State, capitalism, and finance in emerging markets : between subordination and statecraft / edited by Johannes Petry and Andreas Nölke.

Format:

Book

Contributor:

Petry, Johannes, editor.

Nölke, Andreas, 1963- editor.

Series:

Business, Finance and International Development Series

Business, finance, and international development

Language:

English

Subjects (All):

Finance--Developing countries.

Finance.

International finance.

Physical Description:

1 online resource (xix, 271 pages) : digital, PDF file(s).

Edition:

1st ed.

Place of Publication:

Bristol : Bristol University Press, 2025.

Summary:

What is the role of emerging markets within the global financial system? Are they subordinate or do they have autonomy to use finance for state objectives? This book brings together leading scholars to address these important questions, offering profound insights into how emerging markets are reshaping global finance.

Contents:

Front Cover

Half Title

Series Information

State, Capitalism, and Finance in Emerging Markets: Between Subordination and Statecraft

Copyright Page

Table of Contents

Series Editors' Preface

List of Figures and Tables

List of Abbreviations

Notes on the Contributors

Preface and Acknowledgements

Part I

1 Introduction: Subordination, Statecraft, and Comparative Capitalism

Introduction

Between subordination and statecraft: two sides of a coin?

Bridging the gap: taking national capitalist institutions seriously

Plan of the book

Notes

References

2 Political Economy of International Financial Subordination: From Genesis to Varieties of Financial Statecraft

Genesis of international financial subordination

IFS: what's in a term?

Causes, manifestations, and consequences of IFS

Varieties of financial statecraft under financial subordination

Conclusion: Future research on IFS and financial statecraft

Note

3 International Financial Statecraft: How, Who, and with What Expectations of Success?

Introduction and theoretical priors

International financial statecraft: definitions and categories

Instruments of financial statecraft

Assessing national power capabilities

Power capabilities and financial statecraft options of the Global North

Power and financial statecraft options in the Global South

Conclusions: Can international financial statecraft in the name of the Global South mitigate international financial subordination?

Part II

4 South African Financial System Innovation and Degradation under Conditions of Extreme Uneven Development

Recognition of financialized innovation

Post-.apartheid financial deregulation and degradation.

Real economic degradation in the context of financialization fraud

Controversies over currency manipulation and South Africa's grey listing

Conclusion: Resistance from below

5 Brazil in the Global Financial Order: How Domestic Politics Trigger Ambiguous Contestation

Challenging the global financial order: the theoretical framework

Brazilian economy in the liberal order

From national-.developmentalist model to the Washington Consensus

From PT social-.developmentalism to Temer-.Bolsonaro neoliberalism

Brazil's contestation in the international and domestic arena

Conclusion

6 Relaxing the Survival Constraint: India's Financial Statecraft in Search of Domestic Autonomy

Financial statecraft as relaxing the survival constraint

Political and material constraints

India's political economy and its international survival constraint

Fiscal deficit and financial statecraft

Current account deficit and the tightening international survival constraint

RBI relaxing the survival constraint through capital account management

7 Seeking Autonomy Beyond Subordination: Chinese Financial Statecraft and the e-CNY

Introduction: A new era of financial statecraft

China's emergent financial statecraft

Launching the e-CNY or digital yuan

The e-.CNY and yuan internationalization

Conclusion: A brave new world of money

Part III

8 The Role of the State in Subordinate Financialized Capitalism: Comparing Financialization of Brazilian and Turkish Firms

The rising role of the state in emerging capitalist economies

State mediated financialization of NFCs in Turkey and Brazil

2003-08: State restructuring in the interest of finance capital.

2009-15: Government-.led credit expansions

2016-present: Divergent state policies: Brazil's neoliberal turn vs Turkey's fiscal challenge

9 Tools of Subordination and/.or Statecraft? A Comparative Analysis of Stock Markets in Large Emerging Markets

Stock markets between subordination and statecraft

Empirical analysis: stock markets in large emerging markets

Ownership of stock exchanges

Ownership of listed companies

Management of foreign investment

10 Increasing State Capacity through Central Bank Digital Currencies: A Comparative Account of the Digital Yuan and the Digital Rouble

The international dimension of the digital yuan and the digital rouble

The financial crisis, the geopoliticization of financial infrastructures, and dollar hegemony

CBDCs as financial statecraft?

Increasing state capacity domestically

Cryptocurrencies and social surveillance

The digital yuan and the domestic financial sector: blurring the public-.private boundary

Russia: Increasing state capacity through centralization

Acknowledgements

11 Afterword: The Relevance of Global Capitalism for Studying Statecraft and Financial Subordination

Conceptual ground-.clearing: which IFS?

Decolonizing economics, finance, and the state

Index.

Notes:

Title from publisher's bibliographic system (viewed on 12 Sep 2025).

Description based on publisher supplied metadata and other sources.

ISBN:

1-5292-4338-6

1-5292-4337-8

OCLC:

1524421355