The politics of liberal financial governance and the gold standard

Knafo, Samuel (2013) The politics of liberal financial governance and the gold standard. New Political Economy, 18 (1). pp. 43-63. ISSN 1356-3467

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Abstract

This article challenges the way liberal economic governance has come to be theorised as a passive and depoliticised form of governance. Using the classic case of the gold standard, it shows how state intervention came to be shaped by considerations of state power and diverged considerably from the traditional emphasis on free markets and stable conditions of investments. As I argue, the gold standard was constructed through political struggles over monetary governance which involved significant constraints for capitalist investors. Its institutions helped establish a new structure for exerting control over finance. By resituating the gold standard in a broader historical perspective, I show how nineteenth-century monetary governance, far from leading to a retreat of the state, established in fact the foundations of a new form of state intervention: modern central banking.

Item Type: Article
Schools and Departments: School of Global Studies > International Relations
Subjects: J Political Science > JZ International relations > JZ0024 Societies, associations, academies, institutes, etc., for the study of international relations
Depositing User: Samuel Knafo
Date Deposited: 03 Jan 2014 14:36
Last Modified: 08 Mar 2017 05:20
URI: http://sro.sussex.ac.uk/id/eprint/47308

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