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Architects of AusterityInternational Finance and the Politics of Growth$
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Aaron Major

Print publication date: 2014

Print ISBN-13: 9780804788342

Published to Stanford Scholarship Online: September 2014

DOI: 10.11126/stanford/9780804788342.001.0001

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Globalization, Coercion, and the Resiliency of Austerity

Globalization, Coercion, and the Resiliency of Austerity

(p.189) 8 Globalization, Coercion, and the Resiliency of Austerity
Architects of Austerity

Aaron Major

Stanford University Press

This chapter tells the story of international institutional from the 1970s forward. While the existing scholarship highlights processes of financial market liberalization in this period, this chapter highlights three developments in the evolution of the international monetary system that have elevated monetary authority's role in managing the global economy: (1) the assault on inflation in the 1970s and the spread of inflation targeting regimes, (2) the construction of a bank-centered regulatory system for capital, (3) and the performance of “lender of last resort” functions in times of crisis.

Keywords:   post–Bretton Woods, new international financial architecture, capital liberalization, financial crisis, inflation targeting, Basel Committee, exchange rates

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