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Published: 07 December 2021

208 Pages


ISBN: 9780192897015

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Governing Financialization

The Tangled Politics of Financial Liberalization in Britain

Jack Copley

  • Provides a comprehensive analysis of the British state's role in propelling financialization during the critical period of the 1970s and 1980s, and examines the impact of this policy agenda on contemporary political economy dynamics
  • Draws from recently declassified government and central bank documents to forensically reconstruct the policy-making process that led to four of the most important UK financial liberalizations
  • Challenges the existing Political Economy consensus on the British state's motivations in pursuing financial liberalization, which emphasises the intentionality and coherence of the state's actions
  • Proposes an alternative Political Economy account that argues the British state propelled financialization as an accidental outcome of its pragmatic attempts to govern the political dilemmas created by the stagflation crisis
  • Provides a novel theory of state-market relations that emphasises national policy-makers' need to reconcile global economic imperatives with domestic legitimacy concerns, which it is argued tends to result in ad hoc, messy policy-making processes