Susan Strange - Mad Money
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- Year:1998
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The worlds financial system is crazier and even more out of control than it was ten years ago. Mad Money analyzes the erratic nature of change and innovation in financial business in recent years and discusses the weak points--political as well as economic and technical--of a system driven more by volatile markets than by governments.The central issue is global finance; mad money is how Susan Strange characterizes the alternately rampant and depressed financial markets of recent years. She sets out here to diagnose the sources and nature of the problem of markets having outgrown governments and to examine its social and political ramifications. Opinionated and brilliantly argued, Mad Money will surely provoke controversy and generate many conversations.Susan Stranges previous book, Casino Capitalism, established her as an authority on international finance and the basic structures of the international political economy. This sequel will reach not only scholars and students but a wider readership, including everyone worried by the yo-yoing of stock markets, the currency turmoil in Asia, and the general mismanagement of money by governments and international organizations such as the International Monetary Fund and the World Bank.In her patented provocative and compelling style, Susan Strange offers us an illuminating, often dark, image of the changing nature of international relations in the next century. Although a liberal at heart, her critical approach in this work challenges many of the central normative assumptions of an unfettered regulatory future of great prosperity and little conflict. This effort represents a cumulative statement of one of the senior scholars of our generation and cannot be ignored. --Simon Reich, University of Pittsburgh
Susan Strange: author's other books
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Mad money
Mad money
With an introduction by Benjamin J. Cohen
Susan Strange
Manchester University Press
Copyright Susan Strange 1998
The estate of Susan Strange 2016
The right of Susan Strange to be identified as the author of this work has been asserted by her in accordance with the Copyright, Designs and Patents Act 1988.
First edition published 1998 by Manchester University Press
This edition published 2016 by Manchester University Press
Altrincham Street, Manchester M1 7JA
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data applied for
ISBN 978 1 7849 9135 7 paperback
The publisher has no responsibility for the persistence or accuracy of URLs for any external or third-party internet websites referred to in this book, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate.
Typeset by Out of House Publishing
Contents
Benjamin J. Cohen, University of California
Why mad? The casino image. Whats new and whats just more of the same since Casino Capitalism (1986). The context of globalisation and a post-Cold War world of threats without enemies.
Technological change has been just as fast in financial business as in computers or telecoms. Innovations like derivatives, securitisation and hedge funds, added to the speed of electronic communication, have created a bigger, faster casino.
The USJapan axis is crucial to the good management of financial crises. But new weaknesses in the relationship have emerged since the 1980s.
The other political weak link in the global financial system is that between France and Germany. What chances for EMU, and will the euro be strong or weak against the dollar?
Are Wall Street and other stock exchanges a danger to the world economy? What lessons from the 1930s and the 1980s? Is the contagion factor, as in Asia in 1997, a new flaw in the financial system?
Although the creditors and debtors are not the same as in the past, the problem of transnational debt is no nearer a solution. Why do the IMF and the World Bank fail to help the poorest indebted countries?
Financial crime has become commoner and the link between mafias and money laundering has become closer. How states have reacted. Is this the worst kind of crime committed in the system? What about public embezzlement through the tax havens?
Each national system of controlling and regulating financial business is different from the others. But all are being eroded by the mobility of capital and the power of international markets.
The BIS has given up on the idea of enforcing standard rules for all. Banks are to be self-regulating. The IMF has been given more power but is not competent nor qualified to deal with tricky politicians and secretive bankers.
What are we to make of it all? Who is to blame and what is to be done?
Benjamin J. Cohen
No one doubts the monumental role that Susan Strange played in the development of the modern field of International Political Economy (IPE). Starting in the 1960s, her work inspired generations of scholars to create a distinctive and remarkably robust British school of IPE. At the centre of her professional oeuvre was a fascination with the connections between money and politics, starting with her first book, Sterling and British Policy (1971), and continuing with such memorable volumes as Casino Capitalism (1986) and States and Markets ([1988] 1994). Fittingly, it was also the subject of her last book, Mad Money (1998), published just before her life was tragically cut short. The politics of money, it is safe to say, was never far from her thoughts.
Key themes
Not surprisingly, some of Stranges thinking about money showed significant change over time, reflecting the evolution of real-world events as well as her own steep learning curve. Most noticeable was her gradual shift from the state-centric perspective of her early work to a greater emphasis on non-state actors, as international capital markets revived and the pace of financial globalisation accelerated. During the 1970s her principal emphasis was on inter-state relations and the diplomacy of monetary negotiations. In this respect she was no different from most other specialists at the time (including myself), who also treated governments as the main actors involved. Market forces, insofar as they were considered at all, entered analysis as little more than a vexing constraint or complication for policy makers. More quickly than most others, however, she came to recognise the fundamental transformation being wrought by the : 1).
In a more fundamental sense, however, her thinking was remarkably consistent, stressing key themes over and over again in a variety of analytical contexts. Four themes, in particular, stand out.
First was the inherently political nature of money. No working politician, Strange wrote, needs to be reminded of the political nature of monetary policy Decisions concerning the management of money substantially affect other matters of great political sensitivity (Calleo and Strange : 91).
A second theme, following logically from the first, was the connection of money to power, with the arrow of causation running in both directions. If money was inseparable from politics, so too was the politics of money inseparable from considerations of power particularly at the international level, where relationships between states are ultimately decided by relative power (Strange : 39, emphasis added). Power was both the cause and the effect of monetary outcomes.
In Sterling and British Policy, for example, Strange distinguished four types of international currency: Top Currencies, Master Currencies, Negotiated Currencies and Neutral Currencies (Strange : 99).
A third theme, in turn, concerned the general world balance that she spoke of and what it might look like. Strange assumed that the distribution of power in monetary affairs would almost certainly be highly asymmetric, with a small number of states enjoying a disproportionately large share of influence. For her, there was no doubting the reality of the inequality of power (Strange : 23).
Hierarchy was an obvious feature of her early analysis of international currencies (Strange : 43). Hierarchy implied privilege in her view, but also a measure of responsibility.
A final theme involved the United States, my own country, which Strange always regarded with a jaundiced mix of admiration and resentment. America, she insisted, was clearly primus inter pares, even within the affluent alliance and even where others perceived hegemonic decline. The US dollar was Top Currency the choice of the market (Strange : 266).
But for Strange there was a problem the fact that America too often acts in exactly the opposite way to that of a responsible hegemon (Strange [1988] : 358). Strange did not exactly hate us Yanks, but she did find our behaviour a bit intolerable at times.
A fitting capstone
Mad Money may be considered a fitting capstone to Stranges long and productive career, encapsulating all of her key themes between the covers of one book. The volume is typical Strange (no pun intended) brilliantly written; provocative, even iconoclastic, in tone; and imbued with a passionate concern for the problems of the real world. Intended as a sequel to her earlier
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