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Recasting the power politics of debt: structural power, hegemonic stabilisers and change

journal contribution
posted on 2023-06-08, 14:57 authored by Andreas AntoniadesAndreas Antoniades
The 2007–08 financial crisis exposed and exacerbated the debt pathologies of the West. This paper examines whether the new global debt relations that have been generated by this crisis have transformed global power politics, changing the way in which the global South and the global North interrelate and interact. To do so the paper analyses the G20 advanced and emerging economies, examining a number of key indicators related to debt, indebtedness and financial leverage. This research leads to two main findings. First, the crisis has indeed given rise to new global debt relations. As a result, any reforms in the post-crisis global political economy will take place in an environment that favours the rising powers. Second, the USA maintains its capacity to control the parameters of this new global debt politics and economics, but cannot directly impose the terms of a solution to the existing ‘global/hegemonic imbalances’ on the rising powers.

History

Publication status

  • Published

File Version

  • Published version

Journal

Third World Quarterly

ISSN

0143-6597

Publisher

Taylor & Francis

Issue

2

Volume

34

Page range

214-232

Department affiliated with

  • International Relations Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2013-05-16

First Compliant Deposit (FCD) Date

2013-05-15