The changing ecology of the financial system II
Global financial integration and dependency: To say that the global monetary system is a hierarchical system is to point to the relations of power, dependency, and violence that are the flipside of monetary and financial relations between creditors and debtors. In dealing with global money, what opportunities and risks confront governments and countries in the Global South? Has global financial integration eroded the domestic institutional arrangements that underpinned global money relations under the post-war Bretton Woods system? (How) did the evolution of global value chains increase the pressure of firms in non-core economies to borrow in foreign currencies, and thus their dependency on foreign lenders?