALISMS Paul Bowles, Henry Veltmeyer, Scarlett Cornelissen, Noela Invernizzi and Kwon-Leung Tang (editors) NATIONAL PERSPECTIVES ON GLOBALIZATION A Critical Reader REGIONAL PERSPECTIVES ON GLOBALIZATION A Critical Reader Sandra Braman (editor) THE EMERGENT GLOBAL INFORMATION POLICY REGIME Giorel Curran 21st CENTURY DISSENT Anarchism, Anti-Globalization and Environmentalism Martin Doornbos INSTITUTIONALIZING DEVELOPMENT POLICIES AND RESOURCE STRATEGIES IN EASTERN AFRICA AND INDIA Developing Winners and Losers GLOBAL FORCES AND STATE RESTRUCTURING Dynamics of State Formation and Collapse Bill Dunn GLOBAL RESTRUCTURING AND THE POWER OF LABOUR Myron J. Frankman WORLD DEMOCRATIC FEDERALISM Peace and Justice Indivisible Marieke de Goede (editor) INTERNATIONAL POLITICAL ECONOMY AND POSTSTRUCTURAL POLITICS Graham Harrison (editor) GLOBAL ENCOUNTERS International Political Economy, Development and Globalization Patrick Hayden and Chamsy el-Ojeili (editors) CONFRONTING GLOBALIZATION Humanity, Justice and the Renewal of Politics Axel Hülsemeyer (editor) GLOBALIZATION IN THE TWENTY-FIRST CENTURY Convergence or Divergence?
Takashi Inoguchi GLOBAL CHANGE A Japanese Perspective Kanishka Jayasuriya STATECRAFT, WELFARE AND THE POLITICS OF INCLUSION Dominic Kelly and Wyn Grant (editors) THE POLITICS OF INTERNATIONAL TRADE IN THE 21st CENTURY Actors, Issues and Regional Dynamics Mathias Koenig-Archibugi and Michael Zürn (editors) NEW MODES OF GOVERNANCE IN THE GLOBAL SYSTEM Exploring Publicness, Delegation and Inclusiveness Craig N. Murphy (editor) EGALITARIAN POLITICS IN THE AGE OF GLOBALIZATION George Myconos THE GLOBALIZATION OF ORGANIZED LABOUR 1945–2004 John Nauright and Kimberly S. Schimmel (editors) THE POLITICAL ECONOMY OF SPORT Morten Ougaard THE GLOBALIZATION OF POLITICS Power, Social Forces and Governance Richard Robison (editor) THE NEO-LIBERAL REVOLUTION Forging the Market State Fredrik Söderbaum and Timothy M. Shaw (editors) THEORIES OF NEW REGIONALISM Susanne Soederberg, Georg Menz and Philip G. Cerny (editors) INTERNALIZING GLOBALIZATION Ritu Vij (editor) GLOBALIZATION AND WELFARE A Critical Reader Matthew Watson THE POLITICAL ECONOMY OF INTERNATIONAL CAPITAL MOBILITY
International Political Economy Series Series Standing Order ISBN 0–333–71708–2 hardcover Series Standing Order ISBN 0–333–71110–6 paperback (outside North America only) You can receive future titles in this series as they are published by placing a standing order. Please contact your bookseller or, in case of difficulty, write to us at the address below with your na