Managed openness: Beyond neoliberal globalism

New Left Review

Volumn , Issue 238, 1999, Pages 126-140

  Weiss, Linda ^a  

^a NONE

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EID: 22844453871     PISSN: 00286060     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Review

References (24)

1. This argument is developed in Linda Weiss, 'Globalization and National Governance: Antinomy or Interdependence?', Review of International Studies, vol. 25, no. 5, December, 1999, pp. 1-30.
2. On the utopian character of the neoliberal project of globalization, see John Gray, False Dawn: The Delusions of Global Capitalism, London 1998, and especially Andrew Gamble's illuminating review of Gray in NLR 236, July-August 1999.
3. Baker, Epstein and Pollin, eds, Globalization and Progressive Economic Policy, p. 237.
4. This point is also well made by Irene Grabel, a discussant of Marc Schaberg's paper, who rejects the view that the financial systems of France and Japan are becoming more like those of the United States and Britain, noting that 'the evolution of financial systems is highly path dependent', embedded in quite distinct institutional complexes. See 'Comment', in Baker, Epstein and Pollin, eds, Globalization and Progressive Economic Policy, p. 216.
5. For the empirical evidence supporting these conclusions, see Steven Vogel, Freer Markets, More Rules: Regulatory Reform in Advanced Industrial Countries, Ithaca 1996.
6. Marc Schaberg, 'Globalization and Financial Systems: Policies for the New Environment', in Baker, Epstein and Pollin, eds, Globalization and Progressive Economic Policy.
7. For this argument, see Michael Loriaux, 'The French Developmental State as Myth and Moral Ambition', in The Developmental State, edited by Meredith Woo-Cumings, Ithaca 1999, p. 275.
8. Baker, Epstein and Pollin, eds, Globalization and Progressive Economic Policy, pp. 407-8.
9. For the full account, which argues that there are two faces to the crisis - domestic and international - see Linda Weiss, 'State Power and the Asian Crisis', New Political Economy, vol. 5, no. 3, 1999, pp. 317-42.
10. Michie and Grieve Smith, Global Instability, p. 31.
11. The institutional capacity argument in this and the following four paragraphs is based on Weiss, 'State Power and The Asian Crisis', and Linda Weiss, 'Developmental States in Transition: Adapting, Dismantling, Innovating, not "Normalizing"', Pacific Review, vol. 23, no. 1, 2000, pp. 1-35.
12. For a recent analysis which establishes some of the important institutional differences between the two groups of economies, see Anne Booth, 'Initial Conditions and Miraculous Growth: Why Is South East Asia Different from Taiwan and South Korea?', World Development, vol. 27, no. 2, 1999, pp. 301-21.
13. Ha-Joon Chang, 'Globalization, Transnational Corporations, and Economic Development', in Baker, Epstein and Pollin, eds, Globalization and Progressive Economic Policy;
14. Ajit Singh '"Asian capitalism" and the Asian Crisis', in Michie and Grieve Smith, eds, Global Instability.
15. Based on personal interviews (conducted by myself and collaborator, Dr. Wan-wen Chu) with Taiwan's Minister of Finance, the Deputy Governor of the Central Bank of China, and members of the CBC Research Unit, Taipei, June 1999.
16. The fund is to be utilized under three conditions: in the event of extended and precipitous falls in the stock market, massive movements of international capital, and manipulation of fluctuations in local financial markets by foreign speculators. The draft regulations stipulate that the fund will not be used to intervene in the foreign exchange market.
17. For the detailed argument, see Weiss, 'Developmental States in Transition'.
18. These include government promotion of innovation and upgrading, producing healthy trade balances and strong foreign reserves, in addition to strong regulatory control and monitoring of the financial system.
19. Tim Koechlin, 'Comment' in Baker, Epstein and Pollin, eds, Globalization and Progressive Economic Policy, p. 146.
20. See Linda Low et al., Challenge and Response: Thirty Years of the Economic Development Board, Singapore 1993;
21. Edgar H. Schein, Strategic Pragmatism: The Culture of Singapore's Economic Development Board, Cambridge, MA 1996.
22. Philip Arestis and Malcolm Sawyer, 'What Role for the Tobin Tax in World Economic Governance?', in Michie and Grieve Smith, eds, Global Instability, p. 157;
23. David Felix, 'Asia and the Crisis of Financial Globalization', in Baker, Epstein and Pollin, eds, Globalization and Progressive Economic Policy, p. 191.
24. When the United Nations Development Program tried to circulate a report appraising the Tobin tax's potential, in 1997, this was quickly suppressed by Congressional threats to withdraw UN funding, thus effectively censoring debate. This episode is discussed by David Felix in Baker, Epstein and Pollin, eds, Globalization and Progressive Economic Policy, p. 191.