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

Antoniades, Andreas (2013) Recasting the power politics of debt: structural power, hegemonic stabilisers and change. Third World Quarterly, 34 (2). pp. 214-232. ISSN 0143-6597

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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.

Item Type: Article
Keywords: debt politics, global debt relations, geopolitics, G20, global South, global North, debt crisis, financial crisis, debt thresholds, external debt, NIIP, global debtors,exorbitant privilege, currency composition of debt, valuation effects
Schools and Departments: School of Global Studies > International Relations
Subjects: H Social Sciences > HG Finance > HG3691 Credit. Debt. Loans
H Social Sciences > HG Finance > HG3810 Foreign exchange. International finance. International monetary system
J Political Science > JZ International relations
Depositing User: Andreas Antoniades
Date Deposited: 16 May 2013 08:49
Last Modified: 23 Mar 2017 19:11

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