From Financial Diplomacy to Geopolitics of Finance Politique étrangère, Vol. 80, No. 4, Winter 2015
The financial system has become too complex to be controlled at state level.
States are subject to larger market systems due to their budget constraints (the need of finance or savings gluts). However, the most powerful players – the United States and China – are seeking to direct the markets in a way that benefits their interests. The battle for control of the big banking and financial institutions promises to be a particularly bitter one.
Article published in Politique étrangère, Vol. 80, No. 4, Winter 2015