What role do emerging markets play in the global financial system? Are they subordinated within global financial hierarchies? Or do they have autonomy, even power, to use finance to pursue state objectives?
In this edited volume, leading scholars explore these questions, focusing on state–finance interactions globally. The book combines literatures on international financial subordination, financial statecraft and comparative capitalism to analyse state–finance relationships in emerging markets, particularly the BRICS: Brazil, Russia, India, China, and South Africa. It reveals that these states can control their domestic financial sectors despite global subordination, though their ability to do so varies significantly.
This essential volume offers profound insights into how emerging markets are reshaping global finance for scholars and policy makers.
Part I
1. Introduction: Subordination, Statecraft and Comparative Capitalism - Johannes Petry & Andreas Nölke
2. Political Economy of International Financial Subordination: From Genesis to Varieties of Financial Statecraft - Ilias Alami
3. International Financial Statecraft: How, Who, and With What Expectations of Success? - Leslie Elliott Armijo
Part 2
4. South African Financial System Innovation and Degradation under Conditions of Extreme Uneven Development - Patrick Bond
5. Brazil in The Global Financial Order: How Domestic Politics Trigger Ambiguous Contestation - Pedro Lange Machado, Luiz Fernando de Paula & Eduardo Mantoan
6. Relaxing the Survival Constraint: India’s Financial Statecraft in Search of Domestic Autonomy - Anush Kapadia & Fathimath Musthaq
7. Seeking Autonomy Beyond Subordination: Chinese Financial Statecraft and the e-CNY - Christopher McNally
Part 3
8. The Role of the State in Subordinate Financialized Capitalism: Comparing Financialisation of Brazilian and Turkish Firms - Annina Kaltenbrunner, Elif Karaçimen & Joel Rabinovich
9. Tools of Subordination and/or Statecraft? A Comparative Analysis of Stock Markets in Large Emerging Markets - Johannes Petry
10. Increasing State Capacity through Central Bank Digital Currencies: A Comparative Account of the Digital Yuan and the Digital Ruble - Roxana Ehlke, Tim Salzer & Carola Westermeier
11. Afterword: The Relevance of Global Capitalism for Studying Statecraft and Financial Subordination - Ingrid Harvold Kvangraven
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