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In Ruling Capital, Kevin P. Gallagher demonstrates how several emerging market and developing countries (EMDs) managed to reregulate cross-border financial flows in the wake of the global financial crisis, despite the political and economic difficulty of doing so at the national level. Gallagher also shows that some EMDs, particularly the BRICS coalition, were able to maintain or expand their sovereignty to regulate cross-border finance under global economic governance institutions. Gallagher combines econometric analysis with in-depth interviews with officials and interest groups...

Bringing together a series of essays on the political economy of trade and development policy, this book explores the following research questions: to what extent is the global trading regime reducing the ability of nation-states to pursue policies for financial stability and economic growth; and what political factors explain such changes in policy space over time, across different types of trade treaties, and across nations? Gallagher presents intriguing findings on the policy constraints on the Uruguay Round, as well as the restrictions that the USA places upon the ability of developing...

After almost twenty-five years of experimenting with the neo-liberal economic reforms collectively known as 'Washington Consensus' policies, Latin Americans are starting to re-assess the merits of these policies - at the voting booth. Many newly elected governments are beginning to scrutinize the role of foreign direct investment (FDI) in particular, and some nations have gone so far as to nationalize foreign firms. Without endorsing or condoning the actions taken by these governments, this volume demonstrates that it is quite rational for governments in the region to re-evaluate the role...

This book examines how far the economic forces and rules that govern the global economy are shrinking the "policy space" available to developing countries in constructing policies to raise living standards. The contributors analyze what room for movement developing countries still have, despite global macro-economic realities, IMF/World Bank policies, and the trade rules regime of the World Trade Organization. They suggest the policies that could be put in place to strengthen developing countries.